- MHA Private Limited raised MVR 30 million through a fully subscribed five-year Parallel Istisna Sukuk, arranged by First National Finance Corporation.
- The issuance comprised 30,000 certificates at MVR 1,000 each, offering roughly 8% annual profit paid semi-annually and listed on the Maldives Stock Exchange.
- Proceeds will fund MHA Promenade, a four-storey commercial development in Hulhumalé expanding retail and logistics operations with showrooms, warehouses and office space.
MHA Private Limited has raised MVR 30 million through a fully subscribed Parallel Istisna Sukuk, with First National Finance Corporation serving as Principal Adviser and Lead Arranger to the issuance.
The five-year issuance comprised 30,000 Sukuk certificates with a face value of MVR 1,000 each. It offered an expected annual profit rate of approximately 8%, with profit distributions made semi-annually.
The Sukuk was listed on the Viyana Board of the Maldives Stock Exchange, providing investors with an opportunity to participate in a Shariah-compliant investment structure.
Proceeds from the issuance will finance the development of MHA Promenade, a four-storey commercial development in Hulhumalé. The project will expand M.H.A.’s retail and logistics operations through wholesale and distribution facilities, showrooms, storage warehouses and office space.
First National Finance Corporation served as Principal Adviser and Lead Arranger to the issuance, with CLA Partners LLP as Legal Counsel and Dr. Aishath Muneeza as Shariah Advisor.
Commenting on the successful closure of the issuance, MHA Managing Director Sofwan Ahmed said:
“MHA has always sought to remain modern and relevant in its offerings, evolving alongside the changing needs and expectations of our customers. As our population grows and lifestyles change, we see a growing need for spaces that bring families and communities together. MHA Promenade is being developed with this in mind — as a modern, family-oriented destination where people can gather, connect and spend quality time. The successful closure of this Sukuk issuance reflects the confidence investors have placed in this vision, and we are grateful for their strong support.”
First National Chief Executive Officer Hassan Ziyath also pointed to the wider significance of the issuance for the Maldivian capital market.
“The successful, fully subscribed closure of the MHA Sukuk demonstrates the growing appetite for Shariah-compliant investment opportunities in the Maldivian capital market. The participation of both institutional and retail investors is particularly encouraging and demonstrates the potential for capital-market financing to support the growth of Maldivian businesses and commercially viable projects,” he said.
