Publication:
Empowering Islamic finance through the launch of Maldives Zakat House
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Date
2024
SDG:
Abstract
In a proactive move to fortify the Maldivian Zakat system, President Dr Mohamed Muizzu officially inaugurated the Maldives Zakat House within the Ministry of Islamic Affairs on the 18th December 2023. The strategic establishment, guided by Directive 18/2023 from the President's Office and authorized by Article 116 of the Constitution of the Republic of Maldives, marks a significant milestone in promoting socioeconomic well-being through Islamic finance initiatives. The newly formed Maldives Zakat House, operating under the official Dhivehi name Dhivehiraajjeyge Zakat House , is tasked with expanding the zakat fund through Shariah-approved investments to maximize benefits for beneficiaries. Designated by the number 496 in adherence to state agencies' numbering system, the institution will play a pivotal role in streamlining zakat processes and ensuring efficient disbursement.
Keywords
Zakat , Maldives Zakat House , Islamic finance
Citation
Muneeza, A. (2024). Empowering Islamic finance through the launch of Maldives Zakat House. Islamic Finance News, 21(2), 15.
Publisher
Redmoney
DOI
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Empowering_Islamic_finance_through_the_launch_of_Maldives_Zakat_House_Aishath Muneeza.pdf
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