Islamic Minister Dr. Mohamed Shaheem Ali Saeed has announced that the agreement to begin the construction of the country's second modern Waqf building (Darul Arqam) will be signed next week.

In a post on X today, Minister Shaheem said that the agreement to start the physical work on Darul Arqam will be signed next Sunday.

"This building will generate ten million rufiyaa annually for the Islamic Waqf Fund, Insha Allah," Minister Shaheem said.

The decision to construct two Waqf buildings in the Malé area was announced by President Dr. Mohamed Muizzu on July 17 last year, during the ceremony to announce the results of the 36th National Quran Recitation Competition.

Currently, there is only one Waqf building in the Maldives. It is Darul Iman, located in Malé. This 10-story building, constructed on the empty land next to Maafannu Madharusa, was officially opened on January 13, 2017. The Islamic Ministry has stated that this building currently generates MVR 8 million annually for the Mosque Fund.

This new project represents a significant expansion of Waqf properties in the Maldives, aimed at generating sustainable income for Islamic causes.