The Republic of Maldives Successfully Debuts its USD 200 Million Sovereign Sukuk

The Government of the Republic of Maldives (Maldives) has successfully priced its USD 200 million sovereign Sukuk, on the 29th of March 2021, via the Ministry of Finance. The Sukuk, which has an Ijara structure with a Murabahah component has a five-year tenure with a semi-annual profit rate of 9.875%.

Why it Matters?

Marking the Maldives’ first sovereign Sukuk issuance, funds raised will go towards the settlement of tender offers for the Government’s 2022 Treasury bonds. The Finance Minister of the Maldives’, Ibrahim Ameer, stated that that the issuance signifies the Maldives’ foray into the international Islamic finance market and reiterates the Government’s support to develop and remain an active player through diversification of the prevailing debt po...