Sukuk for Medtech Diagnostics Pvt Ltd. successfully closes at MVR 20,000,000

  • Maldives
  • Health
PUBLISHED 22 May 2023

The first Sukuk issued by Medtech Diagnostics Pvt Ltd on the VIYANA platform was successfully concluded with MVR 20 million. The issue has received strong support  from an increasing number of investors registered on VIYANA, which currently stands at 237.  The 7-year Sukuk was up for subscription on April 19, 2023, and concluded on May 28, 2023.

Medtech Diagnostics is a significant distributor of medical equipment, apparatus, and  consumables to the Maldives' healthcare system. This Sukuk issue represents a watershed moment in the history of the Maldives' Islamic  Capital Market, since it is the first Shari'ah-compliant issuance by a private company via the VIYANA platform for private securities.  

This issuance's lead arranger was First National Finance Corporation Pvt Ltd. The CEO of First National congratulated the founders of Medtech Diagnostics, as well as  the regulators and Maldives Stock Exchange, on the success of the Sukuk offering.  "I am humbled by the market's overwhelming response to Shari'ah-compliant and high-quality products from well-governed private companies." We will continue to work to introduce more investment products into the Maldives Capital Market in the future in order to give a diverse variety of investment possibilities to the domestic market."

First National Finance Corporation is a capital market company that offers lead manager  services, financial structuring and arranging, investment solutions, fund management,  and private wealth planning.

Please visit the website for additional information on the Sukuk and First National Maldives.