Finance Minister Departs to Dubai to Issue Sukuk Backed by State Owned Properties

A delegation of the Finance Ministry has departed to Dubai this evening.

According to Finance Ministry, the delegation will meet with development partners, banks and investors. The Maldives Journal has learned that the main purpose of the visit is to issue Sukuk backed by state-owned properties. Properties that are to be used to issue the bond include Velaanaage which houses several government offices and the historic Olympus Building.

The delegation includes Finance Minister Ibrahim Ameer, Chief Financial Budget Executive Ahmed Sharuvash Adam, Chief Debt Management Executive Mariyam Abdul Nasir, Deputy Finance Minister Ahmed Eman Moosa, and Minister of State for Finance Ministry Ismail Ali Manik, and MMA Deputy Governor Ahmed Imad.

According to reliable sources the delegation will host a meeting with development partners, banks, and investors and is expected to spend USD 15,000 on the meeting.

Earlier this year the government of Maldives issued a Sukuk of USD 300,000,000.00 backed by the 25-story Dharumavantha Hospital. The government of Maldives plans to raise a total of USD 1 billion through Islamic Financial instruments.