Government is aiming to expand Awqaf investments to at least USD6.5 million per year, in a bid to minimise dependency on the State budget to implement projects, Minister of Islamic Affairs Dr Mohamed Shaheem Ali Saeed has revealed.
Speaking at the Huffaz Graduation Ceremony on Wednesday evening at the Islamic Centre, Minister Dr Shaheem said under efforts to expand Awqaf investments, two major projects are set to be launched after the end of Ramadan, adding that financing has already been arranged through the country national bank, Bank of Maldives (BML).
Once these projects are completed, USD778,210 will be deposited into the Islamic Waqf Fund every year till 2045, which he said will increase to USD4.5 million a year from there on in.
"The aim is to expand the Awqaf investments to at least USD6.5 million per year by 2045 without relying on the state budget for the projects carried out by the Ministry of Islamic Affairs. That will be achieved during this term,” the Minister said.
In his speech, Minister Dr Shaheem also revealed plans to expand the government’s Hifz programme to all corners of the country under the special directive of President Dr Mohamed Muizzu.
He said the Hifz programme will be further expanded to every island with an Islamic center while plans are underway to conduct the programme in mosques in islands without an Islamic center. The Minister also said the government plans to provide financial and other technical assistance to privately run Quran classes and other state agencies in the push to develop more Huffaz in the country.
Through such wide ranging efforts, the government is aiming to increase the number of children in the country graduating as Huffaz to 100 a year, he revealed.