The Islamic University of Maldives has reached a definitive structural milestone in the development of its Sanabil building, completing the concrete framework of a facility that represents the first dedicated building constructed for the institution since its inception as Kulliyath al-Dhiraasath al-Islamiyya in 2004. Rising near Hulhumalé Central Park, the project has evolved from a seven-storey plan into an eight-storey mixed-use complex, a strategic expansion intended to secure the university’s fiscal independence.
"The decision to expand the development to eight storeys was made because it is a revenue-generating initiative funded by the university," said Ahmed Ameen, the university’s deputy vice chancellor. Ameen, speaking to PSM News, noted that the construction is advancing following authorisation from the Housing Development Corporation, with the facility designed specifically to secure "sustainable, long-term financial returns for the institution."
Since President Dr Mohamed Muizzu inaugurated the groundwork on 12 April 2025, the project has achieved 60 per cent overall completion. With the concrete phase 96 per cent finished, work has transitioned to internal fit-outs, painting, and the installation of elevators. The facility's opening, originally slated for July, is now expected this September.
Beyond its architecture, the project is a landmark for Maldivian capital markets, standing as the nation’s first construction initiative funded exclusively through an Islamic finance Sukuk model. Fully subscribed by Bank of Maldives Islamic in August 2024, the project will integrate office spaces, a food court, professional meeting rooms, an auditorium, and parking on university-owned land. The administrative effort, which began with land registration in July 2019, culminated in a contract awarded to Oak Development Private Limited on 22 August 2024.