When did the Maldives issue its first Islamic bond?

The Maldives issued its first Islamic bond, a sukuk, in 2021.

What was the total value of the Maldives' first Islamic bond settlement?

The Maldives repaid $500 million in principal along with a $24.68 million coupon for its first Islamic bond.

How has the Maldives' economy been affected by global events?

The Maldives' fiscal and external position deteriorated due to the COVID-19 pandemic and the Russia-Ukraine war, with ongoing Middle East tensions expected to affect future growth.

Home / Business and Economy / Maldives Repays $525M Sukuk Amidst Economic Headwinds

Maldives Repays $525M Sukuk Amidst Economic Headwinds

4 Apr

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Summary

Maldives settled its first Islamic bond worth $500 million.
A coupon payment of $24.68 million was also made.
The settlement helped reduce the nation's overall debt.

Maldives Repays $525M Sukuk Amidst Economic Headwinds

The Maldives has successfully settled its first Islamic bond, a $500 million sukuk originally issued in 2021. The repayment, which occurred this month, included the $500 million principal along with a $24.68 million coupon payment. This financial maneuver has allowed the island nation to reduce its overall debt burden. The statement highlighted that the country's fiscal and external position significantly deteriorated following the COVID-19 pandemic and the Russia-Ukraine war in 2022. To counter these effects, the government initiated revenue-enhancing measures in 2024. Despite projected GDP growth for 2026, ongoing Middle East tensions are anticipated to impact medium-term economic prospects. Authorities, however, remain confident in maintaining public services and ensuring fuel supply.

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