The board of directors has been constituted for "Maldives Awqaf Investment," a 100% state-owned enterprise established to develop waqf properties, construct new mosques, and facilitate the renovation of existing mosques across the country.
According to information released by the Privatisation and Corporatisation Board (PCB), Izzuddin Adnan, the Director General of the Zakat House, has been appointed as the Chairperson of the board.
The management of the company has been entrusted to Yameen Idris, the former Managing Director of the Maldives Hajj Corporation, who was also recently appointed to the Pension Board.
Notable members of the Waqf Investment board include Hussain Sham Adam, State Minister at the Ministry of Finance, and Mohamed Shujau, Dean of the Kulliyyah of Arabic Language at the Islamic University of Maldives (IUM).
Board of Maldives Waqf Investment
- Chairperson – Izzuddin Adnan
- Managing Director – Yameen Idris
- Board Member – Hussain Sham Adam
- Board Member – Mohamed Shujau
- Board Member – Maryam Nihayath
- Board Member – Abdullah Ali
- Board Member – Mohamed Hilmy
The presidential decree issued by President Mohamed Muizzu to establish the company states that its mandate includes the construction and renovation of mosques and waqf properties, as well as engaging in Shari’ah-compliant commercial activities to ensure the sustainability of such projects.
While the construction and maintenance of waqf buildings will now fall under this company, these responsibilities were previously managed by the Ministry of Islamic Affairs. The Ministry had been working on long-term strategic plans for these initiatives prior to this change.
The decision to establish a new state-owned enterprise for these tasks remains unclear, as no specific justification was provided for the move. Furthermore, observers note that creating a new entity appears to contradict the government’s current policy of downsizing state-owned enterprises to alleviate the growing fiscal burden on the state.
Maldives Waqf Investment has an authorised capital of MVR 100 million, divided into one million shares with a face value of MVR 100 each.
