IUM to Raise Funds for ‘Sanaabil’ Project Through Sukuk Issue

The Islamic University of Maldives (IUM) has initiated a sukuk issuance to fund the 'Sanaabil' project, which aims to construct an eight-floor building in Hulhumalé with state-of-the-art amenities. A ceremony marked the launch, attended by Speaker Abdul Raheem Abdulla. IUM's Shariah Advisor Azmeen Rasheed highlighted benefits of Islamic finance. Permits were obtained from the Capital Market Development Authority (CMDA) and the Maldives Stock Exchange (MSE). IUM released 60 sukuks at MVR 1 million each, with subscription via MCE's Viyana Portal from 23 June. Watercress Capital Pvt. Ltd. is lead manager. IUM is the only institution in Maldives offering tertiary Islamic finance education. The building will generate revenue through office leasing.

The Islamic University of Maldives (IUM) has initiated a sukuk issuance to fund the 'Sanaabil' project, which aims to construct an eight-floor building in Hulhumalé with state-of-the-art amenities. A ceremony marked the launch, attended by Speaker Abdul Raheem Abdulla. IUM's Shariah Advisor Azmeen Rasheed highlighted benefits of Islamic finance. Permits were obtained from the Capital Market Development Authority (CMDA) and the Maldives Stock Exchange (MSE). IUM released 60 sukuks at MVR 1 million each, with subscription via MCE's Viyana Portal from 23 June. Watercress Capital Pvt. Ltd. is lead manager. IUM is the only institution in Maldives offering tertiary Islamic finance education. The building will generate revenue through office leasing.

The Islamic University of Maldives (IUM) has initiated a sukuk issuance to fund the 'Sanaabil' project, which aims to construct an eight-floor building in Hulhumalé with state-of-the-art amenities. A ceremony marked the launch, attended by Speaker Abdul Raheem Abdulla. IUM's Shariah Advisor Azmeen Rasheed highlighted benefits of Islamic finance. Permits were obtained from the Capital Market Development Authority (CMDA) and the Maldives Stock Exchange (MSE). IUM released 60 sukuks at MVR 1 million each, with subscription via MCE's Viyana Portal from 23 June. Watercress Capital Pvt. Ltd. is lead manager. IUM is the only institution in Maldives offering tertiary Islamic finance education. The building will generate revenue through office leasing.

This story involves 1 source and may affect public understanding of project funding / islamic university.