President Dr. Mohamed Muizzu has established Maldives Awqaf Investments Limited, a wholly state-owned company created to strengthen the professional management, investment and long-term development of waqf assets in the Maldives, introducing a dedicated commercial structure to support the sustainability of the country’s Islamic affairs and endowment sector.
The company was established on 12 September 2026 under Presidential Decree No. 14/2026, reflecting the Government’s commitment to developing a structured and sustainable framework through which waqf assets and related investments can be professionally administered for long-term public and religious benefit.
Under the decree, the Government recognised religious affairs, matters relating to endowments, and the development and administration of waqf-related services as important responsibilities of the State. The establishment of Maldives Awqaf Investments Limited is intended to further strengthen the management of waqf assets and investments through an institutional structure capable of undertaking investment and commercial activities connected to awqaf.
The new company will also support the development and long-term sustainability of Islamic affairs and endowment-related initiatives in the Maldives. By establishing a dedicated corporate entity for this purpose, the Government is creating a mechanism through which waqf resources may be developed, managed and invested in a structured and commercially responsible manner while preserving their wider religious and social objectives.
Maldives Awqaf Investments Limited will be wholly owned by the Government of Maldives and will operate in accordance with the applicable laws and regulations of the Republic of Maldives, including the Companies Act. The company has been registered under registration number 20379.
The company has been established with an authorised share capital of MVR 100 million, divided into one million shares with a nominal value of MVR 100 per share. The capital structure provides a substantial institutional foundation for the company as it develops its investment portfolio and undertakes commercial activities associated with the waqf sector.
Maldives Awqaf Investments Limited will conduct its affairs in accordance with its Articles of Association, the Companies Act, applicable corporate governance requirements and other relevant laws and regulations of the Maldives. The governance framework is expected to provide greater institutional accountability, financial discipline and professional oversight in the management of investments associated with awqaf.
The establishment of the company also expands the possibilities for transforming waqf into a stronger contributor to sustainable development. Internationally, professionally managed awqaf have historically supported religious institutions, education, community welfare, public services and other socially beneficial initiatives. Establishing a dedicated investment company provides the Maldives with an opportunity to develop similar sustainable income-generating models suited to the country’s economic environment and national priorities.
The corporate structure could further enable greater diversification of waqf-related investments across commercially viable sectors, subject to the company’s mandate, governing documents and applicable regulations. Income generated through well-managed investments can provide a more sustainable financial base for Islamic affairs, endowment-related programmes and initiatives that serve communities over the long term.
The establishment of Maldives Awqaf Investments Limited forms part of the Government’s broader efforts to strengthen Islamic institutions and establish sustainable mechanisms to support religious and social development. A professionally administered investment framework can reduce reliance on short-term funding arrangements while allowing endowed assets to generate recurring value for future generations.
For the Maldives, where Islamic identity remains deeply integrated into the country’s national and social fabric, the development of a modern waqf investment framework also creates opportunities to combine established Islamic principles of charitable endowment with contemporary corporate governance, investment management and financial sustainability.
The Government’s decision to establish a fully state-owned company specifically dedicated to awqaf represents an important institutional development for the Maldivian waqf sector. With an authorised capital of MVR 100 million and a governance structure operating under national corporate legislation, Maldives Awqaf Investments Limited is positioned to provide a stronger commercial and administrative foundation for developing waqf assets and supporting Islamic affairs and endowment-related initiatives across the country.
The initiative under President Muizzu’s administration is expected to contribute to building a more sustainable, professionally managed and financially resilient waqf ecosystem in the Maldives, allowing endowment resources to be developed responsibly while preserving their purpose of delivering enduring benefits to society.
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