President Dr Mohamed Muizzu attended the groundbreaking ceremony of Darul Arqam, the second Waqf building to be established in the Maldives.
The foundation stone was laid by the Minister of Islamic Affairs, Dr Mohamed Shaheem Ali Saeed, and the Deputy Managing Director of Rasheed Carpentry and Construction Private Limited (RCC), Adam Raheem, at a ceremony held this afternoon.
The project entails the development of a 12-storey building on a 2,000-square-foot plot awarded to RCC. Valued at MVR 39.4 million, the initiative is being financed by BML Islamic under an Islamic financing facility. The building is scheduled for completion within 18 months and is expected to generate an annual revenue of MVR 10 million.
Speaking at the ceremony, Minister Dr Shaheem highlighted the President’s commitment to advancing the nation’s future and strengthening Islamic services, expressing his gratitude for this support. He also revealed that preparations are underway to lay the foundation for the country’s largest Waqf building in Hulhumalé later this month.
In addition to Darul Iman and Darul Arqam, the Government has decided to establish Waqf buildings across the Maldives, including in Addu City, Fuvahmulah City, Huvadhuatholhu, and Thiladhunmathi. Revenue generated from these buildings will be utilised to fund various initiatives aimed at promoting and preserving Islamic unity nationwide.
