More than USD 194,000 has been channeled into the Waqf Fund since the beginning of the year, as online contribution mechanisms expand access for individuals and businesses seeking to make cash Waqf and charitable donations.<\/p>\n
The Ministry of Islamic Affairs and Endowments said the funds were collected through dedicated online links established on the Maldives Inland Revenue Authority (MIRA) website for cash Waqf and other charitable contributions.<\/p>\n
Minister of Islamic Affairs and Endowments Dr. Mohamed Shaheem Ali Saeed said all funds collected are being managed and utilized in accordance with the Waqf Fund’s Trust Statement and governing regulations.<\/p>\n
The cash Waqf system was introduced last year as part of efforts to strengthen the fund and establish a more structured, Sharia-compliant framework for collecting and managing charitable contributions.<\/p>\n
According to the Ministry, funds generated through the initiative are directed towards several areas, including religious, Islamic education, mosque construction and preservation, and initiatives aimed at maintaining religious unity across the Maldives.<\/p>\n
The Waqf Fund accepts several forms of contributions, including Sadaqah, Khairat, donations and bequests. Contributions can be made by Maldivian citizens as well as foreign entities, businesses operating locally and overseas, and other stakeholders.<\/p>\n
Non-cash endowments are managed separately under a dedicated mechanism designed to ensure transparency and Sharia compliance. Such assets may also be managed through Sharia-compliant investments, with the objective of generating sustainable returns for the fund.<\/p>\n
The initiative represents a shift towards developing the Waqf Fund as a more sustainable financing mechanism, allowing endowed assets and contributions to support religious and community purposes over the longer term.<\/p>\n
Minister Shaheem has described the changes as the largest reform undertaken since the Waqf Fund was established 15 years ago.<\/p>\n
Under the framework, money received by the fund remains deposited until it is required for purposes permitted under the Waqf Fund’s governing statement, providing a structured mechanism for managing contributions and financing approved activities.<\/p>\n","protected":false},"excerpt":{"rendered":"
More than USD 194,000 has been channeled into the Waqf Fund since the beginning of the year, as online contribution mechanisms expand access for individuals and businesses seeking to make cash Waqf and charitable donations. The Ministry of Islamic Affairs and Endowments said the funds were collected through dedicated online links established on the Maldives<\/p>\n","protected":false},"author":4,"featured_media":17512,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2423,2424,2981,2508,2464,2428,2506],"tags":[191,3575,1467,3539,3576,3574],"class_list":["post-17510","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","category-finance","category-government","category-latest-news","category-local-news","category-public-sector","category-top-stories-block","tag-banking-and-financing","tag-islamic-trusts","tag-minister-of-islamic-affairs-dr-mohamed-shaheem-ali-saeed","tag-ministry-of-islamic-affairs-and-endowments","tag-trusts","tag-waqf-fund"],"yoast_head":"\n