MHA Raises MVR 30 Million Through Fully Subscribed Sukuk

MHA has raised MVR 30 million through a fully subscribed five-year Parallel Istisna Sukuk, with First National Finance Corporation serving as Principal Adviser and Lead Arranger for the issuance.

The Sukuk comprised 30,000 certificates with a face value of MVR 1,000 each and offers an expected annual profit rate of approximately eight percent, with profit distributions to be made semi-annually.

The Sukuk is listed on the Viyana Board of the Maldives Stock Exchange, providing investors with access to a Shariah-compliant investment opportunity.

MHA said proceeds from the issuance will be used to finance the development of MHA Promenade, a four-storey commercial development in Hulhumalé.

The project is expected to expand the company’s retail and logistics operations and will include wholesale and distribution facilities, showrooms, storage warehouses and office space.

Commenting on the successful closure of the issuance, MHA Managing Director Sofwan Ahmed said the company has continued to evolve its offerings in line with changing customer needs and expectations.

He said MHA Promenade is being developed as a modern, family-oriented destination where people can gather, connect and spend quality time, adding that the fully subscribed Sukuk reflects investor confidence in the project.

“The successful closure of this Sukuk issuance reflects the confidence investors have placed in this vision, and we are grateful for their strong support,” he said.

First National Chief Executive Officer Hassan Ziyath said the fully subscribed issuance demonstrated growing demand for Shariah-compliant investment opportunities in the Maldivian capital market.

He said participation from both institutional and retail investors also highlighted the potential for capital-market financing to support the growth of Maldivian businesses and commercially viable projects.

CLA Partners LLP acted as Legal Counsel for the issuance, while Dr. Aishath Muneeza served as Shariah Advisor.