The Maldives Experience

By Prof. Dr. Aishath Muneeza

The Maldives Experience: From Historical Waqf Endowments to Modern Waqf Funds and Income-Generating Assets explores the evolution of waqf in the Maldives, from centuries-old religious and community endowments to modern, income-generating waqf models. The session by Prof. Dr. Aishath Muneeza examines how the Maldives is using public-finance trust funds, digital donations, productive commercial assets, Islamic finance and public–private partnerships to create sustainable funding for mosques, Islamic education, healthcare, humanitarian assistance and social welfare.

The presentation traces the historical development of waqf following the Maldives’ conversion to Islam in 1153 and highlights the decline and displacement of traditional waqf assets during the 20th century. It then examines the modern revival of waqf through initiatives such as the Islamic Waqf Fund, Mosque Waqf Fund, Religious Waqf Fund, Darul Iman and Darul Arqam. Particular attention is given to the shift from donation-dependent waqf toward productive assets that generate recurring rental and commercial income for long-term religious and social purposes.

The Maldives model demonstrates how Islamic finance, digital payment infrastructure, government land, commercial real estate and community participation can be combined to strengthen waqf sustainability. The presentation also discusses the need for a comprehensive Waqf Act and governance framework to protect waqf assets and ensure their benefits continue across generations. For other small states, the Maldives experience offers practical lessons on modernising waqf, developing productive assets, integrating Islamic finance and building sustainable institutions for community development.