State issues USD500mn worth of Sukuks in 2021

Ministry of Finance has revealed that the state has issued a total of USD500 million worth Sukuk so far (MVR7.7 billion) to foreign markets.

According to the state body, the government had issued out a USD200 million worth Sukuk on 02 September as well. Earlier, the government had issued out another USD200 million worth of Sukuk in March and another in April as well.

Moreover, Ministry of Finance had reported that the Sukuk is issued out to foreign markets at an interest rate of 10.5%, while the Sukuks will reportedly mature by 2026.

Meanwhile, the state Sukuk transactions are executed through Credit Suiss, Emirates NDB Capital and the Islamic Corporation for the Development of Private Sector (ICD).

Maldives government has confirmed that the Sukuks are issued after changing Dharumavantha Hospital – the 25 storey skyscraper in Male’ City – into a Special Purpose Vessel (SPV).