Maldives Monetary Authority Appointed Custodian of Zakat Fund

President Dr. Mohamed Muizzu has ratified legislation designating the Maldives Monetary Authority (MMA) as the custodian of the Zakat Fund. The bill, introduced by Vilufushi MP Hassan Waheed, was unanimously passed by the Parliament last week and will take effect on January 1. The new legislation aims to establish a legal framework for the zakat system in the Maldives, ensuring efficient organization and regulation of zakat payments, receipts, and distributions in line with Islamic principles. The Zakat Fund, separate from the public bank account, will be maintained under the Ministry of Finance, with the MMA overseeing its management. The legislation also transfers the existing Zakat Fund under the Public Finance Act to the new Fund. The Maldives Zakat House will become a government agency under the Islamic Ministry, and a Shariah Advisory Committee will provide guidance on zakat-related matters.