MMA Named Custodian of Maldives' Zakat Fund

President Dr. Mohamed Muizzu has ratified legislation appointing the Maldives Monetary Authority (MMA) as the custodian of the Zakat Fund. The bill, sponsored by Vilufushi MP Hassan Waheed, was unanimously passed by the Parliament last week. The new law, which takes effect on January 1, aims to establish a legal framework for the zakat system, ensuring its effective organization and regulation in accordance with Islamic principles. The legislation mandates the creation of a dedicated Zakat Fund to manage contributions and distribute them to eligible beneficiaries under Islamic Shariah. The Fund will be overseen by the MMA, separate from public accounts. Additionally, a Zakat Council will be established to advise on the system’s administration, and the Maldives Zakat House will transition into a government agency under the Islamic Ministry.