Maldives Zakat Fund Management Transferred to Central Bank

The Maldives Zakat House and the Maldives Monetary Authority (MMA) have signed an agreement transferring the management of the national Zakat Fund to the central bank.

The agreement was signed by Minister of Islamic Affairs Dr Mohamed Shaheem Ali Saeed on behalf of the Maldives Zakat House and by MMA Governor Ahmed Munawwar. 

The transfer marks a significant step in ongoing government efforts to reform and institutionalise the zakat system, which have included drafting a dedicated Zakat Act and establishing the Maldives Zakat House as a specialised agency.

Under the new framework, the Zakat Fund will be maintained in a separate account independent of the state’s public funds. The fund will be managed in strict compliance with Islamic Shariah principles, with an emphasis on ethical investment and sustainable returns. 

Officials noted that the MMA’s oversight is intended to preserve the credibility and transparency of fund management while maintaining public confidence in the system.