M.H.A. Launches MVR 30 Million Sukuk to Finance Hulhumalé Promenade Project

M.H.A. Private Limited has launched its MVR 30 million Parallel Istisna sukuk to finance the development of the M.H.A. Promenade project in Hulhumale’, offering investors a new Shariah-compliant investment opportunity.

The five-year issuance comprises 30,000 sukuk certificates with a face value of MVR 1,000 each and a minimum subscription of MVR 10,000. Listed on the Viyana Board of the Maldives Stock Exchange, the sukuk offers an expected annual profit rate of approximately 8%, with semiannual profit distributions.

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Proceeds from the issuance will finance the development of M.H.A. Promenade, a 4-storey commercial building in Hulhumale’ that will expand the company’s retail and logistics operations. The development will include wholesale and distribution facilities, showrooms, storage warehouses, and office space.

The sukuk is structured under a Parallel Istisna arrangement and is backed by receivables generated by the project.

First National Finance Corporation is acting as Lead Arranger, while CLA Partners LLP serves as Legal Counsel and Uz. Ahmed Sameen is the Shariah Advisor. The issuance has been approved by the Capital Market Development Authority. The offer will remain open for subscription until 29 July 2026.