The Minister of Islamic Affairs, Dr Mohamed Shaheem Ali Saeed, has stated that the launch of the Islamic University of Maldives (IUM) Sanabil Project reflects the Government’s strong commitment to delivering the development goals outlined in President Dr Mohamed Muizzu’s manifesto, with his support for Waqf projects.

He also stated his pleasure that BML Islamic had prioritised the project, which had experienced significant delays. He also conveyed his congratulations to both the Islamic University of Maldives and BML Islamic. His remarks were shared in a post on X following the project’s inauguration ceremony held earlier today.

The Sanabil Project involves the construction of a seven-storey mixed-use complex designed to provide IUM with a steady and independent revenue stream. The building will feature commercial office spaces, meeting rooms, auditoriums, a food court, and parking facilities, all of which are intended for lease. Once operational, the project is expected to enhance the university’s financial autonomy and reduce its dependence on state funding.

This is the first project in the Maldives to be financed through a Sukuk Istisna facility—a Shariah-compliant structure widely used in Islamic finance. The project was launched for public subscription on August 11, 2024 and remained open in the Maldives Capital Market for one month.

On August 23, 2024, the Bank of Maldives (BML) Islamic confirmed its role as the sole subscriber to the Sukuk, becoming the first Maldivian banking institution to invest in an Islamic capital market instrument. In a statement, BML described the initiative as a strategic investment that would deliver long-term benefits to both the university and the broader community by supporting the growth of a knowledge-based economy.

The construction of the IUM Sanabil Building is scheduled to be completed within 18 months. As the first endowment initiative undertaken under President Dr Muizzu’s Administration, the project is regarded as a flagship model for future collaboration between educational institutions and Islamic financial institutions in the Maldives.