In a move to strengthen trust and accountability in the national zakat system, the Maldives Zakat House and the Maldives Monetary Authority (MMA) have signed an agreement transferring the management of the Zakat Fund to the central bank.
Speaking at the signing ceremony, Minister of Islamic Affairs Dr Mohamed Shaheem Ali Saeed emphasised that the MMA’s involvement marks a crucial step in preserving the credibility and transparency of the management of the Zakat fund.
“The fund will be maintained in a separate account with special oversight. I believe that the MMA’s management of this fund is an important step to maintain confidence in the system,” he said.
The agreement was signed by the Minister Shaheem on behalf of the Maldives Zakat House and by MMA Governor Ahmed Munawwar. This development follows broader government efforts to reform and institutionalise the zakat system, including the drafting of a dedicated Zakat Act and the establishment of the Maldives Zakat House as a specialised agency.
Under the new framework, the Zakat Fund will be held independently from the state’s public account and managed in strict compliance with Islamic Shariah principles, with an emphasis on ethical investment and sustainable returns.