Medtech Maldives Private Limited is seeking to raise MVR 80 million through a Shariah-compliant sukuk issuance to finance the development of a modern oceanfront healthcare and commercial complex in Malé, adding a major new facility to the capital’s growing health and business infrastructure.
The proposed high-rise development is planned to accommodate clinics, specialised medical facilities and modern office spaces within an integrated complex. The project will also include dedicated vehicle parking facilities and a terrace restaurant, creating a convenient environment for patients, healthcare professionals, businesses and visitors. With its oceanfront setting and combination of healthcare and commercial facilities, the development is expected to support Medtech Maldives’ next phase of expansion while contributing additional modern infrastructure to Malé.
The financing is being undertaken through a Parallel Istisna’ Sukuk comprising 80,000 certificates with a face value of MVR 1,000 each. The sukuk is being offered through two separate series, providing investors with different investment periods and expected returns.
The first series seeks to raise MVR 32 million with a seven-year term and an estimated annual profit rate of 9.00 per cent. The second series aims to raise MVR 48 million over a nine-year period, carrying an estimated annual profit rate of 9.50 per cent. Profit distributions are scheduled annually, while the principal amount is expected to be repaid at maturity in accordance with the terms set out in the prospectus. The minimum subscription amount for each series is MVR 10,000.
Medtech Maldives Managing Director Mubah Rafeeu said the sukuk would finance the company’s planned modern high-rise office and healthcare facility and support the Group’s future strategic growth. He said the company is focused on strengthening investor confidence through disciplined project execution and the creation of sustainable long-term value.
First National Finance Corporation is serving as the lead arranger for the issuance. Its Chief Executive Officer Hassan Ziyath said the sukuk provides an opportunity to connect Medtech Maldives with investors while expanding Shariah-compliant investment opportunities in the Maldivian capital market.
The issuance comes as the Maldives continues to broaden the range of financing and investment mechanisms available to businesses and investors, including Shariah-compliant instruments that can support major development projects. Such financing structures can play an important role in mobilising domestic investment for projects that strengthen essential sectors, including healthcare, commercial services and urban infrastructure.
The sukuk has been listed on the Viyana Board of the Maldives Stock Exchange, with subscriptions remaining open until 30 November 2026. Investors seeking further information or assistance with the subscription process may contact First National Finance Corporation by telephone on +960 4009855 or by email at [email protected].
The MVR 80 million financing initiative represents an important step in Medtech Maldives’ plans to expand its healthcare and commercial operations, while offering investors an opportunity to participate in a Shariah-compliant investment linked to the development of a prominent new oceanfront facility in the heart of Malé.
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