Ihthi retweetet
Let’s correct the misinformation being pushed.
The $500M Sukuk did not put national assets “at risk.” That narrative is false, and it was clarified multiple times at the time of issuance.
Only Dharumavantha Hospital was used as the underlying asset, and even then, it was not mortgaged or up for seizure.
This was a standard sovereign Sukuk structure with the asset transferred to a 100% government-owned SPV, Maldives Sukuk Issuance Limited, and then leased back. Payments made were rental, not interest, in line with Islamic finance principles.
Critically, the government explicitly stated the hospital would not be sold or mortgaged at any stage.
And here’s what is being deliberately ignored:
- In sovereign, asset-based Sukuk, investors do not have the right to seize or sell the physical asset in the event of default. Their claim is contractual against the government, not ownership of the asset.
- Repayment is through a repurchase undertaking, where the government buys back the beneficial ownership at maturity.
So no, the hospital was never “on the line.”
What we are seeing now is a deliberate attempt to distort how Sukuk works, to mislead the public and rewrite a narrative that was already clearly explained.
Facts matter.
When misinformation is being used as political messaging.
Especially to influence an election.
Malsha@malshasharyf
In the event of default, Dharumavantha Hospital, IGMH, Iskandhar & the Finance Building would have gone to bondholders. That was the risk. Today, Raees Dr Muizzu has paid $500M Sukuk and secured these national assets. MDP put them on the line , this government protected them.
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