MALDIVES: The Zakat Fund, previously managed by Maldives Zakat House, will now come under the purview of the central bank – where it will be maintained in a separate account with special oversight. This move – with an emphasis on ethical investment and sustainable returns – is aimed at boosting public confidence in the Zakat ecosystem.
The changes come as Zakat contributions have been made mandatory in the Maldives as of the 1st January 2026 – with the enactment of the new Zakat Act. This act also formalized the Maldives Zakat House, which was initially set up in December 2024 through a presidential decree. Additionally, the act criminalizes offences of collecting Zakat from someone not obligated to pay, from property or assets not subject to Zakat plus unfair distribution or investment of Zakat funds.
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