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.

The classical concept of waqf has been integral to Maldivian history since 1153 AD, when the Maldives embraced Islam as the nation's official religion. There are manuscripts dating as far back as 1153 AD, indicating the significance of waqf in Maldivian society, mainly in establishing masajids, while others included the traditional form of educational centres and family-owned private waqfs. However, over the years, the significance of waqf faded due to many factors ranging from social, political and economic factors. From the surviving manuscripts, it is evident that most waqfs were land-based, immovable forms of waqfs. Being a tiny Island nation, the scarcity of land became one of the primary catalysts for the fading waqf's significance in the Maldives. Furthermore, although widely practised, waqf was never under a formalized legal and regulatory framework in the Maldives. Nonetheless, realizing the potential of waqf, maintenance and building new masajids, as recently as within the past five to ten years, a whole new waqf revival effort has been initiated by the Government of Maldives. Therefore, even though the Maldives still lacks a formalized regulatory framework specific to waqf operations, the Government has decided to use the Public Finance Act as the legal mechanism for establishing the recently formed waqf funds. Thus, this is an attempt to study the existing regulatory framework applied to the Maldivian waqf industry in light of the applicable laws and regulations. In the scope of this study, the focus areas include understanding the existing waqf regulatory framework, its sustainability issues, examples of regulatory frameworks that the Maldives can adopt and the requirements needed for the systemization of the Maldivian waqf regulatory framework.