IUM begins Sanabil Building construction
The new building is designed to be a multi-functional facility featuring classrooms, auditoriums, administrative offices, a food court, and parking space.
The Islamic University of Maldives (IUM) has commenced construction of its Sanabil Building in Hulhumalé.
The seven-storey building project, valued at MVR 60 million, is being financed through funds raised via the sale of Islamic securities to the Bank of Maldives (BLM) last year. The project site, located near Central Park in Hulhumalé, was allocated to IUM in 2018 to establish a tertiary education centre.
A ceremony to inaugurate the construction was held Saturday afternoon at the project site. President Mohamed Muizzu graced the event.
During the ceremony, Deputy Vice Chancellor for Admin and Finance, Ahmed Amin Mohamed, officially handed over the project responsibilities. Oak Development Pvt Ltd has been appointed as the main contractor, while Gedor Consulting Pvt Ltd will serve as the project consultant. The project’s Sharia compliance will be overseen by Sharia Advisor Azmi Rasheed. Project management has been entrusted to IUM Holdings, and the construction is expected to be completed within 18 months.
As part of the financial structure, the first semi-annual return payment of MVR 2.7 million has already been made to BML Islamic.
The new building is designed to be a multi-functional facility featuring classrooms, auditoriums, administrative offices, a food court, and commercial parking space. These features aim to enhance both the academic environment and financial sustainability of the university.
Speaking at the ceremony, IUM Vice-Chancellor Dr Ali Zahir emphasised the project’s potential to alleviate the university’s long-standing challenges related to limited space and income generation.
“This project was initiated with the goal of generating income, but it also addresses the pressing need for space. Given our current circumstances, this building gives us hope for growth and stability,” Zahir stated.
