President Dr Mohamed Muizzu has officially inaugurated the construction of the Islamic University of Maldives (IUM)’s Sanabil Building, a key project aimed at generating sustainable income for the institution.
The groundbreaking ceremony was held on Saturday evening at the construction site in Hulhumalé, where President Muizzu symbolically poured the first concrete, marking the formal commencement of building works.
The Sanabil Building is set to be a seven-storey, mixed-use development featuring a range of commercial and institutional facilities, including office spaces, meeting rooms, auditoriums, a food court, and commercial parking areas. Once completed, the structure will be leased out to generate consistent revenue for IUM, making it a first-of-its-kind initiative in the Maldivian higher education sector.
The project was introduced as a Sukuk Istisna investment opportunity on August 11, 2024, inviting subscription under Islamic financing principles. The Bank of Maldives’ Islamic division (BML Islamic) emerged as the sole subscriber when the offer period closed, facilitating the financial structure needed to bring the vision to life.
Construction is expected to take 18 months, and officials hope the project will pave the way for greater self-sufficiency in higher education financing.
The government has reiterated its commitment to supporting national institutions like IUM in becoming more resilient and financially empowered. Speaking at the event, senior officials expressed optimism that the Sanabil Building will serve as a model for similar public-private partnerships in the education sector.
This project marks yet another step by the administration toward strengthening institutional capacity while promoting long-term development through innovative financing.
