The Minister of Islamic Affairs, Dr. Mohamed Shaheem Ali Saeed, has stated that the involvement of the Maldives Monetary Authority (MMA) in managing the national Zakat Fund will significantly enhance public confidence in the Zakat system.
Under the terms of the agreement signed between the Maldives Zakat House and the MMA, the Zakat Fund will be maintained in a dedicated account at the central bank, independent of the government’s Public Bank Account (PBA). The Minister further highlighted that this initiative is conducted in accordance with the Zakat Act, noting that efforts will be made to invest the fund’s capital in Shari’ah-compliant ventures to generate sustainable returns.
The agreement was signed by Minister Dr. Shaheem on behalf of the Maldives Zakat House, while Governor Ahmed Munawar signed on behalf of the MMA.
