Medtech Maldives has distributed MVR 2 million to investors in periodic Sukuk profits.
In order to raise money for a potential investment, Medtech Diagnostic sold Sukuks to interested parties earlier in 2023.
The Sukuk’s arranger, First National Finance Corporation (FNFC), announced on Monday, November 27, that the periodic profits had been credited to investor accounts.
For a period of seven years, investors are eligible to receive periodic profits twice a year.
Earlier in April 2023, Medtech, a Maldivian company that supplies medical equipment and supplies, listed its Sukuk as a private placement on the Viyana stock exchange portal.
A few days after the Sukuk was listed, a number of investors had made contributions.
The rate at which Medtech Sukuk’s periodic profit was distributed was MVR 97.82 per share. This is a considerably higher rate of Sukuk profit disbursement than the rate at which other companies listed on the Capital Market Development Authority (CMDA) recently distributed their dividends.
MedTech raised MVR 30 million by selling Musharaka Sukuks to fund the construction of a medical and rehabilitation facility in Hulhumale. A nine percent return on investment will be given to investors.
Hassan Ziyath, CEO of FNFC, said that the issuance of Sukuk by MedTech aided in the growth of the Islamic finance sector in the Maldives.
“We have certainty MedTech would continue to issue Sukuk as per the company’s prospectus,” Ziyath stated.
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