President Dr Mohamed Muizzu has officially inaugurated the commencement of construction of Islamic University of Maldives (IUM)’s Sanabil Building.
At the ceremony held at the construction site in Hulhumale’ on Saturday evening, President Dr Muizzu poured the first concrete to signify the start of the building works.
The IUM Sanabil Project aims to ensure a sustainable source of income for the university via leasing out the upcoming seven-storey mixed-use complex. The building will feature office spaces, meeting rooms, auditoriums, a food court, and commercial parking spaces.
The first of its kind, IUM Sanabil Project was launched for subscription as a Sukuk Istisna facility on 11 August, 2024. Bank of Maldives’ BML Islamic was the sole subscriber when the deadline came to a close. The construction is expected to be completed within 18 months.
The government has reaffirmed its commitment fully support for the strengthening and empowerment of national institutions.