Waqf building contracted to RCC, expected to bring in MVR 10mn annually

Ministry of Islamic Affairs has today contracted Rasheed Carpentry and Construction (RCC) to develop the Waqf building 'Dhaarul Argam' in Male'. 

In a ceremony held at the Islamic Centre, the agreement was signed by Minister of Islamic Affairs Dr Mohamed Shaheem Ali Saeed and RCC Deputy Managing Director Adam Raheem. 

The ministry said that the building is designed to be 12 storeys high, and equipped with modern facilities. The basement and ground floor will be dedicated as parking space, and the reception will be housed on the first floor. 

The second floor will have a conference hall. Floors up to 12 will have modern office facilities and meeting rooms. The building will also have a prayer room. The rooftop will be an open terrace, the ministry said. 

The ministry further said that the building has been designed with accessibility in mind. 

Speaking at today's ceremony, Minister Shaheem stated that a percentage of profits received from the building will be dedicated to the Zakaat Fund, and to the Islamic Waqf Fund. 

He said that the target is to build the Islamic Waqf Fund into one which gains over MVR 100 million a year. 

The ministry estimates that this new Waqf building will have an annual revenue of MVR 10 million. 20 percent of revenue is to be deposited to the Zakat House, while the remaining 80 percent will go to the Islamic Waqf Fund, the ministry said. 

RCC was contracted to complete development of the building within 540 days. The project, funded through BML Islamic Finance, is expected to cost MVR 39,463,545.08.

The government has previously announced that Waqf buildings will be developed in all atolls within three years.