Spending changes as our lives change. In our twenties, money often flows toward coffees out, travel, or the latest tech—the things that make life feel exciting and social. By middle age, priorities shift. Mortgages, children, and family obligations start to shape how we allocate every paycheck. And later, as retirement nears, healthcare and sustaining a comfortable lifestyle become the focus.

Be it for education, vacation, or retirement, people strive to save as much of their income as possible. With the right strategy, these savings can grow meaningfully over time. Our goal is to create and build awareness of the opportunities available to secure a stable financial future. In this article, we explore bonds and sukuk as investment options that can help those who save and achieve their financial goals.

First National Real Estate and Hospitality Fund Plc (“Real Estate Fund”) has distributed its second round of payouts following continued strong performance. Equity holders received dividends amounting up to MVR 34.94 per share whereas Bond holders received a total payout of MVR 478,284, supported by stable cashflows and disciplined debt servicing.

First National Finance Corporation’s wholly owned subsidiary, First National Forex Pvt Ltd, has obtained the “License for Conducting Money Changing Business” from the Maldives Monetary Authority.

First National Money Market & Savings Fund convened its third Annual General Meeting on 9th July 2025. The First National Money Market & Savings Fund is the first dedicated money market fund in the Maldives, licensed and registered with the Capital Market Development Authority (CMDA). The fund is managed by First National Finance Corporation.

M.H.A Private Limited, one of the leading FMCG distributors in the Maldives, has officially launched its MVR 30 million Parallel Istisna’ sukuk to finance M.H.A promenade project in Hulhumale’.

At the helm of First National, Hassan Ziyath is helping shape a more agile, investment-ready financial landscape in the Maldives. Since the founding of the company in 2021, he has led its evolution into a dynamic player offering structured financing solutions, corporate advisory services, and capital market access tailored to the local context.

For much of its modern history, the Maldivian business landscape has been shaped by the rhythms of international trade. Merchant routes and maritime exchange once defined the structure of enterprise here. What began as family-run operations, often closely guarded and handed down across generations, gradually matured into more diversified ventures supported by external expertise. Yet, even as businesses scaled and markets shifted, a persistent challenge has remained: the limited depth of the domestic capital base.

It is not often that a new financial firm reshapes an entire segment of the market in just a few years. But since its founding in 2021, First National has steadily positioned itself as a transformative force within the Maldivian financial services sector, choosing innovation over convention and precision over legacy.

ADK Hospital has successfully closed the first tranche of its debut corporate bond, reaching full subscription today—a historic first in the Maldives' capital market.

ADK Hospitals Private Limited is poised to open subscription for their MVR 120 million bond issuance, with the first tranche of MVR 50 million is now open for subscription via private placement on the Viyana Board of the Maldives Stock Exchange.

First National Real Estate and Hospitality Fund Plc (“Real Estate Fund”) has announced its dividend and distributions to bond holders for the first quarter of 2025, declaring a total distribution of MVR 545,297.04, comprising of MVR 226,441 for Class B equity holders and MVR 318,856.04 for bond holders.

Eyecare has announced the successful distribution of MVR 3.4 million in its second Sukuk profit payout, reaffirming its commitment to investors.

The Board of Directors of First National Finance Corporation has appointed Mariyam Visam as its new Chief Commercial Officer, effective 16 March 2025.

Euro Marketing has successfully disbursed over MVR 7 million in its second periodic payment to bondholders, reaffirming its commitment to financial obligations and strengthening investor trust in the Maldivian capital market.

First National has successfully completed its fundraising for the inaugural project under the First National Real Estate and Hospitality Fund Plc, marking a historic milestone in the Maldives’ investment landscape. This fund, designed for real estate investments, opened for subscriptions on 12 December 2024, and closed on 16 January 2025. Notably, it is the first real estate public investment fund to be officially registered with the Capital Market Development Authority (CMDA). The fund is managed by First National Finance Corporation Pvt Ltd.

In a significant development for the Maldivian capital market, First National Finance Corporation has been awarded the Principal Adviser License by the Capital Market Development Authority (CMDA) today. This marks the first issuance of such a license since the CMDA reinstated the Principal Adviser License, which had been discontinued for some time.

Maldives Ports Limited (MPL) proudly announces the disbursement of its first coupon payment for its debut bond issuance of MVR 50 million. The first coupon payment totaled MVR 3.5 million and has been distributed to the bondholders on 4th July 2024.

Medtech Diagnostics Pvt Ltd has proudly announced the successful distribution of over MVR 2 million as the second periodic payment to its Sukuk holders on May 26, 2024. This significant milestone follows the initial distribution of over MVR 2 million to Sukuk holders on November 26, 2023.

Euro Marketing Pvt Ltd.’s bond, the inaugural private placement bond in Maldives, has achieved significant success, garnering popularity among investors. Today, the first periodic payment of the bond has been disbursed, with MVR 7.46 million distributed to bondholders as coupon payments.

Eyecare Maldives, a leading privately owned business makes a significant mark in the Maldivian capital market with the introduction of its first Sukuk offering.

This report provides a comprehensive analysis of the construction industry in the Maldives, highlighting key characteristics, trends in construction-related costs, and insights into construction finance.

ADK Hospitals Pvt. Ltd. has enlisted the expertise of First National Finance Corporation as its Lead Manager to raise finance through capital markets. Recognized as an Investment Advisor licensed by the Capital Market Development Authority (CMDA), First National brings a wealth of financial acumen to facilitate and enhance ADK Hospitals' strategic initiatives.

The Maldives, honored as the World's Leading Destination at the 2023 World Travel Awards, remains as a consistent stand- out in the global travel industry. Beyond accolades, the tourism sector in Maldives also stands as the cornerstone of the economy.

Medtech Diagnostics Pvt Ltd has announced that the company successfully distributed the first periodic payment of MVR 2 million to its sukuk holders on November 26, 2023.

The First Tranche of the Maldives Ports Limited Fixed Income Bond of 50 million Rufiyaa listed on VIYANA platform was oversubscribed with overwhelming support from the investors. The 7-year bond was opened for subscription on the 11th April 2023 and was closed on 19th June 2023.

Medtech Diagnostics Pvt Ltd’s debut Sukuk listed on VIYANA platform was successfully closed with MVR 20 million. The issue was strongly supported by an increasing number of investors registered on VIYANA which stands at 237. The 7-year Sukuk was opened for subscription on the 19th April 2023 and was closed on 18th May 2023. Medtech Diagnostics i

The signing of the Memorandum of Understanding between the two parties took place today at the office of First National Finance Corporation. The MoU was signed by Mr. Hassan Ziyath, Chief Executive Officer of First National Finance Corporation, and Mr. Hareez Sulaiman, Managing Director at Amana Takaful (Maldives) PLC. The main objective of sig

As the lead advisor First National conducted a thorough due diligence of Medtech Diagnostics, developed the Sukuk structure and the legal framework for the issuance of Sukuk. The Medtech Diagnostics Sukuk is issued under the concept of Musharakah Mutanaqisah (Diminishing Musharakah) at a profit sharing ratio of 95:5 (Investor:Managing Partner).

Tourism is the main stay of Maldivian economy contributing 70% directly and indirectly to the country’s GDP. The tourism industry is impacted by several factors. In this outlook we have examined the most important global events and factors that would affect the future of the tourism industry in Maldives. As per world bank’s latest GEP (Global Ec

It is a privilege for us to welcome Mr. Hassan Rasheed to our Money Market and Savings Fund. Mr. Hassan Rasheed has worked in the financial sector for over 25 years. He takes an interest in investing and inflation. He has been investing in shares and has built an excellent equity portfolio. First National launched the Money Market and Saving Fun

First National is grateful to Ms. Fathimath Kamaaluddeen, Deputy Chief Executive Officer of CMDA, for visiting us and exchanging valuable insights for the further development of capital markets. The visit of Ms. Fathimath Kamaaluddeen today is extra special as we are celebrating World Investor Week (WIW). WIW is a campaign initiated by the Inter

As the lead advisor First National conducted a thorough due diligence of Euro Marketing and the legal framework for the issuance of securities. The Euro Marketing conventional bond is a 7.5% coupon, MVR 25 million Bond with a tenure of four years. This issuance marks the first ever private placement bond issue through VIYANA of Maldives Stock E

The Forum was held recently in Kurumba Maldives, a leading and most prestigious gathering of tourism industry pioneers and thought leaders for sharing knowledge, perspectives and networking. He spoke about the impact on the Maldivian tourism industry due to the current situation in Europe in terms of currency fluctuations, economic hardships, ri

Medtech Diagnostics has appointed First National Finance Corporation to provide investment advisory services. First National is an Investment Advisor licensed by the Capital Market Development Authority. Medtech Diagnostics is the leading distributor of medical and diagnostic reagents in the healthcare sector of Maldives. First National will be

First National Finance Corporation has opened for subscription a savings fund marketed as Money Market and Savings Fund which was launched on the 15th of July 2022 commemorating its first anniversary. ​The Money Market and Savings Fund aims to generate attractive risk-adjusted returns well above competitive products available in the market. Lice

First National Finance Corporation has opened for subscription a savings fund marketed as Money Market and Savings Fund which was launched on the 15th of July 2022 commensurating its first anniversary. The Money Market and Savings Fund aims to generate attractive risk-adjusted returns well above competitive products available in the market. Lic

First National Finance Corporation was incorporated on the 15th of July 2021.​ Our vision is to be the leading catalyst for financial sector development and integration of the local economy to the global financial system. We are grateful for the contribution from the policy makers, regulators, and our partners in business for their continued su

First National Finance Corporation has been selected as the lead manager to raise finance in the tune of MVR 200 Million by Maldives Ports Limited. This is the first time a local party has become a lead manager in arranging finance. First National was selected as the lead manager through a competitive bidding process. Maldives Ports Limited invi

Organisation’s culture is a complex composite. Changing an organisation’s culture is one of the most difficult leadership challenges. The organisation’s culture is one of the impediments to change. In a world where disruptions become more frequent, cultural embracing change is imperative for organisations to remain relevant. In an interview with

Despite over four and half decades of the existence of Maldivian financial sector, access to capital at a reasonable cost continues to be an uphill battle for majority of businesses. In this article we explore the significant developments in our financial sector.