ENHANCING THE REGULATORY FRAMEWORK FOR WAQF IN THE MALDIVES
DOI:
https://doi.org/10.53840/ijiefer114Keywords:
Keywords: Waqf; Maldives; Regulatory Framework; Sustainability; GovernanceAbstract
This paper delves into the historical significance of the classical Waqf concept in the Maldives, tracing its roots to embracing Islam in 1153 AD. However, the prominence of Waqf waned over time due to various social, political, and economic factors. The absence of a formalised legal and regulatory framework further contributed to this decline. Recent efforts by the Government have revitalised the Waqf institution despite the need for a specific regulatory structure. This study examines the existing regulatory framework for Waqf operations in the Maldives, focusing on its legal aspect. Through a qualitative approach involving semi-structured interviews with relevant officials, this research sheds light on the Maldivian Waqf industry and its regulatory framework, offering insights to facilitate the systemisation of its Waqf regulatory framework. This research's findings anticipate assisting policymakers in further enhancing the Waqf legal framework in the Maldives.
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