Islamic Ministry and MIB Signs MoU for Fund Development

The Islamic Ministry formalised a strategic collaboration with the Maldives Islamic Bank (MIB) by signing a Memorandum of Understanding (MoU), yesterday.

The primary objective of this agreement is to facilitate the advancement of funds administered by the governmental ministry.

The MoU, inked by Islamic Minister Dr. Mohamed Shaheem Ali Saeed and MIB’s CEO Mufaddal Idris Khumri, specifically aims to streamline the development of the Zakat fund, Waqf fund, and Hajj fund.

Highlighting the significance of this initiative, the Islamic Ministry emphasized that the progress of the Zakat fund, coupled with the expansion of Waqf projects, aligns closely with the key tenets outlined in President Dr. Mohamed Muizzu’s manifesto.