The contract for the construction of the Darul Arqam Waqf Building in Male’ has been officially awarded to Rasheed Carpentry and Construction (RCC).
The agreement for the project was signed on Sunday at a special ceremony held in the conference hall of the Islamic Centre. Minister of Islamic Affairs Dr Mohamed Shaheem Ali Saeed signed the agreement on behalf of the Ministry, while Deputy Managing Director Adam Raheem signed on behalf of RCC.
Planned as a 12-storey modern facility, the Darul Arqam Waqf Building will feature state-of-the-art amenities designed to serve the needs of the Islamic sector. The basement and ground floor will be designated for parking, and the first floor will house a reception area. A multipurpose hall will occupy the second floor, while office spaces, meeting rooms, and prayer rooms will be established from the first to the twelfth floor. The rooftop will feature an open terrace, providing additional functional space. The building will also include elevators and facilities to ensure full accessibility for persons with special needs.
Valued at USD 2.55 million, the project is scheduled for completion within 540 days. According to the Islamic Ministry, the project will be financed under the Bank of Maldives (BML) Islamic Finance scheme.
Speaking on the project, Minister Shaheem said the initiative is a joint venture between the Waqf Fund and the Zakat Fund. He added that similar projects will be implemented in other cities in future. Highlighting the financial requirements of mosque maintenance and Quran education, the Minister emphasised that all such expenses should not rely solely on the state budget, but also be supported through other funding sources.
The Minister further revealed that a new law on endowment is being introduced, which will allow both the government as well as private individuals to build endowment buildings.
Upon completion, the Darul Arqam Waqf Building is expected to make a significant contribution to the financial development of the Islamic sector. The building is projected to generate an annual income exceeding USD 649,000, of which 20 percent will be deposited into the Maldives Zakat House, and 80 percent will be allocated to the Islamic Waqf Fund.
This project marks a major milestone in fulfilling President Dr Mohamed Muizzu’s pledge to strengthen and expand the Waqf Fund in the Maldives and to develop sustainable resources that benefit the Islamic sector.
In addition to the Darul Arqam project, plans are underway for the construction of a Waqf Building in Hulhumale’ and a dedicated Waqf Building for the Holy Quran in Male’. Furthermore, President Dr Muizzu has announced the initiation of new Waqf projects in Addu City, Fuvahmulah City, Thinadhoo City, Kulhudhuffushi City, and Gaafu Alifu Vilingili, which are expected to bring transformative advancements to the Islamic sector across the nation.