Investments totalling approximately USD 19.46 million from the nation’s Zakat and Waqf funds are currently underway, Dr Mohamed Shaheem Ali Saeed, the Minister of Islamic Affairs and Endowments, announced. The disclosure was made in Parliament on 4 August following an inquiry from Ibrahim Hussain, the member of parliament for South Fuvahmulah, who questioned the minister regarding ongoing diplomatic efforts to secure foreign assistance for the Maldivian Islamic sector.
Approximately USD 1.09 million pledged by Saudi Arabia for the King Salman Centre was successfully secured within the past month, Minister Shaheem confirmed, observing that growing public trust has driven substantial fund growth. These active capital deployments are projected to transform the ministry into a self-sufficient institution within one to two years.
"The objective is to undertake endeavours to propagate Islamic affairs using the ministry’s own funds, rather than relying on the government budget," Minister Shaheem stated, pointing out that even the grand Islamic Centre lacked maintenance provisions when constructed, leaving public religious facilities vulnerable to physical decay.
To address long-standing maintenance deficits, the Zakat Fund is actively financing commercial Waqf property developments, including the 20,000-square-foot Dar al-Salam building in Hulhumalé and the 2,000-square-foot Dar al-Arqam site in Malé. Governing regulations dictate that all capital deployments be executed directly by the state-run Maldives Zakat House to expand resources distributed to eligible beneficiaries, subject to formal advisory committee guidance and strict compliance with Islamic Shariah for all collaborative joint-venture operations.