Dr Anwar Sahib, chair of the NZ Islamic Information Centre, said his team expected to have a plan for distributing the money by at least April 1.
Victim Support chief executive Kevin Tso this afternoon said it was also beginning to release funds through the Ministry of Justice's Victim Assistance Scheme which it administers.
Families of the deceased were eligible to receive an initial emergency payment of $15,000, however additional funding can be approved to meet expenses related to the incidents, including family travel.
About 70 other Givealittle pages have also been set up to help the victims and families of Friday's attack in which a gunman killed 50 people in two Christchurch mosques and injured many others.
New Zealand's banking industry yesterday donated a further $1m to a separate fund set up at the request of Christchurch Mayor Lianne Dalziel.
Tso said this was the first time Victim Support had set up a crisis appeal fund.
"Victim Support's primary objective is to provide emotional, practical and financial support to victims – whether this is on the ground or on the phones," he said.
"So, in addition to fundraising and providing financial support, our specialist homicide support workers are on the ground in Christchurch and providing a range of assistance to victims as they are referred to Victim Support."
The families of the deceased, those injured and admitted to hospital, and witnesses are eligible for initial funding from Victim Support.
Victims directly affected by the shootings, who require financial, practical or emotional support, are encouraged to contact Victim Support on 0800 842 846.
Meanwhile, a group of Chinese businessmen have pledged more than $2.1 million for the survivors of the attack.
The businessmen are Teochew delegates who arrived in Auckland last week for the 20th Convention of Teochew International Federation held this weekend.
Stuff reported they were meeting with Auckland Mayor Phil Goff. When he arrived late and explained why, they got together $500,000. That has since increased to $2.1m.
The donation would go to the "Our People, Our City" set up by Christchurch mayor Lianne Dalziel.