The Minister of Islamic Affairs, Dr. Mohamed Shaheem Ali Saeed, announced plans to expand Awqaf investments to 100 million rufiyaa annually, with no reliance on the state budget. Speaking at a ceremony to honor those who have memorized the Quran, Shaheem revealed that two major projects are set to begin after this year’s Ramadan, with Islamic financing already secured through BML Islamic.
The minister highlighted that upon completion of these projects, by 2045, the Islamic Waqf Fund will receive an annual deposit of 12 million rufiyaa. Furthermore, after 2045, the ministry’s Islamic Fund is expected to see an influx of approximately 70 million rufiyaa annually.
During the ceremony, 24 individuals were awarded Hafiz certificates by President Dr. Mohamed Muizzu, recognizing their achievement of memorizing the entire Quran.
