Housing development finance corporation of the Maldives to issue its second sukuk
The Housing Development Finance Corporation (HDFC) of the Maldives is getting ready to issue their second sukuk in the last quarter of this year. The HDFC sukuk will be based on the mudarabah structure which was used in the country's debut listed corporate sukuk issued in 2013. In the Maldives, due to the absence of laws to create SPVs and due to the absence of trust law, inter alia, the Sukuk issued in the jurisdiction have some challenges in aligning the legal structure of sukuk to international practices adopted in other jurisdictions. Notwithstanding such limitations, the country successfully issued its debut corporate sukuk in 2013.
Housing Development Finance Corporation (HDFC) , Maldives , Sukuk , Islamic finance
Muneeza, A. (2016). Housing development finance corporation of the Maldives to issue its second sukuk. Islamic Finance News, 13(40), p. 15.