BML Islamic to issue MVR 350M loan to develop Waqf Fund

Bank of Maldives Islamic (BML Islamic) has decided to issue an MVR 350 million shariah-complaint loan to undertake projects related to the development of the Waqf Fund, aimed at funding the promotion of religious matters.

Islamic Minister Dr. Ismail Shaheem Ali Saeed signed multiple agreements pertaining to the development of the Waqf Fund.

Islamic Ministry underscored the expansion of projects under Waqf Fund as one of the most pivotal pledges among the religious pledges in President Dr. Mohamed Muizzu’s presidential manifesto. Accordingly, the Ministry stated that it is actively working on various initiatives to strengthen the Waqf Fund.

As such, the Ministry, on Tuesday, announced several decisions they have taken in this trajectory. They include:

• Expanding the areas of expenditure under Waqf Fund
• Officially declaring ‘Dhaarul Eman’ building as an asset of Waqf Fund and allocating revenue generated from the building for mosques under Waqf principles
• Allocating revenue generated from ‘Dhaarul Salaam’ and ‘Dhaarul Arqam’ which are newly being built for Waqf Fund
• Signing of Wasiqa declaring the creation of MVR 15 million (Cash Waqf) in the Waqf Fund
• Signing the Wasiqa on the development ‘Dhaarul Salaam’ and ‘Dhaarul Arqam’ – which will be jointly developed using the Waqf Fund and Zakat Fund

Islamic Ministry said physical works on Waqf Fund’s investments will commence soon.

The Ministry is undertaking numerous efforts to promote religious matters, In this regard, the Ministry has opened applications for 50 scholarship opportunities – both local and international – under the Zakat Fund.