I was looking at the elgg plugin list and user groups for a good plugin that can be used to create a two way/ elgg0.9 like friendship moderation. I could not find a good function that does it. So, Cubet Technologies created this elgg plugin that acts as a  friendship moderation tool.

This plugin allows users to define their moderation level as

No moderation(anyone can make you their friend. This is the default setting)

Moderation (you will be notified if someone wishes to make you their friend, and you have the option to accept or decline)

Private(no one has the option to make you their friend).

Based on their friendship moderation level, elgg manages their friend requests.

If moderation is on, users will get a list of unapproved users and they can approve/reject the requests.