BML invests in IUM's 'Sanabil' Building Project

Bank of Maldives has invested in the 'Sanabil' Building Project of the Islamic University of Maldives (IUM).

With the bank's permanent subscription to the Sukuk in order to raise funds in 2024 to construct the 'Sanaabil' building in Hulhumale' Phase 1, BML Islamic became the first local bank to subscribe to an Islamic capital market instrument entity.

A sukuk is a sharia-compliant investment product used in Islamic Finance which is similar to conventional bonds. Every sukuk in its structure has an asset that generates income or profit behind it. As such, sukuk investors receive a portion of the earnings generated by the associated asset.

Director of BML Islamic Banking, Hassan Kalaam said that this instrument is strong proof of the bank's steady resolve to advance Islamic education alongside the sectors of finance and Islamic banking. As a result of the project, the country's Islamic university and the people will also receive many benefits, he said, adding that this investment will also serve as aid in establishing an educated economy.

BML Islamic is a bank that has been providing state-of-the-art and in-demand financial solutions required by businesses and the public.