Gov’t Introduces Cash Waqf Investments
Photo: President’s Office
Ministry of Islamic Affairs Introduced Cash Waqf Investments on Thursday through the Maldives Inland Revenue Authority (MIRA).
This new initiative allows both locals and foreigners to contribute via the VaavruPay platform. According to the ministry, this brings the spiritual and communal benefits of waqf closer to the people through a convenient digital method.
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Waqf is an Islamic charity endowment, where traditionally people build hospitals, schools, and mosques for future generations to use. Cash waqf, as introduced here, allows individuals to dedicate monetary contributions for religious and community welfare purposes. Unlike physical waqf such as land or buildings, cash waqf enables even small contributions to be invested and grown under the management of a regulatory body.
The ministry said the resulting profits are then channelled toward initiatives that please Allah, such as mosque development, Quran education, and other religious services that benefit the public.
However, waqf donations cannot be made if the donor is not debt-free.
Ministry of Islamic Affairs said this program was inspired by the hadith of the Prophet Muhammad (peace and blessings be upon him), where he said, “When a person dies, his deeds come to an end except for three: ongoing charity, beneficial knowledge, or a righteous child who prays for him” (narrated by Abu Hurayrah, may Allah be pleased with him). This initiative reinforces the powerful concept of Sadaqah Jariyah, an act of charity that continues to benefit a person in the afterlife.
Through this new mechanism, the ministry has successfully laid the foundation for an institutionalised cash waqf system in the Maldives. By partnering with MIRA and integrating the process into VaaruPay, making a waqf contribution easily accessible digitally through a secure manner for people living in the Maldives and abroad as well.
