Rasheed Carpentry and Construction has been awarded a MVR 39.4 million contract from the Ministry of Islamic Affairs to construct the Dhaarul Arqam Waqf building in Male’ city.

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The agreement was formalized on 27th October 2025, with Islamic Minister Dr. Mohamed Shaheem Ali Saeed and RCC Deputy Managing Director Adam Raheem signing on behalf of their respective institutions.

The upcoming 12-storey structure, to be developed on a 2,000 square foot plot along Buruzu Magu in Henveiru, will feature a basement parking area, reception and additional parking on the ground floor, and office spaces, prayer rooms, and meeting rooms on the upper levels. The second floor will include a conference hall, while the rooftop will serve as an open terrace. The design also prioritizes accessibility for those with disabilities.

Under the agreement, RCC is required to complete construction within 540 days. Once operational, the facility is expected to generate approximately MVR 10.8 million in annual revenue through the leasing of office space. Out of this amount, 20 percent will be directed to the Maldives Zakat House, with the remaining 80 percent allocated to the Islamic Waqf fund.

The Ministry of Islamic Affairs also announced plans to develop additional Waqf buildings in Hulhumale’ and Male’ for Qur’an. As well as further projects in Addu City, Fuvahmulah City, Kulhudhuffushi City, and Ga.Vilingili.