The management of the Maldives’ Zakat Fund will now be overseen by the Maldives Monetary Authority (MMA), following the signing of a new agreement aimed at strengthening transparency, trust and accountability in the national zakat system.
The agreement, signed between the Maldives Zakat House and the MMA, formally transfers responsibility for managing the Zakat Fund to the central bank. Officials say the move is designed to ensure greater institutional oversight while safeguarding the religious and ethical foundations of zakat administration.
Speaking at the signing ceremony, Minister of Islamic Affairs Dr Mohamed Shaheem Ali Saeed said placing the fund under the MMA’s management represents an important step toward maintaining public confidence. He stressed that the Zakat Fund will be kept in a separate account with enhanced monitoring mechanisms.
“The fund will be maintained independently with special oversight. I believe entrusting its management to the MMA is a significant step in preserving the credibility and transparency of the zakat system,” the minister said.
The agreement was signed by Dr Shaheem on behalf of the Maldives Zakat House and by MMA Governor Ahmed Munawwar. The move follows a series of reforms introduced by the government to modernise and institutionalise zakat administration, including work on a dedicated Zakat Act and the establishment of the Maldives Zakat House as a specialised body.
Under the new framework, the Zakat Fund will remain fully separate from the government’s public accounts and will be managed in strict accordance with Islamic Shariah principles. Authorities said this includes ensuring ethical investment practices and sustainable returns, while maintaining the fund’s primary purpose of supporting eligible beneficiaries.
Officials described the agreement as a milestone in efforts to strengthen governance in religious financial management, reinforcing both public trust and the integrity of the national zakat system.
