New SOE Established With Waqf Management and Mosque Development Mandate
Mosque built in Addu City’s Hulhudhoo | Photo: Ministry of Islamic Affairs and Endowments
President Dr Mohamed Muizzu has established a state-owned company, Maldives Awqaf Investments Limited, to develop and manage waqf properties and generate sustainable funding for religious affairs.
The company was established under Presidential Decree No. 14/2026 pursuant to Section 15 of the Companies Act.
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According to the President’s Office, the company will develop, maintain and manage waqf properties across the Maldives as part of the government’s policy to establish sustainable funding for religious activities.
Maldives Awqaf Investments Limited will also be responsible for constructing, maintaining and refurbishing mosques across the country, as well as providing and upgrading essential mosque facilities.
The company is additionally mandated to undertake sustainable commercial activities in compliance with Sharia principles.
