President Mohamed Muizzu has established a new state-owned enterprise, "Maldives Awqaf Investment Limited," dedicated to the construction of waqf properties and mosques, as well as the renovation of mosques across the country.
According to the decree issued by the President, the company was formed to facilitate the construction and maintenance of waqf assets and mosques and to engage in sustainable Sharia-compliant business activities.
While the construction and renovation of waqf buildings will now fall under this company’s mandate, these responsibilities were previously managed by the Islamic Ministry. The Ministry had been working on these initiatives through various long-term strategic plans.
However, the reasoning behind the government’s sudden decision to establish a separate corporate entity to undertake these tasks, independent of the Islamic Ministry, remains unclear.
It is also noted that the maintenance and upkeep of mosques in most islands are currently managed by local councils.
The newly formed company is a separate legal entity with the power to sue and be sued in its own name. It is authorized to acquire and hold both movable and immovable property in accordance with the law, as stipulated in its Memorandum and Articles of Association, and shall possess its own official seal.
Muizzu has further determined that the company, which is 100% government-owned, will have an authorized capital of MVR 100 million, divided into one million shares at a face value of MVR 100 each.
