Rasheed Carpentry and Construction (RCC) has been contracted to construct the new Waqf Building in Malé City.

The agreement was formalised by Minister of Islamic Affairs Dr Mohamed Shaheem Ali Saeed and RCC’s Deputy Managing Director, Adam Raheem.

The 12-storey building will feature modern facilities, including parking on the basement and ground floors, a reception on the first floor, and a conference hall on the second floor. Office spaces, meeting rooms, and prayer areas will be established on the upper floors, while the rooftop will serve as an open terrace. The building will also include lifts and accessible features for people with special needs.

Valued at MVR 39.46 million, the project is funded through the Bank of Maldives Islamic Financing and is expected to be completed within 540 days.

The initiative is part of efforts to expand the Waqf Fund in the Maldives, a pledge made by President Dr Mohamed Muizzu. Upon completion, the building is projected to generate MVR 10 million annually, with 20 per cent of the revenue allocated to Zakat House and 80 per cent to the Islamic Waqf Fund.

Similar Waqf development projects are also planned in Hulhumalé, Addu City, Fuvahmulah City, Thinadhoo City, Kulhudhuffushi City, and Villingili, aimed at strengthening the Islamic sector and promoting sustainable economic growth.