The Madina Zongo settlement emerged as a result of the then people of Bortor Zongo which is made up of the people of La, Osu, and Teshie Zongo who decided to build an Islamic quarters  due to the construction of the trade fair in the late 1960s. The Madina Zongo enclave was earmarked to be sold to only Muslims and the information went to the people of Nima, Mamobi, and its environs to purchase pieces of land for housing. Led by the first chief of Madina Zongo, Chief Abdullahi Dagadu, people began buying and putting up houses. Overtime, the population increased and there came the need to build places of worship for the people. Two separate pieces of land were earmarked previously for the building of a mosque without success. The current central mosque occupies the third place to have been earmarked for such purpose. The mosque, as built by the first settlers and management committee, saw several expansion works. The current magnificent edifice came into being as a direct response to the rapid  population growth of Muslims in the community in the early 1990s. The construction of the mosque was led by Ahlu Sunnah adherents and is known to be one of the most important mosques within the Ahlu Sunnah fold in Greater Accra. The mosque was later named Al-Wa'ayul Islamie by the leaders of the mosque.

The mosque has seen several Imams lead the Ummah over the years.  The first Imam of the mosque when the mosque was a sketch of blocks on the ground was Imam Issah Adam and later replaced by Mallam Mumuni from La in the late 1970s.  The Imamship passed on to Mallam Musah after a unanimous agreement by the then elders and management committee. Mallam Musah held the forth since then until the arrival of the late sheikh Yunus Ibrahim, a Saudi Trained Islamic Scholar, in December 1984.  Mallam Musah was prevailed upon following the arrival of the late Sheikh Yunus Ibrahim, to step down for him to be the new Imam given his credentials as a scholar of the Islamic religion. Imam Musah, without any difficulty, accepted to step down leading to the ascension of the late Sheikh Yunus Ibrahim in 1985 as the Imam of the mosque. Mallam Musah became the deputy and the deputy to Mallam Musah, Mallam Mohammed Alhassan, was made the Imam of a new, but smaller mosque, in the residence of Alhaji Asuma Banda. The late Sheikh Yunus Ibrahim remained the Imam until April 13, 2020 when he passed away. May the Almighty Allah grant him Jannah. Following the demise of the late Imam Yunus Ibrahim in April 2020, a new Imam in the person of Sheikh Salman Mohammed Alhassan was installed on June 7,2020. Sheikh Salman Mohammed
Alhassan is youthful and  equally a Saudi-Trained Islamic Scholar.

The key people who played a critical role and contributed immensely to the building and development of this mosque are:
1. Mallam Mohammed Nurudeen popularly known as Jommo.
2. Mallam Seidu Ali.
3. Late Baaba Amadu who lived next to the mosque and the first caretaker.
4. Sheikh Mohammed Khamis Swallah Yakub now of Agona Nyakrom.
5. Chairman Umoru Salifu
6. Alhaji Maliki
7. The Late Mallam Swallah Larry (Longest Serving Muazin of the Mosque)

The mosque has seen several management committees come and go. The current 12-member committee took over in May 2019 from the longest serving committee led by Chairman Alhaji Zurak. The previous committee served close to 2 decades. The current committee, after taking over, registered the mosque as a centre with the Registrar General's Department in June 2020 as AL-WA'AYUL ISLAMIE CENTRE. This gave the mosque the status as a legal entity with a sense of purpose and direction. The centre provides the following services among others:
1. Islamic education to young people as well as adults in the community.
2. Marriage officiating and counselling services.
3. Management of new converts to Islam.
4. Inheritance Administration in Islam.
5. Disputes resolution among the Ummah in the community.