Publication:
First parallel sukuk istisna issuance in the Maldives
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Date
2024
SDG:
Abstract
EyeCare, a prominent provider of eye care services, has announced the opening of subscription for its MVR30 million (US$1.94 million) sukuk offering. The sukuk issuance adheres to the principles of Islamic Shariah and is structured as a parallel sukuk istisna facility. The funds raised will be allocated toward financing the development of an eye care service center in Hulhumale, including associated parking facilities. This is the first time in the Maldives that a sukuk facility has been issued based on parallel Istisna. According to First National, the lead arranger of the sukuk, investors can expect to receive profits at an annual rate of 8% over the sukuk's five-year tenor, distributed semi-annually.
Keywords
Sukuk , Maldives
Citation
Muneeza, A. (2024). First parallel sukuk istisna issuance in the Maldives. Islamic Finance News, 21(9), 15.
Publisher
Redmoney
DOI
Files
First_parallel_sukuk_istisna_issuance_in_the_Maldives_Aishath Muneeza.pdf
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