M.H.A Private Limited, one of the leading FMCG distributors in the Maldives, has officially launched its MVR 30 million Parallel Istisna’ sukuk to finance M.H.A promenade project in Hulhumale’.
Structured as a five-year amortised Shariah-compliant sukuk, the issuance is listed on the Viyana board of the Maldives Stock Exchange. The sukuk offers an attractive profit rate of approximately 8% per Anum, with bi-annual profit share and capital payments.
The issuance consists of 30,000 Sukuk units priced at MVR 1,000 each, with a minimum subscription of MVR 10,000. The proceeds from this issuance will be used exclusively for the development of M.H.A Promenade, which is a commercial real estate project that will expand M.H.A’s retail and logistics footprint in Hulhumale’. The project comprises the construction of a retail and logistics complex, which will house wholesale and distribution centres, showroom outlets, storage facilities, and office spaces to support the company’s expanding operations.
The sukuk is backed by assigned receivables from the M.H.A. Promenade project, providing a dedicated revenue stream for profit distributions over the five-year term. Structured under Parallel Istisna’ model, M.H.A. acts as both issuer and trustee, with proceeds allocated to project construction via a subcontracted developer.
“We are proud to launch our first sukuk to support the M.H.A. Promenade project. This is a key project of our growth strategy, enabling us to expand our retail and logistics infrastructure in Hulhumale’ while offering investors a Shariah-compliant opportunity with strong potential returns,” Sofwan Ahmed from M.H.A Private Limited said.
Hassan Ziyath of First National Finance Corporation described the sukuk issuance as a demonstration of the organisation’s commitment to introducing Shariah-compliant financing solutions to the Maldivian market. He noted that the initiative supports M.H.A. in raising capital for a high-impact commercial project that not only stimulates economic activity but also provides investors with a secure and structured investment opportunity.
Key parties to the offer include First National Finance Corporation as the Principal Adviser, CLA Partners LLP as Legal Counsel, and Dr. Aishath Muneeza as Shariah Advisor. The issuance has been approved by the Capital Market Development Authority (CMDA) and is fully compliant with applicable laws and Shariah principles.
