The Civil Court’s Hulhumalé Division has ruled that the Finance Ministry’s purchase of a large Hulhumalé plot owned by the Housing Development Corporation (HDC) for MVR 94.5 million is valid under both Sharia and Maldivian law.
Using state budget funds, the Ministry of Finance and Public Enterprises paid MVR 94,543,205.40 for lot number 11516 in Hulhumalé, measuring 25,011.43 square feet. HDC had filed the matter in court as a “land and building sale case” so ownership could be formally transferred into the Finance Ministry’s name.
In its judgment, the court noted that HDC, which holds legal authority to develop and manage Hulhumalé land, had agreed with the Finance Ministry to sell the plot, that the sale was completed, and that the ministry paid the full MVR 94.5 million to HDC in one settlement.
The court said the main requirements for a completed commercial transaction under Islamic Sharia — offer, acceptance, and payment of the agreed price — were established in the documents. Because the deal was completed and the money paid, it found no Sharia or legal barrier to transferring ownership of the Hulhumalé plot to the Finance Ministry of the Maldivian state.
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