Maldives Invests $19.46 Million in Zakat and Waqf Funds for Self-Sufficiency

The Ministry of Islamic Affairs and Endowments is currently investing approximately USD 19.46 million from the nation’s Zakat and Waqf funds to transition the ministry toward financial independence. Minister Dr. Mohamed Shaheem Ali Saeed announced the figures during a parliamentary session on August 4, following an inquiry from South Fuvahmulah MP Ibrahim Hussain regarding foreign assistance for the Islamic sector. As part of these efforts, the Minister confirmed that USD 1.09 million pledged by Saudi Arabia for the King Salman Centre was secured within the last month. Minister Shaheem noted that increasing public trust has led to substantial fund growth, which is now being leveraged to ensure the ministry no longer relies solely on the government budget to propagate Islamic affairs. The strategic shift aims to make the ministry a self-sufficient institution within the next one to two years. This move addresses a critical gap in infrastructure management; the Minister highlighted that even the grand Islamic Centre was constructed without dedicated maintenance provisions, leaving many public religious facilities prone to physical decay. To create sustainable revenue streams for maintenance and social support, the Zakat Fund is financing commercial Waqf property developments. Key projects include the 20,000-square-foot Dar al-Salam building in Hulhumalé and the 2,000-square-foot Dar al-Arqam site in Malé. Under current regulations, all capital deployments are managed directly by the state-run Maldives Zakat House. These investments are designed to expand the resources available to eligible beneficiaries and are conducted under the guidance of a formal advisory committee. The Ministry emphasized that all joint-venture operations remain in strict compliance with Islamic Shariah law to ensure the integrity of the religious funds.