Bank of Maldives (BML) Islamic has agreed to provide a USD 22.7 million loan to fund the government’s Waqf development project, the Minister of Islamic Affairs, Dr Mohamed Shaheem Ali Saeed announced Tuesday.
Minister Dr Shaheem on Tuesday announced major decisions made to enhance the Islamic Waqf Fund.
Speaking at a press briefing, the Minister emphasised that one of the key pledges in President Dr Mohamed Muizzu’s presidential manifesto was the expansion of Waqf Fund projects. He stated that the objective is to create sustainable financial support for the development of Islamic services across the country.
According to the Minister, the government will broaden the areas of Islamic Waqf Fund utilisation to enhance the impact of its initiatives.
He also revealed that the Darul Iman Building has been officially designated as an asset of the Islamic Waqf Fund, with all benefits from the building allocated specifically for the development of mosques.
Profits from the newly constructed Darussalam and Darul Arqam buildings will be allocated to the Waqf Fund supporting religious affairs, the Minister added.
The Ministry has also established a cash waqf of USD 972,763 to further assist in advancing religious affairs.
A partnership between the Ministry’s Waqf Fund for advancing religious affairs and the Maldives Zakat House’s Zakat Fund has been formalised to jointly develop the Darussalam and Darul Arqam buildings.
Additionally, the Minister revealed that BML Islamic has agreed to provide an Islamic loan of USD 22.7 million to facilitate these ambitious projects.
Minister Dr Shaheem noted that practical implementation of these investment projects will begin soon, and once completed, are expected to bring substantial progress to the Islamic sector in the Maldives.
“These are the largest projects ever undertaken by the Ministry of Islamic Affairs, and they mark a new chapter in the sustainable development of Islamic services in the country,” the Minister added.
Minister Dr Shaheem reaffirmed the government’s commitment to ensuring that all efforts align with Islamic principles while fostering long-term growth and self-sufficiency in religious affairs.