Project

Al-Furqan Mixed Use Waqf Building

Beneficiary :

Maahad Daawah Organization

Total funding :

$6.5 million

Status :

Approved

The objective of this project is to generate income to support the educational and social activities of Maahad Daawah Organization, specifically the sustainability of its Al-Furqan Training Institute. The project entails the construction of a mixed use commercial and residential complex in Nairobi, Kenya. On a piece of land 827 square m  in area and with a total construction area of 11,300 square m, the complex will have a basement and 14 floors that include 3 retail stores, 2 office floors, and 10 residential floors.

The total cost of the project is US$6.5 million, IsDB will provide US$3.6 million (US$ 1.80 million from APIF and US$ 1.80 million from APIF Line) through Istisna’a mode of financing.
The Maahad Daawah Organization is project’s beneficiary, sponsor and executing
agency of the project.

The project will be implemented in 16 years. The projected income of the complex
indicates that over 29 consecutive semi-annual installments, the project will be able to meet its debt serving obligations.