Assoc. Prof. Dr. Aishath Muneeza
Qualification:Ph.D.in Law in International Islamic University Malaysia. (2013)
Fields/Area of Specialization:Islamic Banking Law
Assoc. Prof. Dr. Aishath Muneeza holds a Ph.D.in Law, Masters in Banking Law, and a Bachelor of Laws (Hons) all from the International Islamic University of Malaysia. She is a wealth of knowledge in her field of specialization. She has acquired significant education and work experience in Islamic Law, Islamic Banking & Finance and many other related subjects. She has presented numerous research papers in international conferences held in different parts of the world and has also published academic books and papers on Islamic Finance.

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Showing results 1 to 10 of 204
  • Legal_and_compliance_reform_for_Islamic_financial_benchmarking_Aishath.pdf.jpg
  • Chapter in Book


  • Authors: Aishath Muneeza; Zakariya Mustapha (2022)

  • Islamic financial benchmarking is an area that requires research and needs practical solutions to advance the Islamic finance industry to a greater level. From the inception of contemporary Islamic finance, criticisms have been made about the fact that in Islamic finance, financing rates are benchmarked against conventional interest rates. To respond to these criticisms, Sharī ͑ah scholars have given justifications from Sharī ͑ah perspectives and in this regard some scholars ask: “Does consumption of beef suddenly become forbidden if its price were based on the price of pork?” (Alshubaily, 2018).

  • What_motivates_retail_investors_to_invest_in_government_issued_digital_sukuk_during_Covid-19_Aishath.pdf.jpg
  • Journal Article


  • Authors: Saeed Awadh Bin-Nashwan; Aishath Muneeza; Sherin Kunhibava (2022)

  • To analyse Sukuk Prihatin (SP), the first-ever retail digital sukuk issued by the Government of Malaysia in the midst of the Covid-19 pandemic, as part of the national economic recovery plan. The issuance of SP was oversubscribed, even upsized, resulting in the government announcing its intention to issue similar types of sukuk in the future. In light of this, the purpose of this study is to understand the motivation for retail investors to invest in SP. The purposive sampling method was applied via a self-administered survey, while the cross-sectional data were empirically tested using the SmartPLS 3.2.9 structural equation modelling. An integrated model of the theory of planned beha...

  • Challenges_facing_the_development_of_takaful_industry_in_Bangladesh_and_Indonesia_Aishath.pdf.jpg
  • Journal Article


  • Authors: Saeeda Lubaba; Abu Umar Faruq Ahmad; Aishath Muneeza (2022)

  • Takaful is the Islamic version of insurance, and the size of global takaful industry is about USD$51 billion in 2019. Limited studies have been conducted on the development of takaful sector in Bangladesh and Indonesia using a comparative approach. As such, this review aims at investigating the challenges facing the development of takaful industry in these two countries. Primary sources such as laws and regulations, and the secondary sources such as scholarly articles and books on the subject matter were reviewed to derive conclusions. This review concludes that efficiency of takaful in both countries depend on some common factors, such as having a proper and sophisticated regulatory ...

  • item.jpg
  • Journal Article


  • Authors: Md. Kausar Alam; Abu Umar Faruq Ahmad; Aishath Muneeza; Mosab I. Tabash; Md Adnan Rahman (2022)

  • Shari'ah Secretariat plays a significant role in assisting Shari'ah Supervisory Boards (SSBs) in their role in achieving Shari'ah compliance in Islamic banks (IBs). The key objective of the study is to develop a demographic framework of the Shari'ah Secretariat for the IBs in Bangladesh. The study applied qualitative case study research. The data have been collected from 17 respondents through semi-structured interviews from IBs and professional experts in Bangladesh. This study proposes a full-time Shari'ah Secretariat and several departments for further enhancement of the Shari'ah functions in IBs in Bangladesh. The framework proposed in this study covers the formation, functions, c...

  • The_need_to_digitize_sukuk_issuance_amid_Covid-19_crisis_Aishath et al.pdf.jpg
  • Chapter in Book


  • Authors: Sherin Kunhibava; Zakariya Mustapha; Aishath Muneeza; Auwal Adam Sa'ad; Mohammad Ershadul Karim (2022)

  • Covid-19 pandemic was a health crisis that plunged the world into economic turmoil due to its resultant national lockdowns across economies which brought business and market activities to a standstill. In order to adapt to ensuing restrictions owing to the pandemic, forge ahead in a new way of living, work and interactions with one another (new normal), digitizing business and market operations is considered a necessary option. Sukuk is an essential Islamic capital market product whose operations involve multiple parties/intermediaries alongside some technical financial, administrative and legal/shariah processes. On this note, this chapter aims to study and examine the need for digit...

  • Internationalization_of_zakat_to_serve_humanity_in_the_midst_of_Covid-19_Jemilah_Kabir_Aishath.pdf.jpg
  • Chapter in Book


  • Authors: Jemilah Mahmood; M. Kabir Hassan; Aishath Muneeza (2022)

  • Zakat is an effective Islamic social financial tool that could be used to eliminate global poverty. The pandemic has turned back the world's poverty clock and as such, more work is required to bring equitable and shared prosperity to the world. International organizations that serve humanity could be used as intermediaries of zakat to reach out to those categories of legal recipients of zakat who are most deserved of such assistance, but who are unidentified and unreachable by the zakat organizations. This is with the ultimate objective of enhancing the effectivity of zakat as a social finance tool. However, using international organizations as zakat intermediaries is not a straightfo...

  • Bank_of_Maldives_appoints_new_director_of_Islamic_banking_Aishath Muneeza.pdf.jpg
  • Industry Article


  • Authors: Aishath Muneeza (2022)

  • The Bank of Maldives has announced the appointment of Hassan Kalaam as the new director of Islamic banking in a press release dated the 7th February 2022. Hassan is a licensed Shariah advisor with more than 10 years of experience in the financial services and banking industry. Since joining the bank in 2013, Hassan has played a key role in contributing to the success of the bank's steadily growing Islamic banking arm.

  • item.jpg
  • Book


  • Authors: M. Kabir Hassan; Aishath Muneeza; Adel M. Sarea (2022)

  • The impact of Covid-19 has exposed major cracks in the global financial system and has severely undermined global financial stability. Never have the shortcomings of universal financialization - the dominant principle of the global financial system for the past thirty-odd years - been more obvious or more painful. Islamic finance provides ways forward: based on commercial and social modes of risk-sharing and financing, it offers radical structural solutions to the health, human and financial crises faced in this unprecedented time. In Towards a post-Covid global financial system lessons in social responsibility from Islamic finance, an international team of experts explore how Covid-1...

  • depicting_ethical_dilemma_Islamic_financial_institutions_addressing_gender_heterogeneity_Muneeza.pdf.jpg
  • Journal Article


  • Authors: Shinaj Valangattil Shamsudheen; Aishath Muneeza (2022)

  • Though the lex loci applicable to Islamic financial institutions (IFIs) are derived from Shariah that embeds ethical and moral values, IFIs still face ethical dilemma. Since the leadership and managerial roles are played by both genders, it is imperative to understand the implication of their contribution in this. As such, the objective of this paper is to examine the influence of gender using the aspects of al-Ghazali's ethical philosophy in explaining the formation of ethical and unethical behavior within the purview of the Islamic finance industry of Malaysia, where both genders play a pivotal role in the industry. A total of 418 samples were collected from IFIs in Malaysia using a...

  • The_impact_of_the_Covid-19_pandemic_on_Islamic_finance_Kabir_Aishath_Adel.pdf.jpg
  • Chapter in Book


  • Authors: M. Kabir Hassan; Aishath Muneeza; Adel M. Sarea (2022)

  • This chapter explores the impact of the pandemic on Islamic commercial finance and Islamic social finance in a comprehensive manner. The chapter reveals that COVID-19 has provided more opportunities to Islamic social finance than Islamic commercial finance. The beauty of Islamic finance in this regard is reflected as the perception that Islamic finance does not achieve its objective as being a social finance is proved to be false as Islamic finance not only promotes profit maximization, but it has also the potential to achieve social objectives. Islamic commercial finance developments could be slower, but it is anticipated that Islamic social modes of financing will be used widely eve...

Assoc. Prof. Dr. Aishath Muneeza
author picture
Qualification: Ph.D.in Law in International Islamic University Malaysia. (2013)
Fields/Area of Specialization: Islamic Banking Law
Assoc. Prof. Dr. Aishath Muneeza holds a Ph.D.in Law, Masters in Banking Law, and a Bachelor of Laws (Hons) all from the International Islamic University of Malaysia. She is a wealth of knowledge in her field of specialization. She has acquired significant education and work experience in Islamic Law, Islamic Banking & Finance and many other related subjects. She has presented numerous research papers in international conferences held in different parts of the world and has also published academic books and papers on Islamic Finance.
Showing results 1 to 10 of 204
  • Legal_and_compliance_reform_for_Islamic_financial_benchmarking_Aishath.pdf.jpg
  • Chapter in Book


  • Authors: Aishath Muneeza; Zakariya Mustapha (2022)

  • Islamic financial benchmarking is an area that requires research and needs practical solutions to advance the Islamic finance industry to a greater level. From the inception of contemporary Islamic finance, criticisms have been made about the fact that in Islamic finance, financing rates are benchmarked against conventional interest rates. To respond to these criticisms, Sharī ͑ah scholars have given justifications from Sharī ͑ah perspectives and in this regard some scholars ask: “Does consumption of beef suddenly become forbidden if its price were based on the price of pork?” (Alshubaily, 2018).

  • What_motivates_retail_investors_to_invest_in_government_issued_digital_sukuk_during_Covid-19_Aishath.pdf.jpg
  • Journal Article


  • Authors: Saeed Awadh Bin-Nashwan; Aishath Muneeza; Sherin Kunhibava (2022)

  • To analyse Sukuk Prihatin (SP), the first-ever retail digital sukuk issued by the Government of Malaysia in the midst of the Covid-19 pandemic, as part of the national economic recovery plan. The issuance of SP was oversubscribed, even upsized, resulting in the government announcing its intention to issue similar types of sukuk in the future. In light of this, the purpose of this study is to understand the motivation for retail investors to invest in SP. The purposive sampling method was applied via a self-administered survey, while the cross-sectional data were empirically tested using the SmartPLS 3.2.9 structural equation modelling. An integrated model of the theory of planned beha...

  • Challenges_facing_the_development_of_takaful_industry_in_Bangladesh_and_Indonesia_Aishath.pdf.jpg
  • Journal Article


  • Authors: Saeeda Lubaba; Abu Umar Faruq Ahmad; Aishath Muneeza (2022)

  • Takaful is the Islamic version of insurance, and the size of global takaful industry is about USD$51 billion in 2019. Limited studies have been conducted on the development of takaful sector in Bangladesh and Indonesia using a comparative approach. As such, this review aims at investigating the challenges facing the development of takaful industry in these two countries. Primary sources such as laws and regulations, and the secondary sources such as scholarly articles and books on the subject matter were reviewed to derive conclusions. This review concludes that efficiency of takaful in both countries depend on some common factors, such as having a proper and sophisticated regulatory ...

  • item.jpg
  • Journal Article


  • Authors: Md. Kausar Alam; Abu Umar Faruq Ahmad; Aishath Muneeza; Mosab I. Tabash; Md Adnan Rahman (2022)

  • Shari'ah Secretariat plays a significant role in assisting Shari'ah Supervisory Boards (SSBs) in their role in achieving Shari'ah compliance in Islamic banks (IBs). The key objective of the study is to develop a demographic framework of the Shari'ah Secretariat for the IBs in Bangladesh. The study applied qualitative case study research. The data have been collected from 17 respondents through semi-structured interviews from IBs and professional experts in Bangladesh. This study proposes a full-time Shari'ah Secretariat and several departments for further enhancement of the Shari'ah functions in IBs in Bangladesh. The framework proposed in this study covers the formation, functions, c...

  • The_need_to_digitize_sukuk_issuance_amid_Covid-19_crisis_Aishath et al.pdf.jpg
  • Chapter in Book


  • Authors: Sherin Kunhibava; Zakariya Mustapha; Aishath Muneeza; Auwal Adam Sa'ad; Mohammad Ershadul Karim (2022)

  • Covid-19 pandemic was a health crisis that plunged the world into economic turmoil due to its resultant national lockdowns across economies which brought business and market activities to a standstill. In order to adapt to ensuing restrictions owing to the pandemic, forge ahead in a new way of living, work and interactions with one another (new normal), digitizing business and market operations is considered a necessary option. Sukuk is an essential Islamic capital market product whose operations involve multiple parties/intermediaries alongside some technical financial, administrative and legal/shariah processes. On this note, this chapter aims to study and examine the need for digit...

  • Internationalization_of_zakat_to_serve_humanity_in_the_midst_of_Covid-19_Jemilah_Kabir_Aishath.pdf.jpg
  • Chapter in Book


  • Authors: Jemilah Mahmood; M. Kabir Hassan; Aishath Muneeza (2022)

  • Zakat is an effective Islamic social financial tool that could be used to eliminate global poverty. The pandemic has turned back the world's poverty clock and as such, more work is required to bring equitable and shared prosperity to the world. International organizations that serve humanity could be used as intermediaries of zakat to reach out to those categories of legal recipients of zakat who are most deserved of such assistance, but who are unidentified and unreachable by the zakat organizations. This is with the ultimate objective of enhancing the effectivity of zakat as a social finance tool. However, using international organizations as zakat intermediaries is not a straightfo...

  • Bank_of_Maldives_appoints_new_director_of_Islamic_banking_Aishath Muneeza.pdf.jpg
  • Industry Article


  • Authors: Aishath Muneeza (2022)

  • The Bank of Maldives has announced the appointment of Hassan Kalaam as the new director of Islamic banking in a press release dated the 7th February 2022. Hassan is a licensed Shariah advisor with more than 10 years of experience in the financial services and banking industry. Since joining the bank in 2013, Hassan has played a key role in contributing to the success of the bank's steadily growing Islamic banking arm.

  • item.jpg
  • Book


  • Authors: M. Kabir Hassan; Aishath Muneeza; Adel M. Sarea (2022)

  • The impact of Covid-19 has exposed major cracks in the global financial system and has severely undermined global financial stability. Never have the shortcomings of universal financialization - the dominant principle of the global financial system for the past thirty-odd years - been more obvious or more painful. Islamic finance provides ways forward: based on commercial and social modes of risk-sharing and financing, it offers radical structural solutions to the health, human and financial crises faced in this unprecedented time. In Towards a post-Covid global financial system lessons in social responsibility from Islamic finance, an international team of experts explore how Covid-1...

  • depicting_ethical_dilemma_Islamic_financial_institutions_addressing_gender_heterogeneity_Muneeza.pdf.jpg
  • Journal Article


  • Authors: Shinaj Valangattil Shamsudheen; Aishath Muneeza (2022)

  • Though the lex loci applicable to Islamic financial institutions (IFIs) are derived from Shariah that embeds ethical and moral values, IFIs still face ethical dilemma. Since the leadership and managerial roles are played by both genders, it is imperative to understand the implication of their contribution in this. As such, the objective of this paper is to examine the influence of gender using the aspects of al-Ghazali's ethical philosophy in explaining the formation of ethical and unethical behavior within the purview of the Islamic finance industry of Malaysia, where both genders play a pivotal role in the industry. A total of 418 samples were collected from IFIs in Malaysia using a...

  • The_impact_of_the_Covid-19_pandemic_on_Islamic_finance_Kabir_Aishath_Adel.pdf.jpg
  • Chapter in Book


  • Authors: M. Kabir Hassan; Aishath Muneeza; Adel M. Sarea (2022)

  • This chapter explores the impact of the pandemic on Islamic commercial finance and Islamic social finance in a comprehensive manner. The chapter reveals that COVID-19 has provided more opportunities to Islamic social finance than Islamic commercial finance. The beauty of Islamic finance in this regard is reflected as the perception that Islamic finance does not achieve its objective as being a social finance is proved to be false as Islamic finance not only promotes profit maximization, but it has also the potential to achieve social objectives. Islamic commercial finance developments could be slower, but it is anticipated that Islamic social modes of financing will be used widely eve...