IUM to Fund Sanabil Building Project via Islamic Bond Sale

The Islamic University of Maldives (IUM) has commenced fundraising for its ‘Sanabil’ building project in Hulhumale Phase 1 by selling Sharia-compliant bonds known as ‘Sukuk’.

In a special ceremony at IUM last night, the university revealed that 60 securities worth MVR 1 million each were released for IUM’s Sanabil project, which has a fundraising target of MVR 60 million.

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The Capital Market Development Authority (CMDA) and the Maldives Stock Exchange (MSE) have granted the necessary approvals for listing the securities issued.

Investors can buy Sukuk through the Viyana portal of the Maldives Stock Exchange starting from the 23rd of this month.

IUM also mentioned that Watercress Capital Pvt Ltd of Malé is the project’s lead manager and that several major companies in Malé have shown interest in investing.

The ‘Sanabil’ building is an eight-storey structure with modern facilities such as an auditorium, hall, laboratories, classrooms, and office spaces. The university reveals the goal is to lease these facilities to the public and generate sustainable income for IUM. 

Parliament Speaker Abdul Raheem Abdullah, Finance Minister Mohamed Shafeeq and the Advisor to the Minister of Finance Ahmed Munawwar also attended the ceremony.