President Mohamed Muizzu has established a state-owned company to develop and manage waqf properties across the Maldives, with the aim of generating sustainable funding for religious affairs.
The new entity, Maldives Awqaf Investments Limited, was established under Presidential Decree No 14/2026, pursuant to powers granted to the president under Section 15 of the Companies Act (Act No. 7/2023).
The company will be responsible for developing, maintaining and managing waqf, or Islamic endowment, properties across the country.
According to the administration, the initiative is intended to create a sustainable source of income to support religious affairs and related activities.
Maldives Awqaf Investments Limited will also oversee the construction, maintenance and refurbishment of mosques across the country.
Its mandate includes providing and upgrading essential facilities at mosques, as well as undertaking commercial activities that comply with Islamic, or Sharia, principles.
The establishment of the company forms part of the Muizzu administration's policy to develop