Islamic Ministry Revises Waqf Fund Regulations

The Ministry of Islamic Affairs has introduced new policies governing the utilisation of the Waqf Fund, marking the most significant revisions since its establishment 15 years ago. 

The fund was created to facilitate cash endowments in accordance with Sharia principles.

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Minister of Islamic Affairs Dr Mohamed Shaheem Ali Saeed stated that the fund will be launched with an initial amount of USD 972,762. He assured that cash endowments will be invested responsibly, with net profits directed towards Islamic sectors. The fund is open to those who wish to make monetary contributions for religious purposes, including donations in the form of charity, gifts, and bequests. These contributions will be managed separately from cash endowments.

The updated policy outlines several key objectives, including clearly defining the pillars of the fund’s endowment, establishing the administrator’s responsibilities, specifying available assistance for applicants, detailing the criteria and procedures for aid distribution, and determining eligibility for financial support. Additionally, a rule has been introduced to formalise the recognition of endowments.

Under the new regulations, monetary donations from Maldivians, non-Maldivians, businesses operating in the Maldives and abroad, and other entities supporting religious causes will be deposited into the fund. These contributions will be securely managed in accordance with the trust statement and allocated for their designated purposes when required.