Islamic Ministry launches City Waqf and Atoll Waqf

Islamic Ministry launches City Waqf and Atoll Waqf on January 4, 2024.

The Islamic Ministry has launched City Waqf and Atoll Waqf – in a bid to expand the Waqf program across the Maldives.

The City Waqf and Atoll Waqf was inaugurated by Local Government Minister Adam Shareef Umar in a ceremony on Thursday.

Speaking at the ceremony, Islamic Minister Dr. Mohamed Shaheem Ali Saeed said the Waqf program in atolls will be conducted in collaboration with atoll councils and city councils.

He said that all proceeds from the program will be managed by councils.

Shaheem said the Islamic Ministry will assist in setting up the Waqf program, and that councils will receive funding from the ministry to set up the program – either through the ministry’s funds or by providing equity to take loans from Islamic banks.

He said that the opportunity is open for businesses to get involved in the program.

Shaheem said that four cities and eight atolls have expressed interest in joining the program. And 80 islands have applied to set up Island Waqf.

Shaheem said he hopes to see Waqf projects launch within the next three months, and was engaged in talks with banks to secure funding. He said that he hopes to see the program expand across Maldives within this year.