The commencement of construction of the Sanabil building for the Islamic University of Maldives (IUM) marks a pivotal achievement in President Dr Mohamed Muizzu's efforts to advance Waqf initiatives outlined in his manifesto, according to Dr Mohamed Shaheem Ali Saeed, the Minister of Islamic Affairs. He hailed the development as a major milestone for the university and the nation's Islamic finance sector.
In a statement shared on social media, Minister Shaheem congratulated President Dr Muizzu and underscored the significance of the project. He highlighted that the Sanabil building, once stalled due to funding challenges, was now progressing under the administration's focused leadership. Expressing satisfaction, the minister credited the project's revival to the financial support facilitated by Bank of Maldives (BML) Islamic and applauded its partnership with IUM.
The Sanabil project represents a groundbreaking approach to funding educational infrastructure in the country. It is the first endeavour in the nation to utilise a Sukuk (Islamic bond) for such purposes. Offered for subscription in the Maldives Capital Market starting 11 August 2024, the Sukuk garnered the commitment from BML Islamic, which became the sole subscriber by the end of the one-month subscription period.
The project commenced in July 2019, with the official registration of land in Hulhumalé for the IUM Waqf building. An agreement with the contractor was subsequently formalised on 22 August 2024. Designed as a seven-storey structure, the building is set to redefine educational infrastructure in its first development phase.
Detailed architectural plans reveal that the Sanabil building will serve multiple purposes. It will house office spaces, a food court, meeting rooms, an auditorium, and commercial parking facilities. The project, which is expected to be completed within 18 months, reflects an integrated vision for academic and community engagement.
President Dr Muizzu officiated the inauguration ceremony in Hulhumalé, an event that underscored the significance of this milestone for both the community and the broader Islamic finance ecosystem.