M.H.A. Private Limited has launched a MVR 30 million Parallel Istisna sukuk to finance the development of the M.H.A. Promenade project in Hulhumale’, introducing a Shariah-compliant investment opportunity linked to the company’s commercial expansion.
The five-year issuance consists of 30,000 sukuk certificates, each with a face value of MVR 1,000. The minimum subscription amount has been set at MVR 10,000. Listed on the Viyana Board of the Maldives Stock Exchange, the sukuk offers an expected annual profit rate of approximately 8 percent, with profit distributions to be made semiannually.
Funds raised through the issuance will be used to finance the development of M.H.A. Promenade, a four-storey commercial building in Hulhumale’. The project is expected to expand the company’s retail and logistics operations, with facilities planned for wholesale and distribution, showrooms, storage warehouses and office space.
The sukuk has been structured under a Parallel Istisna arrangement and is backed by receivables generated by the project.
First National Finance Corporation is acting as Lead Arranger for the issuance, while CLA Partners LLP is serving as Legal Counsel. 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.
