The first Zakat Act has come into force with the beginning of the new year, following its approval by the President on 6 December.
The Act establishes a legal framework for Zakat matters in accordance with Islamic principles, with the aim of fulfilling the objectives for which Zakat is legitimised in Islam. It defines the types of Zakat payable under the law, the individuals obligated to pay it, and the categories of property subject to Zakat.
Several key initiatives have been introduced under the Zakat Act. Among them is the establishment of the Maldives Zakat House, which has been set up as an agency under the Ministry of Islamic Affairs. Another major body formed under the Act is the Zakat Council.
The Zakat Council comprises nine members, including representatives from key religious and financial institutions. Members include representatives from the Ministry of Islamic Affairs, the Supreme Council of Islamic Fatwa, the Ministry of Finance and Planning, the Maldives Monetary Authority, and the Maldives Inland Revenue Authority, along with Zakat experts appointed by the President.
The primary responsibility of the Zakat Council is to provide strategic advice and guidance to the Maldives Zakat House. The council is also tasked with administrative management, policy formulation, and supervision of the national Zakat system. Its first meeting focused on discussions regarding the strengthening the operational framework of the Maldives Zakat House.
The Government said the council will support efforts to strengthen the Zakat system by bringing together expertise from various Zakat-related fields. Through the exchange of technical knowledge, the council is expected to enhance the administrative and operational capacity of the Maldives Zakat House, ensuring transparent, systematic, and effective management.
The establishment of the Zakat Council and the commencement of discussions on the operation of the Maldives Zakat House mark a significant step towards strengthening the national Zakat system and ensuring the effective implementation of the Zakat Act. The council is expected to provide accurate guidance on Zakat matters, address existing challenges, and make Zakat-related services more accessible to the public.