MALDIVES: BML Islamic will provide a financing facility worth MVR350 million (US$22.66 million) to support a series of initiatives announced by the Maldives Ministry of Islamic Affairs for the development of the country’s Islamic Waqf fund.
The measures, announced by Dr Mohamed Shaheem Saeed, the Islamic affairs minister, include designating the Darul Iman building as a Waqf asset, with all proceeds allocated for mosque development; a cash Waqf of MVR15 million (US$971,397) established to support religious services; and the Ministry’s Waqf Fund for Advancing Religious Affairs partnering with the Maldives Zakat House’s Zakat Fund to jointly develop the Darussalam and Darul Arqam buildings.
