Zakat House Assures Beneficiary Rights Remain Secure Amid New Fund Investment Strategy

The Maldives Zakat House has guaranteed that the strategic investment of funds will not compromise the rights or distributions owed to eligible beneficiaries. This assurance follows the implementation of new regulations in March aimed at growing the Zakat Fund to increase the total amount available for those in need. Speaking on PSM News' 'Raajje Miadhu' programme, Director General Sheikh Imthithaau Abbas clarified that all investment activities will strictly adhere to Islamic Shariah law. He emphasized that because the fund belongs to the needy, any financial maneuvers are designed solely to enhance the fund's capacity without diminishing the rights of the recipients. According to Sheikh Imthithaau, the necessary legal frameworks have been drafted and submitted to the Attorney General's Office, with several regulations already gazetted. The Zakat House has already transitioned from planning to action, launching projects such as the development of the Darul Salaam Waqf building on a 20,000-square-foot plot in Hulhumalé and the Darul Arqam project in Malé. Under the Zakat Fund Management Regulation, the fund comprises collections from Zakat al-Mal and Zakat al-Fitr, alongside income generated from these new investments. The Maldives Zakat House holds the primary responsibility for managing these assets under the Zakat Act, ensuring that any growth directly serves approved charitable purposes. To maintain transparency and Shariah compliance, the regulation mandates that the Zakat House obtain advice from the fund's Advisory Committee before making any investment. Furthermore, joint ventures are restricted to government funds or state-owned institutions that operate in accordance with Islamic law. To ensure accountability, the Zakat Fund will undergo annual audits conducted by the Auditor General, with reports submitted to the Parliament. Additionally, a comprehensive annual management report must be presented to both the President and the Parliament within three months of the end of each calendar year, providing a clear trail of how the funds are grown and distributed.