The Waqf company established to develop mosques and waqf buildings will bring new life to the Maldives’ religious sector, President Dr Mohamed Muizzu said last night.

Speaking at a ceremony marking the 900th anniversary of the Maldives’ embracing Islam, President Muizzu said waqf is a distinctive concept in Islamic Sharia and provides multiple benefits to society.

He said waqf could establish a strong economic foundation while supporting individual and social welfare.

President Muizzu said Islamic history shows how the waqf system contributed to the development of people and raised social standards in various fields.

“Intellectual and scientific minds have been developed. Mosques have been built through waqf resources. Libraries, Islamic centres and other material and spiritual opportunities for the common welfare of Islamic societies have been created through waqf,” he said.

"Looking at Maldives, I want to increase spending on religious affairs, build mosques in different areas based on modern principles and expand business activities permitted under Islamic Sharia."

President Muizzu said the establishment of Maldives Auqaf Investments Limited would pave the way for the construction, renovation and maintenance of waqf properties, as well as the construction of mosques across the country.

“....The national waqf company established today will hopefully bring new life to the religious arena of the Maldives. It will symbolize the scale of our spending and our commitment to doing good. This company will hopefully become a special feature of the national, social and structural landscape,” he said.

He said the company would also play an important role in the country’s development efforts and contribute to the goal of bringing the Maldives into the ranks of developed countries by 2040.