Browsing by Issue Date

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Showing results 1 to 20 of 1586
  • item.jpg
  • Journal Article


  • Authors: Mohammad Ashraful Ferdous Chowdhury; Mohamed Ariff Abdul Kareem; Abul Mansur Mohammed Masih; Izlin Ismail (2022)

  • This study examines the impact of foreign aid on the institutional quality (IQ) of the OIC countries. Using the data of OIC countries for the three-year average period from 1991 to 2016, the system GMM finds that aid in general deteriorates the IQ for the aid recipient countries. However, quantile regression suggests that the negative impact of foreign aid on institutional quality (IQ) is relatively greater in the countries where the existing quality of institution is poor. The findings of the study suggest that improving the existing capacity is essential for reaping the optimum benefit of foreign aid on institutional development.

  • 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...

  • Waqf_development_in_Malaysia_Akram_Fares.pdf.jpg
  • Chapter in Book


  • Authors: Mohamad Akram Laldin; Sharifah Zubaidah Syed Abdul-Kader; Fares Djafri (2022)

  • The practice of waqf has existed in Malaysia since the coming of Islam to the Malay Archipelago in the 9th century (CE) (Arnold, 1913). The early awqaf properties were in the form of prayer rooms (surau), mosques, cemeteries and subsequently, madrasahs (Dahlan & Kamarudin, 2006). Mahamood divides the history of waqf in Malaysia into three phases, namely, pre-colonial Malaya, colonial Malaya and postindependence Malaya (Mahamood, 2006) but notes that there has not been much research done on the pre-colonial period in order to confirm the first awqaf properties in Malaya. Based on the premise that the earliest awqaf created were in the form of mosques, the earliest official mosque is sa...

  • Impact_of_non_intermediation_activities_of_banks_on_economic_growth_and_volatility_Mansor Ibrahim.pdf.jpg
  • Journal Article


  • Authors: Mohsin Ali; Mansor H. Ibrahim; Mohamed Eskandar Shah Mohd Rasid (2022)

  • This paper investigates the impact of non-intermediation activities of banks on economic growth and volatility of OIC. For the purpose, we utilize LSDVC estimation approach using the sample of Organization of Islamic Countries (OIC) member countries for the period of 2001-2013. We find non-intermediation income to be insignificant for both economic growth and volatility of OIC member countries in general though it reduces volatility of Gulf Cooperation Council (GCC) economies. Intermediation activities are found to be insignificantly related with the growth of OIC member countries, but on the other hand, they are found to reduce volatility in OIC member countries. Our results are robu...

  • Role_of_zakat_in_responding_to_COVID-19_pandemic_Magda Ismail.pdf.jpg
  • Chapter in Book


  • Authors: Randi Swandaru; Magda Ismail Abdel Mohsin (2022)

  • COVID-19 pandemic has impacted global human lives, killing millions and attacking the real economy to its core. United Nations has called for global solidarity to overcome this unprecedented disaster. Having said that, zakat has been utilized to respond to this ongoing suffering in Muslim countries. This chapter explore zakat utilization for COVID-19 under the shariah perspective and discuss the role of zakat to respond to the pandemic in Muslim countries. A qualitative methodology including conceptual and content analysis is applied to conduct this study. The findings show that most sharia scholars agreed to utilize zakat for the COVID-19 pandemic and endorse advance zakat payment. M...

  • New_frontiers_for_cash_waqf_models_for_socio_economic_development_Magda Ismail.pdf.jpg
  • Chapter in Book


  • Authors: Magda Ismail Abdel Mohsin (2022)

  • Waqf is a charitable financial instrument established by withholding immovable and movable properties to perpetually spend its revenue on fulfilling various socio-economic needs, depending on the founder's terms and conditions. Once the property is created as waqf, it can never be given as a gift, inherited or sold. It belongs to Allah (SWT), and the waqf property always remains intact. Only its generated revenue is channeled to the specified need. There are two motives behind the creation of waqf for the founder. The first is to attain righteousness as clearly stated in the following verse from the Qur'an: "By no means shall ye attain righteousness unless ye give (freely) of that whi...

  • 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
  • Chapter in Book


  • Authors: Ziyaad Mahomed (2022)

  • 'Stans' is an ancient Persian word meaning land, country or nation. This chapter begins with a review of the historical basis of zakat management in Islamic practice and provides a brief historical account and status of zakat practices in select countries in Central Asia. The section thereafter focuses on benchmark international zakat management models before providing recommendations for the development of an effective zakat management model within Central Asia. The economic shocks resulting from the pandemic have forced many in the region into situational poverty. If left unchecked, this may easily regress into chronic poverty, undoing the significant growth that these countries hav...

  • 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...

  • OIC_economies_during_the_Covid-19_implications_and_recommendations_Kabir_Saeed_Aishath.pdf.jpg
  • Chapter in Book


  • Authors: M. Kabir Hassan; Saeed Awadh Bin-Nashwan; Aishath Muneeza (2022)

  • Covid-19 is a pandemic that is a black swan event that has disrupted the economic activities in the whole world. Organization for Islamic Cooperation (OIC) is the second largest international organization that unites Muslims to collectively protect their interest by having a global platform to voice out their concerns. This is an exploratory research of which the objective is to understand the implication of this pandemic on OIC countries to suggest ways in which pandemic related economic challenges facing these countries could be resolved. This research identifies four key economic challenges faced by the OIC countries: challenges in adapting to new normal in in re-starting the econo...

  • item.jpg
  • Journal Article


  • Authors: Shinaj Valangattil Shamsudheen; Mudeer Ahmed Khattak; Aishath Muneeza; Makeen Huda (2022)

  • This study aims to investigate the reaction (in terms of returns and volatility) of Gulf Cooperation Council (GCC) country-wise stock markets (both conventional and Islamic) in response to the surge of Covid-19 cases, with special reference to the announcement of financial stimulus packages in each country and the recent global oil price plunge. Further, the study also examines the impact of Covid-19 cases on the stock market returns of each GCC country and the continuous dynamics of correlation between Covid-19 cases and GCC stockmarkets. This study uses an exponential generalized auto regressive conditional heteroskedasticity model and continuous wavelet coherence to estimate the st...

  • Maldives_Islamic_Bank_expands_operations_to_B_Atoll_Aishath Muneezaa.pdf.jpg
  • Industry Article


  • Authors: Aishath Muneeza (2022)

  • Maldives Islamic Bank (MIB) has expanded its operations to B Atoll, which is the 6th atoll, by launching its 19th ATM at B Eydhafushi on the 6thMarch 2022. MIB has placed an eCRM machine in Eydhafushi and according to MIB, this is the first establishment of its kind based on the digital strategy of the bank.

  • Islamic_finance_and_the_mission_to_net_zero_Ziyaad.pdf.jpg
  • Newsletter & Bulletin


  • Authors: Ahmad Hafiz Abdul Aziz; Ziyaad Mahomed (2022)

  • The 26th United Nations Climate Change Conference of the Parties (COP26) summit held in Glasgow in November 2021, for the first time, targeted fossil fuels as the key driver of global warming. Over 130 countries committed to a net zero impact on climate within the next 50 years, with India committing to net zero emissions by 2070. This commitment moves the world closer to the key objectives of the summit: secure global net zero by mid-century and keep the average global temperature to 1.5 degrees Celsius within reach; adapt to protect communities and natural habitats; mobilise finance to secure global net zero; and work together to deliver the implementation of the Paris climate agree...

Browsing by Issue Date

Jump to a point in the index:
Showing results 1 to 20 of 1586
  • item.jpg
  • Journal Article


  • Authors: Mohammad Ashraful Ferdous Chowdhury; Mohamed Ariff Abdul Kareem; Abul Mansur Mohammed Masih; Izlin Ismail (2022)

  • This study examines the impact of foreign aid on the institutional quality (IQ) of the OIC countries. Using the data of OIC countries for the three-year average period from 1991 to 2016, the system GMM finds that aid in general deteriorates the IQ for the aid recipient countries. However, quantile regression suggests that the negative impact of foreign aid on institutional quality (IQ) is relatively greater in the countries where the existing quality of institution is poor. The findings of the study suggest that improving the existing capacity is essential for reaping the optimum benefit of foreign aid on institutional development.

  • 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...

  • Waqf_development_in_Malaysia_Akram_Fares.pdf.jpg
  • Chapter in Book


  • Authors: Mohamad Akram Laldin; Sharifah Zubaidah Syed Abdul-Kader; Fares Djafri (2022)

  • The practice of waqf has existed in Malaysia since the coming of Islam to the Malay Archipelago in the 9th century (CE) (Arnold, 1913). The early awqaf properties were in the form of prayer rooms (surau), mosques, cemeteries and subsequently, madrasahs (Dahlan & Kamarudin, 2006). Mahamood divides the history of waqf in Malaysia into three phases, namely, pre-colonial Malaya, colonial Malaya and postindependence Malaya (Mahamood, 2006) but notes that there has not been much research done on the pre-colonial period in order to confirm the first awqaf properties in Malaya. Based on the premise that the earliest awqaf created were in the form of mosques, the earliest official mosque is sa...

  • Impact_of_non_intermediation_activities_of_banks_on_economic_growth_and_volatility_Mansor Ibrahim.pdf.jpg
  • Journal Article


  • Authors: Mohsin Ali; Mansor H. Ibrahim; Mohamed Eskandar Shah Mohd Rasid (2022)

  • This paper investigates the impact of non-intermediation activities of banks on economic growth and volatility of OIC. For the purpose, we utilize LSDVC estimation approach using the sample of Organization of Islamic Countries (OIC) member countries for the period of 2001-2013. We find non-intermediation income to be insignificant for both economic growth and volatility of OIC member countries in general though it reduces volatility of Gulf Cooperation Council (GCC) economies. Intermediation activities are found to be insignificantly related with the growth of OIC member countries, but on the other hand, they are found to reduce volatility in OIC member countries. Our results are robu...

  • Role_of_zakat_in_responding_to_COVID-19_pandemic_Magda Ismail.pdf.jpg
  • Chapter in Book


  • Authors: Randi Swandaru; Magda Ismail Abdel Mohsin (2022)

  • COVID-19 pandemic has impacted global human lives, killing millions and attacking the real economy to its core. United Nations has called for global solidarity to overcome this unprecedented disaster. Having said that, zakat has been utilized to respond to this ongoing suffering in Muslim countries. This chapter explore zakat utilization for COVID-19 under the shariah perspective and discuss the role of zakat to respond to the pandemic in Muslim countries. A qualitative methodology including conceptual and content analysis is applied to conduct this study. The findings show that most sharia scholars agreed to utilize zakat for the COVID-19 pandemic and endorse advance zakat payment. M...

  • New_frontiers_for_cash_waqf_models_for_socio_economic_development_Magda Ismail.pdf.jpg
  • Chapter in Book


  • Authors: Magda Ismail Abdel Mohsin (2022)

  • Waqf is a charitable financial instrument established by withholding immovable and movable properties to perpetually spend its revenue on fulfilling various socio-economic needs, depending on the founder's terms and conditions. Once the property is created as waqf, it can never be given as a gift, inherited or sold. It belongs to Allah (SWT), and the waqf property always remains intact. Only its generated revenue is channeled to the specified need. There are two motives behind the creation of waqf for the founder. The first is to attain righteousness as clearly stated in the following verse from the Qur'an: "By no means shall ye attain righteousness unless ye give (freely) of that whi...

  • 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
  • Chapter in Book


  • Authors: Ziyaad Mahomed (2022)

  • 'Stans' is an ancient Persian word meaning land, country or nation. This chapter begins with a review of the historical basis of zakat management in Islamic practice and provides a brief historical account and status of zakat practices in select countries in Central Asia. The section thereafter focuses on benchmark international zakat management models before providing recommendations for the development of an effective zakat management model within Central Asia. The economic shocks resulting from the pandemic have forced many in the region into situational poverty. If left unchecked, this may easily regress into chronic poverty, undoing the significant growth that these countries hav...

  • 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...

  • OIC_economies_during_the_Covid-19_implications_and_recommendations_Kabir_Saeed_Aishath.pdf.jpg
  • Chapter in Book


  • Authors: M. Kabir Hassan; Saeed Awadh Bin-Nashwan; Aishath Muneeza (2022)

  • Covid-19 is a pandemic that is a black swan event that has disrupted the economic activities in the whole world. Organization for Islamic Cooperation (OIC) is the second largest international organization that unites Muslims to collectively protect their interest by having a global platform to voice out their concerns. This is an exploratory research of which the objective is to understand the implication of this pandemic on OIC countries to suggest ways in which pandemic related economic challenges facing these countries could be resolved. This research identifies four key economic challenges faced by the OIC countries: challenges in adapting to new normal in in re-starting the econo...

  • item.jpg
  • Journal Article


  • Authors: Shinaj Valangattil Shamsudheen; Mudeer Ahmed Khattak; Aishath Muneeza; Makeen Huda (2022)

  • This study aims to investigate the reaction (in terms of returns and volatility) of Gulf Cooperation Council (GCC) country-wise stock markets (both conventional and Islamic) in response to the surge of Covid-19 cases, with special reference to the announcement of financial stimulus packages in each country and the recent global oil price plunge. Further, the study also examines the impact of Covid-19 cases on the stock market returns of each GCC country and the continuous dynamics of correlation between Covid-19 cases and GCC stockmarkets. This study uses an exponential generalized auto regressive conditional heteroskedasticity model and continuous wavelet coherence to estimate the st...

  • Maldives_Islamic_Bank_expands_operations_to_B_Atoll_Aishath Muneezaa.pdf.jpg
  • Industry Article


  • Authors: Aishath Muneeza (2022)

  • Maldives Islamic Bank (MIB) has expanded its operations to B Atoll, which is the 6th atoll, by launching its 19th ATM at B Eydhafushi on the 6thMarch 2022. MIB has placed an eCRM machine in Eydhafushi and according to MIB, this is the first establishment of its kind based on the digital strategy of the bank.

  • Islamic_finance_and_the_mission_to_net_zero_Ziyaad.pdf.jpg
  • Newsletter & Bulletin


  • Authors: Ahmad Hafiz Abdul Aziz; Ziyaad Mahomed (2022)

  • The 26th United Nations Climate Change Conference of the Parties (COP26) summit held in Glasgow in November 2021, for the first time, targeted fossil fuels as the key driver of global warming. Over 130 countries committed to a net zero impact on climate within the next 50 years, with India committing to net zero emissions by 2070. This commitment moves the world closer to the key objectives of the summit: secure global net zero by mid-century and keep the average global temperature to 1.5 degrees Celsius within reach; adapt to protect communities and natural habitats; mobilise finance to secure global net zero; and work together to deliver the implementation of the Paris climate agree...