M.H.A. Private Limited has launched a MVR 30 million Parallel Istisna sukuk to support the development of the M.H.A. Promenade project in Hulhumalé, offering investors a Shariah-compliant opportunity linked to the company’s continued commercial growth. The issuance reflects growing confidence in Islamic finance instruments in the Maldives and highlights the increasing role of sukuk in supporting private-sector development through ethical and asset-backed investment structures.
The five-year sukuk comprises 30,000 certificates with a face value of MVR 1,000 each, while the minimum subscription has been set at MVR 10,000, making the offering accessible to a broad range of eligible investors. Listed on the Viyana Board of the Maldives Stock Exchange, the sukuk carries an expected annual profit rate of approximately 8 percent, with profit distributions scheduled on a semiannual basis. The structure offers investors a transparent and Shariah-compliant avenue to participate in a project tied to real economic activity and long-term business expansion.
Proceeds from the issuance will be directed toward the development of M.H.A. Promenade, a planned four-storey commercial building in Hulhumalé. The project is expected to strengthen the company’s operational capacity by creating a modern commercial space designed to accommodate wholesale and distribution activities, showrooms, storage warehouses, and office facilities. With Hulhumalé continuing to develop as a major urban and business centre in the Maldives, the project is positioned to support the evolving needs of commerce, logistics, and enterprise in one of the country’s fastest-growing locations.
M.H.A. Promenade is expected to contribute to the commercial landscape of Hulhumalé by bringing together multiple business functions within a single development. The planned integration of retail-facing and logistics-oriented facilities is likely to enhance efficiency in operations while also creating a more structured environment for distribution, storage, and customer engagement. The project reflects a forward-looking approach to commercial infrastructure and demonstrates how purpose-built developments can support business expansion in line with changing market demands.
The sukuk has been structured under a Parallel Istisna arrangement and is backed by receivables generated by the project, reinforcing its asset-linked foundation. This structure aligns with Islamic finance principles by connecting investment directly to productive development activity, while also offering an instrument suited to investors seeking faith-based financial participation in the real economy. The issuance further underscores the increasing sophistication of the Maldivian capital market and the broader use of Islamic financial solutions to fund commercially viable projects.
First National Finance Corporation is serving as Lead Arranger for the issuance, with CLA Partners LLP acting as Legal Counsel and Uz. Ahmed Sameen serving as Shariah Advisor. The offer has received approval from the Capital Market Development Authority, and the subscription period will remain open until 29 July 2026. The launch is expected to attract interest from investors looking to participate in a structured Islamic investment opportunity tied to a tangible development project with clear commercial objectives and long-term value.
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