Bank of Maldives (BML) Islamic has announced its substantial investment in the Islamic University of Maldives (IUM) Sanabil project, a major initiative aimed at developing a cutting-edge, seven-story campus for tertiary education in Hulhumalé. The investment marks a significant milestone for BML Islamic as it becomes the first banking institution in the Maldives to fully subscribe to an Islamic capital market instrument issued by a statutory body—the IUM Sanabil Sukuk issued in June 2024.
Director of Islamic Banking at BML Hassan Kalaam emphasised the importance of this investment, stating the investment stands as a testament to BML Islamic’s steadfast dedication to enhancing the Islamic banking and finance sector while simultaneously nurturing the growth of Islamic education. He added the project will yield long-lasting benefits for both the IUM and the local community and will drive the establishment of a knowledge-based economy.
BML Islamic is recognised as a leading provider of Shari'ah-compliant financial solutions in the Maldives, offering innovative and ethical banking services to individuals, businesses, and institutions. The investment aligns with BML Islamic's commitment to fostering the growth of Islamic education and supporting the development of essential infrastructure in the Maldives.