Housing Development Finance Corporation (HDFC) has devised to issue sukuk worth MVR 200 million
HDFC is to issue sukuk under a mudaraba agreement. The company has decided to issue 200,000 sukuk, each to be sold for MVR 1,000. This is a total of MVR 200 million.
The company will be issuing the sukuk until the end of September, starting this Sunday. The sukuk is to be sold for a period of ten years, with 65 percent profit every six months for the sukuk holder. The sukuk sold must be registered in the Maldivian stock market.
According to the HDFC, the company is selling sukuk to expand its services and to facilitate investments in accordance with Islamic Sharia. The company also claimed that the opportunity will allow individuals and businesses to make small-risk investments as permitted by Islam.
This is the fourth time HDFC is selling sukuk to acquire funds. The company has previously obtained nearly MVR 250 million through sukuk.