The Maldives Awqaf Investments Limited, established by President Dr Mohamed Muizzu through a presidential decree under the Companies Act, will revitalise the Maldives’ religious sector, the President has said.
Speaking at the official ceremony held to mark the 900th anniversary of the Maldives embracing Islam, President Muizzu highlighted the importance of endowments in Islam, stating that they have historically supported mosques, libraries, Islamic centres, education and community welfare. The President expressed his desire to spend heavily on the religious sector, build mosques nationwide, and expand into businesses that are Sharia-compliant.
The Maldives Awqaf Investments Limited was established in line with the administration’s policy to develop, maintain and manage waqf (endowment) properties across the Maldives, with the aim of generating sustainable funding for religious affairs.
The Maldives Awqaf Investments Limited is also mandated to undertake the construction, maintenance and refurbishment of mosques across the country; provide, improve and upgrade essential mosque facilities; and engage in sustainable, Sharia-compliant commercial activities.
The government will provide financial guarantee for the company under the conditions set out in the presidential decree. The company’s initial capital is USD 6.485 million, divided into 100 shares valued at USD 64,851 each.