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In Q2 2023, Amana Takaful Maldives recorded a notable performance in its financial results. The total revenue for the quarter amounted to MVR89.97 million (US$5.79 million), showcasing a significant increase compared with the preceding quarter's figure of MVR53.59 million (US$3.45 million). The company's commitment to efficient cost management is reflected in the total expenses, which stood at MVR11.96 million (US$769,414), slightly higher than the preceding quarter's MVR10.79 million (US$694,146). One of the remarkable highlights is the substantial growth in net profit, reaching MVR10.47 million (US$673,559) in Q2, a considerable surge from the preceding quarter's net profit of MVR1.1 million (US$70,765.5). This robust performance translated to improved earnings per share of MVR0.52 (US$0.03), compared with the previous quarter's MVR0.05 (US$0.003). Amana Takaful Maldives's solid financial position is evident in the growth of net asset per share, which increased to MVR7.8 (US$0.5) from the preceding quarter's MVR6.77 (US$0.44). The cash flow per share was reported at MVR0.23 (US$0.01), showcasing a reduction compared with the previous quarter's MVR0.45 (US$0.03).
Maldives Islamic Bank (MIB) continues to pave the way for innovative banking solutions, making banking more accessible, convenient and beneficial for its customers. Q2 2023 witnessed a series of remarkable business developments aimed at enhancing customer experiences and providing tailored financial solutions. As MIB sets new industry benchmarks, these developments stand as a testament o the bank's pursuit of excellence and its commitment to providing the highest standards of service to its valued customers. With these remarkable strides, MIB continues to shape the future of banking in the Maldives, pioneering progress in banking excellence and serving as a beacon of innovation in the financial sector.
Islamic finance, founded on the principles of promoting genuine economic activities through Shariah-compliant commercial contracts, has evolved significantly since its formal institutionalisation in the 1960s. However, the prevailing focus on rule-based Shariah compliance rather than authentic economic engagement has raised pertinent questions about the industry's direction. This study aims to scrutinise the landscape of Islamic finance products employed in home financing within Malaysia and explore avenues to enhance authenticity in Islamic finance. Employing a qualitative approach, utilising the content review method to investigate the subject matter, the research identifies a prevalent reliance on tawarruq contracts among Malaysian banks' home financing products. This overreliance on tawarruq prompts concerns regarding the authenticity and Shariah compliance of these financial instruments. The study emphasises the imperative need to address this challenge and offers a set of recommendations to bolster the authenticity and Shariah compliance of home financing products. Key among these recommendations is the call to move away from tawarruq-based contracts, drawing inspiration from countries like Oman, where tawarruq is generally prohibited except in exceptional circumstances. This proactive shift towards authenticity can pave the way for Malaysia's Islamic finance sector to offer more genuinely Shariah-compliant financial solutions and align more closely with the industry's core objectives of promoting economic justice and ethical financial practices.
Significant obstacles to the development of Islamic charitable endowment (waqf) in Indonesia include the lack of accountability, limited financing, and mismanagement. One way to remove these obstacles is implementing waqf-blended finance, a newly developed model (therefore unexplored) that integrates waqf and commercial finance. The current research aims to explore the potential of crowdfunding for waqf-blended finance. The underlying assumption is that crowdfunding can help boost waqf fundraising and resolve liquidity and transparency issues in fund collection and distribution. Therefore, exploring the application of crowdfunding in waqf blended finance is essential. Improving waqf-blended financing itself is necessary because it can ensure project profitability. This study applies a qualitative approach with three stages of analysis: desk research, semi-structured interviews, and data analysis. The semi structured interviews aim to discover the current practices of the key stakeholders. The data collected from the literature review and interviews were analysed to assess the potential of waqf blended finance concept, build a waqf-blended finance model, and estimate the model?s implementation challenges. The analysis covers both the external and internal challenges of waqf development in Indonesia, with the former being prioritized over the latter due to its more significant influences. The discussion encompasses the potential of two waqf-blended financing models, emphasising the critical role of crowdfunding and banks as waqf administrators (nazir). Since this study is the first to investigate the feasibility of crowdfunding in waqf-blended finance development in Indonesia, it offers a novel contribution to the field. From the findings, we propose considerations in the implementation of a waqf-blended financing model in Indonesia.
This paper aims to derive a compatible Shariah opinion on the permissibility of using cryptocurrencies by Muslims by reviewing the opinions expressed by Shariah scholars on the permissibility of cryptocurrencies. This is a qualitative desk review research where the opinions expressed by the Shariah scholars on the permissibility of cryptocurrencies and the issues related to it have been analyzed using the literature. All the Shariah parameters checked pertaining to currencies have been studied and assessed to derive the Shariah opinion. The research findings suggest that cryptocurrencies do not fully meet the characteristics of money according to Shariah principles. Scholars debate their classification as a medium of exchange due to concerns about volatility, intrinsic value and governance. The treatment of cryptocurrencies varies, and their decentralized nature prevents monopolization. Governance and resistance to manipulation are facilitated by blockchain technology. Classifying cryptocurrencies as hard money and their recognition as the primary unit of account face challenges. While they can be a store of value, price volatility and regulations must be considered. The network effect is crucial for their success, and their supply is controlled through complex protocols. These findings have implications for policymakers in Islamic finance.