Sanabil Building Construction Begins, Marking Milestone for Islamic Education

Construction has officially begun on the Sanabil building for the Islamic University of Maldives (IUM), marking a major step forward in President Dr Mohamed Muizzu’s commitment to enhancing Waqf development, as outlined in his manifesto.

Speaking on the occasion, Minister of Islamic Affairs Dr Mohamed Shaheem Ali Saeed described the development as a turning point for both Islamic education and the nation's Islamic finance sector. The project, previously stalled due to financial constraints, has been revived through the support of Bank of Maldives (BML) Islamic, which played a key role as the sole subscriber to the Sukuk issued for this initiative.

The Sanabil project is the first in the Maldives to use a Sukuk (Islamic bond) to fund an educational infrastructure project. The Sukuk was offered in the Maldives Capital Market on 11 August 2024 and saw full commitment from BML Islamic by the end of its one-month subscription period.

Originally launched in July 2019, the project resumed momentum with land officially registered in Hulhumalé and a contractor agreement signed on 22 August 2024. The seven-storey building will include office spaces, a food court, meeting rooms, an auditorium, and commercial parking.

President Dr Muizzu inaugurated the project at a ceremony in Hulhumalé, highlighting its significance for community development and the broader Islamic finance ecosystem. The Sanabil building is expected to be completed within 18 months, ushering in a new chapter for IUM and national educational infrastructure.