The Islamic University of Maldives (IUM) has requested an increase of MVR 15 million in its budget for the fiscal year 2024.

The IUM made the proposal at a meeting with the Parliamentary Budget Committee, which is in the process of reviewing the budget for 2024.

Speaking at the committee on the budget allocated to the IUM for the next fiscal year, Deputy Vice-Chancellor Shahid Shareef said that while the budget found that MVR 8 million has been added to the current year and a total of MVR 60 million has been allocated for the next year, it has increased due to the increase in salaries.

As such, he said more funds are needed to further develop the university.

"Out of the MVR 60 million allocated now, MVR 57 million is utilised for salaries, utilities and commitments. Therefore, we are getting about two million for non-capital investment," he said.

Mahid said that the IUM has also proposed new policy initiatives for the next financial year, out of which MVR 5 million has been earmarked for the construction of the most iconic building there.

However, he also pointed out that more money is needed to expand the university and increase the number of students and do what needs to be done for research.

Highlighting the concerns regarding the amount allocated to the IUM in the budget, Mahid said that they want the committee to make arrangements so that the university can function further after the committee examines the IUM's proposals for an increase in the budget.