The Minister of Islamic Affairs, Dr Mohamed Shaheem Ali Saeed, has announced that Bank of Maldives Islamic (BML Islamic) has approved an Islamic loan of MVR 350 million to support a range of Waqf development projects.

The announcement was made via a post on the Minister's official Facebook page, where he highlighted that the expansion of Waqf Fund initiatives is a key pledge under the current Administration. The objective of these initiatives is to raise sustainable funding for Islamic services and religious development across the country.

According to the Minister, the Ministry of Islamic Affairs is actively working to strengthen the Islamic Waqf Fund. This includes broadening its areas of expenditure, formally designating the Dharul Iman Building as a Waqf asset, and ensuring that income from the property is used to support mosque operations and other religious activities.

The Minister noted that an agreement will soon be signed to establish a cash endowment of MVR 15 million, under the Promotion of Religious Affairs Waqf Fund, as well as contributions from Zakat House’s Zakat Fund to support the development of the Darul Salam and Darul Arqam buildings.

Dr Shaheem stated that BML Islamic’s decision to provide MVR 350 million in Sharia-compliant financing would play a key role in advancing these projects. He added that investment activities under the Waqf Fund will begin in the near future.

The Waqf Fund, managed by the Ministry of Islamic Affairs, was created to finance the construction and maintenance of mosques and other religious infrastructure. Last month, the Minister announced that the Waqf Fund would provide financial assistance for the development of the Quran Learning Centre in Lhaviyani Naifaru.