Practical work has begun on Darul Arqam, a new Waqf building being developed in Malé.
The foundation stone for Darul Arqam was laid in November last year.
The project is being carried out by Rasheed Carpentry and Construction. The Ministry of Islamic Affairs and Endowments said practical work on the building has now commenced. Darul Arqam will be developed as a 12-storey Waqf building.
The basement and ground floor of the building will provide parking facilities, while the first floor will feature a reception area. A conference hall is planned for the second floor, while the remaining floors will include modern office spaces, meeting rooms and prayer rooms. The rooftop will be developed as an open terrace.
The building will also be equipped with a lift and facilities designed to provide easy access for people requiring special assistance.
Rasheed Carpentry and Construction has been contracted to complete the Waqf building within 540 days. The project is valued at approximately USD 2.56 million and is being financed through an Islamic financing facility provided by BML Islamic, the Ministry said.
The building is expected to generate more than USD 648,500 in annual revenue. The Ministry said 20 per cent of the revenue will be deposited with the Maldives Zakat House, while the remaining 80 per cent will be deposited into the Islamic Waqf Fund.
The project is part of efforts being undertaken in line with a presidential pledge by President Dr Mohamed Muizzu to further expand the Waqf Fund in the Maldives and increase avenues for generating financial benefits for the Islamic sector.
In addition to Darul Arqam, plans are in place to develop a Waqf building in Hulhumalé and a dedicated Waqf building for the Holy Quran in Malé.
President Dr Muizzu has also recently decided to launch Waqf projects in Addu City, Fuvahmulah City, Thinadhoo City, Kulhudhuffushi City and Gaafu Alifu Villingili.
The projects are expected to bring transformative changes to the Islamic sector in the Maldives.