Work has commenced yesterday on construction of the Islamic University of Maldives' Sanabil Building.
Work has commenced yesterday on construction of the Islamic University of Maldives' Sanabil Building.
President Dr Mohamed Muizzu was the Guest of Honour at the ceremony. He laid the concrete to inaugurate the project.
The Sanabil Building is being constructed to sustainably generate revenue for the Islamic University. The building is to be located in Hulhumale'.
Under this project, a seven storey mixed-use complex is to be built. The complex will have office spaces, a food court, meeting rooms, ann auditorium and commercial parking spaces.
The project is being funded under the sukuk model in Islamic Financing, with this being the first such project in the Maldives.
For the project, a sukuk subscription of IUM was opened at the Maldives' Capital Market for one month in August 2024. At the end of the period, Bank of Maldives' BML Islamic had subscribed.
The project is due to be completed within 18 months.
Sign In