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Eyecare To Offer MVR 30 Million Sukuk

Eyecare, specializing in eye care services, has launched a MVR 30 million Sukuk offering.

22 February 2024, MVT 17:19
22 February 2024, MVT 17:19

Eyecare, specializing in eye care services, has launched a MVR 30 million Sukuk offering.

The Sukuk issuance follows the principles of Islamic Shari'ah, structured as a Parallel Istisna’ Sukuk, with the designated purpose of financing the development of an Eye Centre in Hulhumalé, along with associated parking facilities.

As per First National, the lead arranger of the Sukuk, investors stand to gain profits at an annual rate of 8 percent over the Sukuk's five-year tenure, distributed in two parts.

Founded in 2003, Eyecare currently operates seven optical showrooms and clinics nationwide. Beyond eye care services, the company is involved in the tourism sector, managing the Fiyavalhu Maldives Resort, and is engaged in the leasing of safari boats.

Sukuk, an investment product structured in accordance with Islamic legal principles, functions as a lucrative investment akin to conventional bonds. Each Sukuk is backed by an income-generating asset, and profits are distributed to investors based on the returns from the investments.

In April of the previous year, Medtech successfully issued a MVR 30 million Sukuk, attracting a substantial number of investors shortly after its listing. In November of the same year, MVR 2 million was disbursed as periodic profit for the venture.

First National, acting as lead arrangers, facilitates the sale of bonds and Sukuk to raise capital for private companies. MPL and Euro Store have also utilized First National to issue bonds.

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Eye Care Sukuk