Govt Uses Schools as Assets to Issue Sukuk to Finance the Budget

The government has decided to use some schools as securities to issue Sukuk.

A source has informed Dhiyares that the government has decided to form an asset pool with nine schools in order to issue Sukuk. The schools are Iskandhar School, Thaajuddeen School, Ghiyasuddin International School, Imaduddin School, Kalafaanu School, Male' Higher Secondary School, English Preparatory and Secondary School, Center for Higher Secondary Education, and Hiriya School.

Buildings have previously been used to sell Islamic Sukuk. Dharumavantha Hospital which was built during former President Yameen Abdul Gayoom's administration was used as an asset to issue a Sukuk of aproximately 300 million dollars

Minister of Finance Ibrahim Ameer has stated that Islamic T-bills totaling MVR 350 million have been sold by utilizing Velaanaage and the Olympus building as security.

When questioned regarding the use of schools to issue Sukuk, Spokesperson at the President's Office Mabrook Azeez confirmed that Sukuk backed by schools as assets have been sold.