The Ministry of Islamic Affairs' Waqf Fund has been developed and established to facilitate cash endowment in accordance with Sharia policies.
The Islamic Ministry has now issued the new policies on the utilisation of the Waqf Fund, the most significant changes since its establishment 15 years ago.
Minister of Islamic Affairs Dr Mohamed Shaheem Ali Saeed said stated that the fund will be launched with an initial amount of USD 972,762. He assured that cash endowment will be invested responsibly, with the net profit directed towards Islamic sectors. The opportunity is open to those who wish to donate cash in the cause of Allah, including donations in the form of charity, gifts and bequests will also be accepted, he said. This part of the fund will be managed separately from cash endowment.
The main objectives of the policy are:
- Clearly defining the pillars of the fund’s endowment
- Establishing the administrator of the fund and their responsibilities
- Specifying the assistant available to applicants from the fund
- Describing the criteria and procedures for the disbursement of aid from the fund
- Determining who and under what circumstances the fund may provide assistance to
- Establishing a rule that can be used to prove endowment
According to this policy, monetary donations by Maldivians and non-Maldivians, businesses in the Maldives and abroad and other entities to support religious causes will be deposited into the fund under which is will be secured and managed in accordance with the trust statement until they are required for the specified purposes.