Bank of Maldives (BML) has signed an agreement with the Ministry of Islamic Affairs to develop Waqfs and raise awareness about Islamic finance in the country.

Under the agreement, BML will provide financial support for the construction of the Darussalam building in Hulhumalé and Darul Arqam in Malé through Islamic financing. The bank will also assist in expanding the Waqf Fund.

BML stated that the partnership aims to enhance public understanding of Islamic finance and promote the growth of the Islamic financial sector.

BML’s CEO and Managing Director, Mohamed Shareef, said the bank is pleased to work with the Ministry to strengthen the Islamic financial system and support the development of Waqf initiatives.

As the largest provider of Islamic financing in the Maldives, BML has undertaken several efforts to advance Islamic banking and social finance, including support for the Sanabil School of the Islamic University of Maldives.