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Eyecare sukuk raises MVR26.07 million (US$1.68 million) for Hulhumale' eye center development

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Date
2024
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Abstract
EyeCare's parallel sukuk istisna facility has achieved significant success, raising 86% of its target amount, reaching MVR26.07 million (US$1.68 million). This sukuk facility, priced at MVR1,000 (US$64.4) per unit, aims to support the development of an eye center with a parking facility at Hulhumale'. The issuance, classified as a debt offering, attracted considerable interest from investors, signaling confidence in the project and its potential impact. With a targeted issue size of MVR30 million (US$1.93 million), the sukuk's strong performance underscores investor optimism in EyeCare's vision for enhancing eye care infrastructure. The issuance, characterized by a profit share ratio of 8% and a semi-annual return frequency, has garnered attention for its commitment to both financial sustainability and community development.
Keywords
Sukuk istisna , Hulhumale' eyecare center , Financial development
Citation
Muneeza, A. (2024). Eyecare sukuk raises MVR26.07 million (US$1.68 million) for Hulhumale' eye center development. Islamic Finance News, 21(17), 12.
Publisher
Redmoney
DOI
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Aishath Muneeza

muneeza@inceif.org

Associate Dean, Students & Internationalisation