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 20 of 89
  • the_2nd_international_halal_management_aishath.pdf.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2018)

  • Minister of Home Affairs Azleen Ahmed has launched the 2nd International Halal Management Conference (IHMC) on the 18th July 2018 at the Maldives National University (MNU). The IHMC was organized by the Maldives Center for Islamic Finance (MCIF) and the MNU along with Universiti Sains Islam Malaysia. More than 50 international speakers representing more than five countries participated in the conference.

  • 2nd_international_halal_management_conference_2018_maldives_Aishath.pdf.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2018)

  • Minister of Home Affairs Azleen Ahmed has launched the 2nd International Halal Management Conference (IHMC) on the 18th July 2018 at the Maldives National University (MNU). The IHMC was organized by the Maldives Center for Islamic Finance (MCIF) and the MNU along with Universiti Sains Islam Malaysia. More than 50 international speakers representing more than five countries participated in the conference.

  • a_small_island_aspires_to_introduce_sukuk_aishath.pdf.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2012)

  • The Maldives has embarked on the huge task of developing Islamic fi nance parallel to its existing conventional finance market. After establishing its very first Islamic bank in March 2011, the country also witnessed the issuance of its first Islamic equity in 2011. The first company in Maldives that was listed as a company issuing Shariah compliant equity was Amana Takaful Maldives. The country is subsequently moving towards the development of a Sukuk market.

  • item.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2017)

  • Microfinance is a new concept in the Maldives. In 2015, the first Islamic microfinance scheme was introduced under the name of �FaseyhaMadadhu� with assistance from Islamic Development Bank. The products developed under this scheme were unique as it was shaped by looking at local needs. This paper will discuss these products and the features of it. It is hard to find literature about the subject matter as this is a newly introduced scheme and the first-hand experience of the author in structuring and implementing the scheme has been relied extensively. It is anticipated that the outcome of this paper will pave the way for those jurisdictions that aim to introduce Islamic microfinance<...

  • item.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2017)

  • Ever heard of an occasion where property has been used to generate revenue to a waqf fund? Well, here�s one. It�s called the Dharul Eeman project and is being tried and tested in the Maldives. We hope that its success story will be an inspiration to other countries who wish to adopt a similar approach to enrich their cash waqf funds. This project is proof that innovation is the key to developing an Islamic economy. This model is unique as the general norm is to develop properties to generate income from waqf lands; but in this case the Ministry of Islamic Affairs is intending to develop a land in order to generate income for a cash waqf fund which will be used to build, repair and mai...

  • administration_zakat_wealth_Maldives_muneeza.pdf.jpg
  • Journal Article


  • Authors: Muneeza, Aishath (2017)

  • For Muslims zakat is obligatory and different jurisdictions in the world have different mechanisms to administer it. Maldives is a hundred percent Muslim country and zakat administration in the country is unique. As such the objective of the paper is to discuss the zakat administration in Maldives with special reference to zakat al mal and to discuss the challenges facing the existing way of zakat administration. The paper also includes ways to overcome the challenges. No literature on this area in Maldives could be found and as such reference to primary materials such as unpublished statistics, reports, brochures have been made. It is hoped that this paper will encourage further rese...

  • Administration_of_zakat_on_wealth_in_Maldives_Aishath_Muneeza.pdf.jpg
  • Academic Proceeding


  • Authors: Muneeza, Aishath (2017)

  • For Muslims zakat is obligatory and different jurisdictions in the world have different mechanisms to administer it. Maldives is a hundred percent Muslim country and zakat administration in the country is unique. As such the objective of the paper is to discuss the zakat administration in Maldives with special reference to zakat al mal and to discuss the challenges facing the existing way of zakat administration. The paper also includes ways to overcome the challenges. No literature on this area in Maldives could be found and as such reference to primary materials such as unpublished statistics, reports, brochures have been made. It is hoped that this paper will encourage further res...

  • amana_takaful_maldives_aishath.pdf.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2019)

  • Amana Takaful Maldives (Amana Takaful) held its eighth annual general meeting (AGM) on the 28th April 2019 in the Republic of Maldives. During the meeting, the minutes of the 2018 AGM were adopted and the annual report of the board of directors on the affairs of the company for the year ended the 31st December 2018 and the report of the auditors were passed, among other things.

  • the_application_of_blockchain_technology_in_crowdfunding_aishath.pdf.jpg
  • Journal Article


  • Authors: Tajul Arifin, Asma'; Arshad, Nur Aishah; Muneeza, Aishath (2018)

  • The emergence of innovative digital financial technologies, namely blockchain and crowdfunding, indicates new ways to reach the poor and economically vulnerable groups. This paper contributes to the emerging literature on financial technology by presenting the case of crowdfunding in financial inclusion. The rationale behind this inquiry is to demonstrate the relevance of crowdfunding to financial inclusion, and how might blockchain technology fuel the development of crowdfunding. This paper also constitutes one of the first attempts to analyse crowdfunding in Malaysia and Shariah-compliant crowdfunding. In this paper, a desk research is conducted where journal articles, books, magazi...

  • application_law_evidence_islamic_banking_special_reference_malaysia_aishath.pdf.jpg
  • Journal Article


  • Authors: Muneeza, Aishath (2017)

  • This research aims to deal with the law of evidence invoked in Islamic banking cases reported in Malaysia from 1983 to 2015 and determine whether the invoked provisions of the statute in the case law have any conflicts with Islamic law that are threatening the development of Islamic banking in Malaysia. The methodology used in this research is assessing the implication by studying the provisions of the law of evidence that has been invoked in the reported case law. It is evident from this research that following are the evident conflicts found in the Evidence Act 1950. In this arena, the following changes are significant for sustaining Islamic banking in Malaysia. Expert opinion under...

  • application_of_parol_evidence_rule_to_islamic_banking_in_malaysia_aishath.pdf.jpg
  • Academic Presentation


  • Authors: Muneeza, Aishath (2016)

  • Islamic banking is called shariah compliant banking as all transactions conducted in the banking transaction starting from product offering stage until the dispute resolution stage shall comply with the principles of Islamic law. As such the objective of this paper is to find out the application of parol evidence rule to Islamic banking in Malaysia and to find out whether the application of parol eveidence is compliant with the principles of Islamic law or not.

  • appointment_female_judges_muslim_countries_aishath.pdf.jpg
  • Journal Article


  • Authors: Muneeza, Aishath (2014)

  • The purpose of this article is to illuminate one of the contemporary legal dilemmas in Islamic law, namely the appointment of female judges in Muslim countries. The methodology employed is library-based research. The focus of this article is to determine the legal status of appointments of female judges in Shariah courts. It is argued here that female judges can be appointed in Muslim countries and that the main reason for this is that there is no explicit prohibition of it in the fundamental sources of Islamic law. However, the claims that it is contrary to Islamic law to appoint female judges are also discussed here. The outcome of this article is to prove that there is nothing wron...

  • article_review_spam_law_for_the_Internet_aishath.PDF.jpg
  • Journal Article


  • Authors: Muneeza, Aishath (2012)

  • This review evaluates and reports on the clarity, quality, originality as well as other aspects of the following research article: Khong WK, 'Spam Law for the Internet', 2001 (3) The Journal of Information Law and Technology (JILT)

  • item.jpg
  • Master


  • Authors: Jin Zichu (2018)

  • China is currently building a network with more than 80 countries across Asia, Africa, Europe, and Oceania initiating "One Belt and One Road". The main focus of the Belt and Road Initiative (BRI) is in infrastructure transportation, and energy. Countries with majority of Muslim population are involved in BRI and in some ofthese countries Islamic finance is being adopted. The public-private partnership (PPP) model is an important way of infrastructure financing which has potential in reducing government financial pressure by improving operation efficiency, service quality and societal benefits. World Bank report (2018) has discussed flexibility of Islamic financing and the cracking pot...

  • belt_and_road_initiative_and_Islamic_financing_jinzi_aishath.pdf.jpg
  • Journal Article


  • Authors: JinZi, Chu; Muneeza, Aishath (2019)

  • China's One Belt and One Road (OBOR) is a global trade network across Asia, Africa, Europe and Oceania. Also known as Belt and Road Initiative (BRI), OBOR is an attempt to redraw ancient Silk Road to foster global trade and economic development. Nearly 30 Muslims-majority countries are part of China's vision of BRI. The purpose of this paper is twofold: first, to investigate how public private partnership (PPP) has been applied in BRI projects; and second, to explore how Islamic finance can fit within a PPP context. This paper proposes a framework for using Islamic finance in infrastructure PPP projects. This paper also analyses two PPP projects where Islamic finance was deployed as p...

  • can_the_maldives_become_a_global_aishath.pdf.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2018)

  • The opposition coalition that won the presidential election in the Maldives on the 23rd September 2018 has the first-ever political manifesto to contain a special agenda for the development of Islamic fi nance, demonstrating the evergrowing demand for Islamic finance in the Maldives.

  • capital_market_shariah_advisory_committee_renamed_aishath.pdf.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2013)

  • The Capital Market Development Authority (CMDA) is the regulator for the capital markets in the Maldives. In May 2011, the CMDA took the initiative to develop a fully-fledged Islamic capital market in the Maldives and the first step towards this vision was to establish a Capital Market Shariah Advisory Committ ee (CMSAC).

  • a_case_study_default_Islamic_financing_facilities_Malaysian_perspective_aishath.pdf.jpg
  • Chapter in Book


  • Authors: Muneeza, Aishath (2019)

  • Default can occur in Islamic banking. As the law applicable to Islamic banking is derived from Shariah, it is imperative to check whether the current practice of Islamic banks in default aligns with Shariah. The objective of this chapter is to discuss the rules and procedures Islamic banks in Malaysia follow in case of default. This is a qualitative research where data from primary sources such as laws on the matter are extracted to derive conclusions and secondary sources such as case laws and other published materials in the subject matter are explored. It is anticipated that the outcome of this chapter will assist to comprehend the way in which Islamic banks deal in case of default...

  • central_bank_of_the_maldives_aishath.pdf.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2018)

  • The Strategic Plan 2018-22 (the Strategic Plan) of the Maldives Monetary Authority (MMA), the central bank of the Maldives, was launched on the 23rd July 2018. In his inauguration speech, the MMA's governor, Ahmed Naseer, stated that the new strategic action plan for the next four years aims to revolutionize the payment system in the Maldives. The MMA's vision is to become a credible, independent and contemporary central bank committed to maintaining price stability and promoting inclusive, sustainable economic growth. The MMA's mission is to promote the international value and stability of the Maldivian rufiyaa, develop a secure and efficient payment system in the Maldives and foster...

  • ceo_maldives_islamic_bank_retires_Aishath.PDF.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2018)

  • Harith Harun, the first CEO and managing director of Maldives Islamic Bank, has retired on the 31st March 2018. Harith is a Malaysian citizen who has contributed toward the creation of a fully-fledged Islamic finance industry in the Maldives. He played an instrumental role in creating the Islamic monetary market and other Islamic finance institutions that emerged in the country. The stakeholders of the Islamic finance industry are of the view that Harith leaving the position of the managing director of Maldives Islamic Bank is a loss to the industry. However, Harith will still serve as a director of the bank.

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 20 of 89
  • the_2nd_international_halal_management_aishath.pdf.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2018)

  • Minister of Home Affairs Azleen Ahmed has launched the 2nd International Halal Management Conference (IHMC) on the 18th July 2018 at the Maldives National University (MNU). The IHMC was organized by the Maldives Center for Islamic Finance (MCIF) and the MNU along with Universiti Sains Islam Malaysia. More than 50 international speakers representing more than five countries participated in the conference.

  • 2nd_international_halal_management_conference_2018_maldives_Aishath.pdf.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2018)

  • Minister of Home Affairs Azleen Ahmed has launched the 2nd International Halal Management Conference (IHMC) on the 18th July 2018 at the Maldives National University (MNU). The IHMC was organized by the Maldives Center for Islamic Finance (MCIF) and the MNU along with Universiti Sains Islam Malaysia. More than 50 international speakers representing more than five countries participated in the conference.

  • a_small_island_aspires_to_introduce_sukuk_aishath.pdf.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2012)

  • The Maldives has embarked on the huge task of developing Islamic fi nance parallel to its existing conventional finance market. After establishing its very first Islamic bank in March 2011, the country also witnessed the issuance of its first Islamic equity in 2011. The first company in Maldives that was listed as a company issuing Shariah compliant equity was Amana Takaful Maldives. The country is subsequently moving towards the development of a Sukuk market.

  • item.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2017)

  • Microfinance is a new concept in the Maldives. In 2015, the first Islamic microfinance scheme was introduced under the name of �FaseyhaMadadhu� with assistance from Islamic Development Bank. The products developed under this scheme were unique as it was shaped by looking at local needs. This paper will discuss these products and the features of it. It is hard to find literature about the subject matter as this is a newly introduced scheme and the first-hand experience of the author in structuring and implementing the scheme has been relied extensively. It is anticipated that the outcome of this paper will pave the way for those jurisdictions that aim to introduce Islamic microfinance<...

  • item.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2017)

  • Ever heard of an occasion where property has been used to generate revenue to a waqf fund? Well, here�s one. It�s called the Dharul Eeman project and is being tried and tested in the Maldives. We hope that its success story will be an inspiration to other countries who wish to adopt a similar approach to enrich their cash waqf funds. This project is proof that innovation is the key to developing an Islamic economy. This model is unique as the general norm is to develop properties to generate income from waqf lands; but in this case the Ministry of Islamic Affairs is intending to develop a land in order to generate income for a cash waqf fund which will be used to build, repair and mai...

  • administration_zakat_wealth_Maldives_muneeza.pdf.jpg
  • Journal Article


  • Authors: Muneeza, Aishath (2017)

  • For Muslims zakat is obligatory and different jurisdictions in the world have different mechanisms to administer it. Maldives is a hundred percent Muslim country and zakat administration in the country is unique. As such the objective of the paper is to discuss the zakat administration in Maldives with special reference to zakat al mal and to discuss the challenges facing the existing way of zakat administration. The paper also includes ways to overcome the challenges. No literature on this area in Maldives could be found and as such reference to primary materials such as unpublished statistics, reports, brochures have been made. It is hoped that this paper will encourage further rese...

  • Administration_of_zakat_on_wealth_in_Maldives_Aishath_Muneeza.pdf.jpg
  • Academic Proceeding


  • Authors: Muneeza, Aishath (2017)

  • For Muslims zakat is obligatory and different jurisdictions in the world have different mechanisms to administer it. Maldives is a hundred percent Muslim country and zakat administration in the country is unique. As such the objective of the paper is to discuss the zakat administration in Maldives with special reference to zakat al mal and to discuss the challenges facing the existing way of zakat administration. The paper also includes ways to overcome the challenges. No literature on this area in Maldives could be found and as such reference to primary materials such as unpublished statistics, reports, brochures have been made. It is hoped that this paper will encourage further res...

  • amana_takaful_maldives_aishath.pdf.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2019)

  • Amana Takaful Maldives (Amana Takaful) held its eighth annual general meeting (AGM) on the 28th April 2019 in the Republic of Maldives. During the meeting, the minutes of the 2018 AGM were adopted and the annual report of the board of directors on the affairs of the company for the year ended the 31st December 2018 and the report of the auditors were passed, among other things.

  • the_application_of_blockchain_technology_in_crowdfunding_aishath.pdf.jpg
  • Journal Article


  • Authors: Tajul Arifin, Asma'; Arshad, Nur Aishah; Muneeza, Aishath (2018)

  • The emergence of innovative digital financial technologies, namely blockchain and crowdfunding, indicates new ways to reach the poor and economically vulnerable groups. This paper contributes to the emerging literature on financial technology by presenting the case of crowdfunding in financial inclusion. The rationale behind this inquiry is to demonstrate the relevance of crowdfunding to financial inclusion, and how might blockchain technology fuel the development of crowdfunding. This paper also constitutes one of the first attempts to analyse crowdfunding in Malaysia and Shariah-compliant crowdfunding. In this paper, a desk research is conducted where journal articles, books, magazi...

  • application_law_evidence_islamic_banking_special_reference_malaysia_aishath.pdf.jpg
  • Journal Article


  • Authors: Muneeza, Aishath (2017)

  • This research aims to deal with the law of evidence invoked in Islamic banking cases reported in Malaysia from 1983 to 2015 and determine whether the invoked provisions of the statute in the case law have any conflicts with Islamic law that are threatening the development of Islamic banking in Malaysia. The methodology used in this research is assessing the implication by studying the provisions of the law of evidence that has been invoked in the reported case law. It is evident from this research that following are the evident conflicts found in the Evidence Act 1950. In this arena, the following changes are significant for sustaining Islamic banking in Malaysia. Expert opinion under...

  • application_of_parol_evidence_rule_to_islamic_banking_in_malaysia_aishath.pdf.jpg
  • Academic Presentation


  • Authors: Muneeza, Aishath (2016)

  • Islamic banking is called shariah compliant banking as all transactions conducted in the banking transaction starting from product offering stage until the dispute resolution stage shall comply with the principles of Islamic law. As such the objective of this paper is to find out the application of parol evidence rule to Islamic banking in Malaysia and to find out whether the application of parol eveidence is compliant with the principles of Islamic law or not.

  • appointment_female_judges_muslim_countries_aishath.pdf.jpg
  • Journal Article


  • Authors: Muneeza, Aishath (2014)

  • The purpose of this article is to illuminate one of the contemporary legal dilemmas in Islamic law, namely the appointment of female judges in Muslim countries. The methodology employed is library-based research. The focus of this article is to determine the legal status of appointments of female judges in Shariah courts. It is argued here that female judges can be appointed in Muslim countries and that the main reason for this is that there is no explicit prohibition of it in the fundamental sources of Islamic law. However, the claims that it is contrary to Islamic law to appoint female judges are also discussed here. The outcome of this article is to prove that there is nothing wron...

  • article_review_spam_law_for_the_Internet_aishath.PDF.jpg
  • Journal Article


  • Authors: Muneeza, Aishath (2012)

  • This review evaluates and reports on the clarity, quality, originality as well as other aspects of the following research article: Khong WK, 'Spam Law for the Internet', 2001 (3) The Journal of Information Law and Technology (JILT)

  • item.jpg
  • Master


  • Authors: Jin Zichu (2018)

  • China is currently building a network with more than 80 countries across Asia, Africa, Europe, and Oceania initiating "One Belt and One Road". The main focus of the Belt and Road Initiative (BRI) is in infrastructure transportation, and energy. Countries with majority of Muslim population are involved in BRI and in some ofthese countries Islamic finance is being adopted. The public-private partnership (PPP) model is an important way of infrastructure financing which has potential in reducing government financial pressure by improving operation efficiency, service quality and societal benefits. World Bank report (2018) has discussed flexibility of Islamic financing and the cracking pot...

  • belt_and_road_initiative_and_Islamic_financing_jinzi_aishath.pdf.jpg
  • Journal Article


  • Authors: JinZi, Chu; Muneeza, Aishath (2019)

  • China's One Belt and One Road (OBOR) is a global trade network across Asia, Africa, Europe and Oceania. Also known as Belt and Road Initiative (BRI), OBOR is an attempt to redraw ancient Silk Road to foster global trade and economic development. Nearly 30 Muslims-majority countries are part of China's vision of BRI. The purpose of this paper is twofold: first, to investigate how public private partnership (PPP) has been applied in BRI projects; and second, to explore how Islamic finance can fit within a PPP context. This paper proposes a framework for using Islamic finance in infrastructure PPP projects. This paper also analyses two PPP projects where Islamic finance was deployed as p...

  • can_the_maldives_become_a_global_aishath.pdf.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2018)

  • The opposition coalition that won the presidential election in the Maldives on the 23rd September 2018 has the first-ever political manifesto to contain a special agenda for the development of Islamic fi nance, demonstrating the evergrowing demand for Islamic finance in the Maldives.

  • capital_market_shariah_advisory_committee_renamed_aishath.pdf.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2013)

  • The Capital Market Development Authority (CMDA) is the regulator for the capital markets in the Maldives. In May 2011, the CMDA took the initiative to develop a fully-fledged Islamic capital market in the Maldives and the first step towards this vision was to establish a Capital Market Shariah Advisory Committ ee (CMSAC).

  • a_case_study_default_Islamic_financing_facilities_Malaysian_perspective_aishath.pdf.jpg
  • Chapter in Book


  • Authors: Muneeza, Aishath (2019)

  • Default can occur in Islamic banking. As the law applicable to Islamic banking is derived from Shariah, it is imperative to check whether the current practice of Islamic banks in default aligns with Shariah. The objective of this chapter is to discuss the rules and procedures Islamic banks in Malaysia follow in case of default. This is a qualitative research where data from primary sources such as laws on the matter are extracted to derive conclusions and secondary sources such as case laws and other published materials in the subject matter are explored. It is anticipated that the outcome of this chapter will assist to comprehend the way in which Islamic banks deal in case of default...

  • central_bank_of_the_maldives_aishath.pdf.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2018)

  • The Strategic Plan 2018-22 (the Strategic Plan) of the Maldives Monetary Authority (MMA), the central bank of the Maldives, was launched on the 23rd July 2018. In his inauguration speech, the MMA's governor, Ahmed Naseer, stated that the new strategic action plan for the next four years aims to revolutionize the payment system in the Maldives. The MMA's vision is to become a credible, independent and contemporary central bank committed to maintaining price stability and promoting inclusive, sustainable economic growth. The MMA's mission is to promote the international value and stability of the Maldivian rufiyaa, develop a secure and efficient payment system in the Maldives and foster...

  • ceo_maldives_islamic_bank_retires_Aishath.PDF.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2018)

  • Harith Harun, the first CEO and managing director of Maldives Islamic Bank, has retired on the 31st March 2018. Harith is a Malaysian citizen who has contributed toward the creation of a fully-fledged Islamic finance industry in the Maldives. He played an instrumental role in creating the Islamic monetary market and other Islamic finance institutions that emerged in the country. The stakeholders of the Islamic finance industry are of the view that Harith leaving the position of the managing director of Maldives Islamic Bank is a loss to the industry. However, Harith will still serve as a director of the bank.