Islamic Ministry Expands Waqf Fund Projects With MVR 350 Million Loan
Minister of Islamic Affairs Dr Mohamed Shaheem Ali Saeed | Photo: Ministry of Islamic Affairs
The Ministry of Islamic Affairs has announced a series of decisions to bolster the Waqf Fund, in line with President Dr Mohamed Muizzu’s pledges on promoting religious affairs.
As part of these efforts, Bank of Maldives Islamic (BML Islamic) will issue a Shariah-compliant loan of MVR 350 million to support related development projects.
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On Tuesday, Islamic Minister Dr Mohamed Shaheem Ali Saeed signed multiple agreements focused on the expansion and development of the Waqf Fund. The Ministry described this initiative as a key element of the President’s religious policy commitments and said it is actively working on projects to reinforce the fund.
New measures announced by the Ministry include the expansion of expenditure areas under the Waqf Fund and the official designation of the ‘Dhaarul Eman’ building as a Waqf asset, with revenue from the property to be allocated to mosque-related initiatives. Revenue from two new buildings currently under construction – ‘Dhaarul Salaam’ and ‘Dhaarul Arqam’ – will also be directed to the Waqf Fund.
Additionally, the Ministry signed a Wasiqa to establish an MVR 15 million cash Waqf, and another Wasiqa for the joint development of ‘Dhaarul Salaam’ and ‘Dhaarul Arqam’ using funds from both the Waqf and Zakat Funds.
The Ministry stated that physical works on Waqf-related investments are expected to commence soon. Alongside these developments, it has also opened applications for 50 local and international scholarship opportunities funded through the Zakat Fund.
