President Dr Mohamed Muizzu has officiated the commencement ceremony for the construction of Islamic University of Maldives (IUM) Sanabil Building.
At the ceremony held at the construction site (Lot Number 11528) this evening, President Dr Muizzu poured the first concrete, to signify the commencement of the construction of IUM Sanabil.
The IUM Sanabil Project, aims to ensure a sustainable source of income for IUM via renting out the seven-storey mixed-use complex, which will boast office spaces, meeting rooms, auditoriums, and a food court in addition to commercial parking spaces.
The first of its kind, IUM Sanabil Project was launched for subscription as a Sukuk Istisna facility on August 11, 2024. Bank of Maldives’ BML Islamic was the sole subscriber when the deadline came to a close.
The expected duration of construction is 18 months.
The Government is committed to provide its full support for the strengthening and empowerment of institutions.
