The Islamic University of Maldives (IUM) has announced that the funds required for the development of its campus in Hulhumale' have been secured on August 8.
IUM disclosed that the funds were obtained through Sukuk Istisna', a form of Islamic finance, with investment opportunities made available starting July 23. The university stated that it had sold the Islamic project bond, worth USD3.9 million. This issuance represents a significant milestone as it is the first sukuk ever issued by a statutory entity in the country.
The developmental project, under the name IUM Sanabil Project, aims to establish the inaugural tertiary educational institution in Hulhumale', strategically overlooking the central part of Hulhumale'. It is poised to play a pivotal role in advancing higher education, providing improved learning opportunities for students, while significantly contributing to intellectual and social development of the community.
Founded on July 9, 2015, IUM currently offers higher education across five faculties and four centres, providing a range of courses from certificate to PhD levels.