President Dr Mohamed Muizzu on Wednesday laid the foundation stone for the Waqf building to be constructed in Hulhumale'.
The special ceremony held on Wednesday was attended by the Minister of Islamic Affairs, Dr Mohamed Shaheem Ali Saeed, Ministers of State, and senior officials of the Ministry of Islamic Affairs.
The Darussalam Waqf Building, entrusted to renowned construction firm Rasheed Carpentry and Construction Private Limited, is planned as a 12-storey structure equipped with modern facilities. The basement will include dedicated parking, while the ground floor will house a reception area along with additional parking spaces. The first floor is designated for commercial use, and the third to twelfth floors will accommodate modern offices, prayer rooms, and meeting rooms. The second and eleventh floors will feature multi-purpose halls, and the rooftop will serve as an open terrace.
A daycare center is also planned to be developed as part of this building.
The facility will be equipped with elevators and designed to ensure easy access for persons with special needs.
The project, scheduled for completion within 24 months, carries a total cost of USD 15.9 million. Upon completion, the contracted company will oversee maintenance work for a period of five years.
The project is financed through Bank of Maldives Islamic Finance.
Upon completion, the Islamic sector is expected to receive a significant financial boost. The building is projected to generate an annual revenue of over USD 3.4 million, with 20 percent allocated to the Maldives Zakat House and 80 percent to the Islamic Waqf Fund.
This project is a key initiative aligned with President Dr Muizzu’s pledge to expand the Waqf Fund and strengthen financial resources for the Islamic sector. In addition to Darussalam, the construction of the Darul Arqam Waqf Building in Malé has also been entrusted to RCC.