Construction Begins on $2.56 Million Darul Arqam Waqf Building in Malé

Practical construction has officially commenced on Darul Arqam, a new 12-story Waqf building in Malé designed to bolster the Maldives' Islamic financial sector. The project, which follows the laying of its foundation stone in November last year, is being executed by Rasheed Carpentry and Construction. Valued at approximately USD 2.56 million, the development is funded through an Islamic financing facility provided by BML Islamic. The contractor is tasked with completing the structure within 540 days. Once finished, the building is projected to generate over USD 648,500 in annual revenue, creating a sustainable stream of income for religious and social welfare. According to the Ministry of Islamic Affairs and Endowments, the revenue model is split to benefit two key institutions: 80 percent of the proceeds will be deposited into the Islamic Waqf Fund, while the remaining 20 percent will be allocated to the Maldives Zakat House. The 12-story facility is designed for multifunctionality. The basement and ground floor are dedicated to parking, with a reception area on the first floor and a conference hall on the second. The upper levels will house modern office spaces, meeting rooms, and prayer facilities, culminating in an open terrace on the rooftop. To ensure inclusivity, the building will feature lifts and specialized access for people with disabilities. This project is a key component of President Dr. Mohamed Muizzu's pledge to expand the national Waqf Fund and increase financial independence for the Islamic sector. The government's broader strategy includes the development of another Waqf building in Hulhumalé and a dedicated facility for the Holy Quran in the capital. Furthering this nationwide initiative, the President has recently approved the launch of additional Waqf projects across the archipelago, specifically targeting Addu City, Fuvahmulah City, Thinadhoo City, Kulhudhuffushi City, and Gaafu Alifu Villingili. These developments are expected to bring transformative growth to the administration of Islamic endowments across the Maldives.