The Ministry of Islamic Affairs and the Bank of Maldives (BML) have signed a Memorandum of Understanding (MoU) to provide Islamic Real Estate Financing for the Dhaarul Arqam and Dhaarussalaam projects, the two largest Waqf initiatives undertaken by the Ministry.

The agreement was signed by Minister of Islamic Affairs Dr Mohamed Shaheem Ali Saeed and BML CEO and Managing Director Mohamed Shareef at a ceremony held in Malé.

Speaking at the signing, Minister Dr Shaheem said that while progress on Waqf projects had previously been delayed due to funding constraints, new partnerships with different parties would help overcome such challenges and accelerate implementation. He added that the projects, which will follow Islamic finance principles, are expected to be completed within two years.

Minister Dr Shaheem further noted that Waqf development plays a vital role in sustaining religious services across the Maldives. He said that with hundreds of mosques in the country, it is not feasible to depend solely on the State budget.

BML CEO Mohamed Shareef said the Bank will provide both financial and strategic support for the development of the Dhaarul Arqam and Dhaarussalaam buildings. He stated that generating sustainable income through such projects is key to promoting religious activities and strengthening communities nationwide.

To support the Ministry’s Waqf development plans, Rasheed Carpentry and Construction (RCC) was also recently contracted to construct a new Waqf building in Malé City.

Additional Waqf projects are planned for Hulhumalé, Addu City, Fuvahmulah City, Thinadhoo City, Kulhudhuffushi City, and Villingili, aimed at strengthening the Islamic sector and promoting sustainable economic growth across the Maldives.