Business
Logo
 

Waqf Projects to be Lauched in Makkah

(Our Correspondent)
Filed on January 16, 2010

JEDDAH — The International Islamic Relief Organisation-Saudi Arabia (IIROSA) is to launch six endowment (waqf) projects in Makkah at a cost of over SR470 million, with annual returns of about SR45 million that will be used to finance the organisation’s relief and development projects.


Adnan Khalil Basha, IIROSA secretary general, told a Press conference on Sunday that the organisation has already, through the help of a number of philanthropists, purchased the lands on which the endowments will be constructed.

He said the projects were approved by IIROSA’s general assembly during its fourth meeting early last year.

The projects are: 1) Bayat Allah Waqf, which is an 11-storey housing and commercial building in Al Khalediyah district costing SR160 million. The proceeds of this project will be used to build 370 mosques in 18 different countries. 2) The Orphans Waqf in Ajyad, which is a 30-storey hotel costing SR80 million. Its proceeds will be used to sponsor 265,000 orphans in 28 countries.

3) The Educational Care Waqf in Al Misfalah, which will be a 22-storey tower costing SR60 million. Revenue from this endowment will be used to finance the activities of 30 educational institutions around the world.

4) The Social Development Waqf, which is a 10-story building in Al-Misfalah district at the cost of SR50 million. Revenue from this project will be used to finance rehabilitation programs and give vocational training to provide jobs for about a million people in 97 countries.

5) The Dawa Waqf in Al-Maabdah district. This is a 28-story building that will cost SR87.5 million. Its proceeds will be used to benefit about 13,000 male and female students and 720 preachers in 365 Islamic centers around the world. 6) The Health Care Waqf in Al-Aziziyah district. This is a 25-storey building costing SR33 million. Its proceeds will be used to provide health care to about 33 million people in 285 hospitals run by the organisation.





ERROR: Macro /ads/dfp-ad-article-new is missing!
MORE FROM Business
MORE FROM Khaleej Times
CurrentRequestUnmodified: /business/gicc-embarks-on-massive-gulf-expansion-plans macro_action: article, macro_profile: ,1036,1000 macro_adspot:
 
 
 
 
KT App Download
khaleejtimes app

All new KT app
is available
for download:

khaleejtimes - android khaleejtimes - ios khaleejtimes - HUAWEI AppGallery