President Dr Mohamed Muizzu has officiated the first concrete ceremony for the construction of the Islamic University of Maldives (IUM) Sanabil Building.

At the ceremony held today, President Dr Muizzu poured the first concrete to signify the commencement of the construction of IUM Sanabil.

The IUM Sanabil Project aims to ensure a sustainable source of income for IUM via renting out the seven-storey mixed-use complex, which will include office spaces, meeting rooms, auditoriums, and a food court in addition to commercial parking spaces.

The first of its kind, the IUM Sanabil Project was launched for subscription as a Sukuk Istisna facility on August 11, 2024.

Bank of Maldives (BML) Islamic - the sole subscriber of this project - committed to the investment on August 23, 2024. This initiative signifies the first time a banking institution in Maldives invested in an Islamic capital market instrument.

This is the first project implemented under the Sukuk model of Islamic Financing. The project was opened for Sukuk subscription in the Maldives Capital market for a month before BML decided to invest. Addressing the investment, BML has previously described the initiative as one that will yield long-lasting benefits for the community and IUM by driving the establishment of a knowledge-based economy.

The construction of this project is expected to take 18 months to complete.