BML provides financing for two of gov’t’s largest Waqf projects
BML’s involvement marks a major step forward in the expansion of Islamic finance in the Maldives and underscores the bank’s commitment to supporting projects that benefit the public and promote national development.
BML provides loans to the Ministry of Islamic Affairs
The Bank of Maldives (BML) has signed an agreement to provide Islamic Real Estate Financing for the two largest Waqf projects in the country, Dhaarussalaam and Dhaarul Arqam, to be undertaken by the Ministry of Islamic Affairs.
The agreement was signed at a special ceremony held Thursday morning at the Islamic Center’s convention hall. Minister of Islamic Affairs Dr. Mohamed Shaheem Ali Saeed signed on behalf of the ministry, while BML CEO and Managing Director Mohamed Shareef signed on behalf of the bank.
Through this partnership, BML Islamic will provide MVR 350 million in financing under Islamic principles for the development of the two Waqf buildings. The Dhaarussalaam project, a 12-storey development in Hulhumalé, and the Dhaarul Arqam project, a 12-storey development in Malé City, are the largest initiatives planned in the Islamic sector to date.
The Islamic Ministry has stated that both projects are expected to be completed within the next two years and will contribute significantly to national religious and social development.
BML’s involvement marks a major step forward in the expansion of Islamic finance in the Maldives and underscores the bank’s commitment to supporting projects that benefit the public and promote national development.
In addition to these initiatives, President Dr. Mohamed Muizzu has announced plans to construct a Waqf building dedicated to the Holy Quran in Malé City and to launch similar Waqf projects in Addu, Fuvahmulah, Thinadhoo, Kulhudhuffushi, and GA. Villingili.
