Islamic Affairs Ministry targets MVR 250 million annual funding through Waqf and Zakat

Islamic Affairs Ministry targets financial self-sustainability by 2029

The ministry aims to largely finance its operations independently by 2029 through Waqf investments and Zakat collections.

Mohamed Hilmy

17 October 2026, 14:54

The Ministry of Islamic Affairs and Endowments aims to largely finance its operations and Islamic development activities independently by 2029 through Waqf investments and Zakat collections.

Mohamed Shaheem Ali Saeed said the two sources are projected to generate a combined annual financial flow of MVR 250 million, reducing the ministry’s reliance on the national budget, with the exception of salaries.

Zakat funds will continue to be distributed in accordance with Shariah principles, while proceeds from Waqf investments will be used for their designated purposes.

Eight Waqf projects are expected to be completed by the end of 2028 as part of efforts to strengthen the ministry’s long-term financial sustainability.

The funding is intended to support activities including mosque construction and maintenance, Islamic education, assistance for Imams and religious scholars, Qur’an education programmes and other religious and community development initiatives.

Islamic Affairs Ministry targets financial self-sustainability by 2029

Leave a comment

Comments

Latest News