An Memorandum of Understanding (MoU) has been signed between the Ministry of Islamic Affairs and the Maldives Islamic Bank (MIB) to develop and manage the funds administered by the ministry. The agreement will seek to develop the Zakat Fund, Awqaf Fund and the Hajj Fund.

The MoU was signed by Minister of Islamic Affair Mohamed Shaheem Ali Saeed and MIB’s Managing Director and Chief Executive Officer Mufaddal Idris Khumr.

Today, Maldives Islamic Bank (MIB) and the Ministry of Islamic Affairs signed a Memorandum of Understanding (MoU). The purpose of this MoU is to facilitate the development of Zakat fund, Awqaf fund, and Hajj fund.

Ministry of Islamic Affairs outlining the purpose of the MoU in a post to social media on Wednesday, 20 December 2023.

The Islamic Ministry said the Zakat Fund will be further developed to provide facilities to the people, a point that had been included in President Mohamed Muizzu’s manifesto. The manifesto also includes establishing Waqf projects in all atolls.

President Muizzu recently inaugurated the Maldives Zakat House.

The ministry said it is holding several consultative sessions with councils to implement the Waqf endowment projects. These projects which will increase the number of religious education institutions in the atolls, the ministry added.