New SOE to manage waqf assets and Sharia-compliant commercial activities

“Maldives Awqaf Investments Limited”, a new government company, has been established by President Dr Mohamed Muizzu this Saturday. 

The President’s Office said the company was created to fund religious activities and to develop and maintain mosques and endowment properties.

The office said the company is 100 percent government-owned.

Awqaf refers to assets donated, bequeathed or purchased to be held in perpetual trust for charitable, educational, social or religious purposes.

The office said the main objective of establishing the company is to develop endowment properties in different parts of the country for expenditure on various religious purposes, and to undertake the repair and maintenance of such endowment buildings, in line with the policies of the Government of Maldives.

In addition, the company will be responsible for the construction, repair and renovation of mosques across the country, as well as the establishment and development of all facilities required for mosques.

According to the President’s Office, the company can undertake commercial activities permitted under Islamic Sharia. In practical terms, this gives the government a new state-owned body that can generate and manage revenue linked to religious endowments and mosque-related services, functions traditionally overseen by the Islamic Ministry. Governance experts note that creating an SOE for waqf assets introduces new financial channels within the religious sector, making strong oversight essential to prevent mismanagement.

Sunday also marks the 900th anniversary of the Maldives’ conversion to Islam.