Islamic Ministry Introduces New Religious Waqf Fund Policy to Enhance Cash Endowment Initiatives

The Ministry of Islamic Affairs has introduced a policy for the management and utilization of the Religious Waqf Fund, marking the most significant reform in 15 years since the fund’s inception on February 3, 2010. This initiative aims to streamline and enhance cash endowment practices in alignment with Islamic principles.
Speaking on the policy’s implementation, Minister of Islamic Affairs, Dr. Mohamed Shaheem Ali Saeed, announced that the fund would be launched with an initial capital of USD 972,762. He emphasized that all monetary endowments will be prudently invested, ensuring that the net profit generated is directed toward the development of Islamic sectors in the Maldives. Furthermore, the Minister highlighted that individuals who wish to contribute in the cause of Allah can make cash donations, including gifts, bequests, and charity. These contributions will be managed separately from the cash endowment fund, ensuring transparency and efficiency in fund allocation.
The newly established policy outlines key provisions aimed at reinforcing the administration of the fund. These include a clear definition of the fund’s endowment pillars, the establishment of an official administrator along with their responsibilities, and the criteria for providing financial assistance from the fund. Additionally, the policy specifies the procedural framework for disbursing aid, the eligibility criteria for beneficiaries, and a structured approach to validating endowments.
Under this policy, monetary contributions from Maldivian and non-Maldivian individuals, local and international businesses, and other relevant entities will be securely deposited into the Waqf Fund. These funds will be managed in accordance with the trust statement and preserved until they are allocated for specified religious causes. The Islamic Ministry has reiterated its commitment to upholding Sharia-compliant financial governance, ensuring that every endowment serves its intended religious purpose effectively.
This reform is expected to strengthen the sustainability of Islamic funding initiatives in the Maldives, creating more opportunities for structured and well-regulated financial support for religious activities. The introduction of the new policy underscores the Ministry’s dedication to fostering a robust framework for charitable giving while safeguarding the principles of Islamic endowment.