Islamic Ministry and MIB sign MoU to develop funds

The Islamic Ministry signed a Memorandum of Understating with the Maldives Islamic Bank (MIB) on Wednesday to facilitate the development of funds run under the government ministry.

The MoU was signed by Islamic Minister Dr. Mohamed Shaheem Ali Saeed and MIB’s CEO Mufaddal Idris Khumri.

According to the Islamic Ministry, the MoU is designed to facilitate the development of Zakat fund, Waqf fund, and Hajj fund.

The ministry stressed that the development of the Zakat fund, along with the expansion of Waqf projects, were key components of President Dr. Mohamed Muizzu’s manifesto.

The Islamic Ministry said they have been conducting discussions with councils regarding expanding Waqf projects, and is committed to expanding regional institutes across the country.