The arrangement provides for the Zakat Fund to be maintained in an account separate from the Public Bank Account.
MMA
On 6 January 2026, the Maldives Zakat House and the Maldives Monetary Authority (MMA) signed an agreement reaffirming the MMA’s role as the custodian of the Zakat Fund established under the Zakat Act.
The arrangement provides for the Zakat Fund to be maintained in an account separate from the Public Bank Account, thereby strengthening transparency, accountability, and public confidence in the governance, management, and distribution of zakat in the Maldives.
According to MMA, this development continues MMA’s broader policy agenda to promote a robust and well-governed Islamic social finance ecosystem in the Maldives, including through the Maldives Islamic Social Finance Initiative (MISFI). By strengthening institutional and governance frameworks for zakat, the initiative supports inclusive development objectives and reinforces trust in Islamic social finance institutions.
