(MENAFN- The Peninsula)
DOHA: The Ministry of Awqaf and Islamic Affairs plans to build 112 apartments at a cost of QR70m for rental income to be spent on Holy Quran reciting centres in the country.
Some QR8m revenue in a year is expected from the project to be built under an endowment scheme.
Usually, an endowment is built in a way that the principal amount is intact over time and its value keeps growing while income from investment is available for use, or part of the principal is released each year, which allows for donations.
The Ministry is selling shares worth QR1,000 and QR10,000 each and donors can opt to buy a complete apartment as per their choice.
Names of the donors contributing QR100,000 or more will be added to the list of major donors to be put up at the entrance of the building. Land for the project entitled ‘Al Utrujjah’ (citrus fruit) has been allotted in Freej Bin Mahmoud.
Two big buildings comprising 112 apartments will be developed. The project begins this year and is expected to be completed by 2018-end, Qatar News Agency reports.
It aims to open new centres for reciting and memorising the Holy Quran to meet the growing number of learners. The income will be spent on recruiting skilled teachers and provide transport to beneficiaries.
To buy shares, donors can visit the General Department of Awqaf in Al Waab or call on hotline 66011160, said Khalid bin Mohammad bin Al Ghanam Al Thani, Director-General of the department. Donations could also be deposited to the account of the Endowment for reciting and memorising the Holy Quran with local banks. They can also log in to www.awqaf.gov.qa for donations.
The Peninsula