Government Targets MVR 100 Million Annual Awqaf Investment Without State Budget

The Minister of Islamic Affairs, Dr. Mohamed Shaheem Ali Saeed, has announced ambitious plans to expand Awqaf investments to MVR 100 million annually without relying on the state budget. Speaking at a ceremony honoring Quran memorizers, Minister Shaheem outlined a roadmap for sustainable Islamic financing to bolster the Islamic Waqf Fund.

According to the minister, two major projects are scheduled to commence after this year’s Ramadan, with financial backing already secured through BML Islamic. These projects are expected to significantly enhance the revenue generated by the Waqf system in the Maldives, supporting religious and social initiatives without burdening government finances.

Minister Shaheem emphasized that upon the completion of these initiatives, the Islamic Waqf Fund will receive an annual deposit of MVR 12 million by 2045. Beyond that, after 2045, the ministry anticipates an even larger influx, with the Islamic Fund projected to receive approximately MVR 70 million annually. This substantial increase in funding is expected to further strengthen Islamic charitable endowments and expand the scope of Islamic social welfare programs.

The ceremony also saw the recognition of 24 individuals who had memorized the entire Quran, each awarded a Hafiz certificate by President Dr. Mohamed Muizzu. The event underscored the government's commitment to Islamic education and the preservation of Quranic teachings in the Maldives.

The expansion of Awqaf investments aligns with the government’s broader vision to promote self-sustaining Islamic financial initiatives. Minister Shaheem reiterated his commitment to ensuring that the sector continues to grow through strategic investments, fostering a system where religious and charitable activities can thrive independently.