The agreement for the construction of the Dhaarul Salaam Waqf Building, planned to be built in Hulhumalé, has been signed, with the project awarded to local construction firm, Rasheed Carpentry and Construction (RCC).
A special ceremony was held on Monday at the conference hall of the Islamic Centre, where the agreement was signed on behalf of the Ministry of Islamic Affairs by Minister Dr Mohamed Shaheem Ali Saeed, and on behalf of RCC by Deputy Managing Director Adam Raheem.
The Dhaarul Salaam Waqf Building is planned as a 12-storey structure equipped with modern facilities. The basement will serve as a dedicated parking area, while the ground floor will include a reception area and additional parking. The first floor is allocated for commercial use, and floors three through twelve will house offices, prayer rooms, and meeting rooms. Multi-purpose halls are planned on the second and eleventh floors, with an open terrace on the rooftop. A daycare centre will also be developed within the building.
The building will feature elevators and be designed to ensure easy access for persons with special needs. The total cost of the project is USD 15.9 million, with completion expected within 24 months. RCC is also contracted to maintain the building for five years following completion. The project is being financed under the Bank of Maldives Islamic Finance scheme.
Upon completion, the building is expected to generate significant financial benefits for the Islamic sector, with estimated annual income exceeding USD 3.4 million. Of this, 20 percent will be deposited into the Maldives Zakat House, while the remaining 80 percent will go to the Islamic Waqf Fund.
This project is part of President Dr Mohamed Muizzu’s initiative to expand the Waqf Fund in the Maldives and strengthen financial resources for the Islamic sector. In addition to Dhaarul Salaam in Hulhumalé, RCC has also been awarded the contract for a Waqf building in Malé.
Following the President’s decision to launch Waqf projects in Addu City, Thinadhoo City, Kulhudhuffushi City, and Villingili, Gaafu Alifu Atoll, these projects have now also been contracted to relevant parties. Collectively, these initiatives are expected to bring transformative development to the Islamic sector of the Maldives.