Industry Article : [156]

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Collection's Items (Sorted by Submit Date in Descending order): 1 to 20 of 156
  • Islamic_finance_stakeholders_in_the_Maldives_to_strategize_future_of_the_industry_Aishath Muneeza.pdf.jpg
  • Industry Article


  • Authors: Aishath Muneeza (2022)

  • The importance of Muslim-friendly tourism to complement the unique tourism proposition of the Maldives was highlighted by the minister of tourism of the Maldives, Dr Abdulla Mausoom, during his speech as a chief guest at the Maldives Islamic Banking and Finance Industry conference held for the 9th consecutive year in the Maldives. Professor Azmi Omar, the president and CEO of the International Centre for Education in Islamic Finance or INCEIF in Malaysia and who was the guest of honor and the keynote speaker at the event attended by the Maldivian Islamic finance fraternity and experts worldwide, shared his experience on ways to deploy the potential of Islamic finance in achieving fina...

  • Islamic_banking_in_retrospect_Saiful.pdf.jpg
  • Industry Article


  • Authors: Saiful Azhar Rosly (2022)

  • Much of the modern Islamic banking business was set up in the 1970s, but discussions had been around much earlier, predominantly among Islamic economists. For this reason, it is not surprising to see the concern for economic justice and equity from profit-loss sharing (PLS) arrangements such as mudaraba and musharakah against the evils of riba (usury/interest) which is blamed for the economic injustices that people face. Riba is said to favour the rich class over the working class as the former holds greater command of income and assets. Small businesses and startups stand no chance to compete with big companies for bank loans. In a way, PLS can be the way out to introduce justice int...

  • Crypto_a_contagious_disease_or_the_most_useful_system_of_trust_ever_devised_Ziyaad.pdf.jpg
  • Industry Article


  • Authors: Ziyaad Mahomed (2022)

  • Over the last century, few assets can claim a meteoric rise as cryptocurrency ('crypto') has. Crypto has taken several forms, with rapid innovation and uniquely linked value propositions, which include: a) CBDCs (Central Bank Digital Currencies that are digital versions of local currency); b) Stablecoins (that may be fiat-backed, commodity-backed or algorithm-based), c) the more well-known Exchange Coins (e.g. Bitcoin, Ethereum and Cardano), and d) tokens (security tokens that provide rights, utility tokens that can be redeemed for access to products and services and social impact tokens that provide sustainable or social impact). Except for CBDCs, other cryptocurrencies have had limi...

  • Parliament_of_Maldives_to_give_final_approval_for_Maldives_becoming_a_member_of_IFTC_Aishath .pdf.jpg
  • Industry Article


  • Authors: Aishath Muneeza (2022)

  • On the 6th June 2022, the president of the Maldives, Ibrahim Mohamed Solih, sent a letter to the parliament requesting it to endorse the Maldives as a member of the International Islamic Trade Finance Corporation (ITFC). On the 24th May 2022, the cabinet approved the Maldives to become a member of the ITFC; however the final permission has to be given by the parliament. Even now, the ITFC has been providing financing facilities for state-owned enterprises. For instance, on the 1st June 2022, it is reported that the ITFC renewed a Murabahah trade financing agreement for US$175 million to support the import of essential commodities with the State Trading Organization of the Maldives. It...

  • Maldives_Islamic_Bank_declares_dividend_for_the_year_ended_the_31st_December_2021_Aishath.pdf.jpg
  • Industry Article


  • Authors: Aishath Muneeza (2022)

  • Following a meeting held on the 24th April 2022, the Maldives Islamic Bank (MIB), the only fully-fledged Islamic bank in the Maldives, announced in a press release on the 25th April 2022 that its board of directors has recommended a cash dividend of MVR33.48 million (US$2.16 million) equivalent to MVR1.49 (9.6 US cents) per ordinary share for the year ended the 31st December 2021. This dividend recommendation is subject to the final approval of the shareholders at MIB's upcoming 12th annual general meeting (AGM). MIB's 2021 annual report stated that at the 11th AGM of MIB held in 2021, shareholders resolved to declare a final dividend of MVR27.56 million (US$1.78 million), equating to...

  • item.jpg
  • Industry Article


  • Authors: Nur Sakinah Nabilah Nor Saera; Noor Suhaida Kasri (2016)

  • The United Nations (UN) latest report issued in January 2016 entitled "Too Important to Fail-Addressing the Humanitarian Financing Gap" showed a huge jump in the number of people seeking humanitarian aid. At present, US$25 billion has been spent to provide life-saving assistance to 125 million people affected by natural disasters and humanitarian crises. However, the amount spent is still insufficient. There still remains an estimated funding gap of US$15 billion. The United Nations is appealing to more countries and communities to come forward to help fund the aid needed; namely food, clean water, shelter, health care, education and protection (United Nations, 2015). This article t...

  • 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.

  • 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.

  • Regulated_Shariah_compliance_the_case_of_Islamic_fnance_in_Malaysia_Noor Suhaida.pdf.jpg
  • Industry Article


  • Authors: Noor Suhaida Kasri (2015)

  • The historical evolution of regulated Shariah compliance in Malaysia started 32 years ago wherein the Islamic banking industry was first regulated by the Islamic Banking Act 1983 (IBA). Under the IBA, Shariah compliance became 'institutionalized' through the formation of a Shariah committee at the first Islamic bank in Malaysia, i.e. Bank Islam Malaysia. Thereafter the number of Islamic financial institutions (IFIs) started to grow. This growth is followed by the growth of Shariah committees being set up in each of these IFIs. Numerous Shariah resolutions started to mushroom from these Shariah committees which at times result in duplicity and inconsistency of rulings (based on the ISR...

  • Shariah_compliance_via_blockchain_and_smart_contract_Noor.pdf.jpg
  • Industry Article


  • Authors: Noor Suhaida Kasri (2017)

  • Shariah compliance is the raison d'etre for the existence of the Islamic banking and finance industry. Shariah compliance is achieved by meeting not only the prerequisites of the pillars and conditions of the Shariah contract used, but ensuring that the underlying asset as well as the underlying purpose of entering into such a contract is in compliance with the Shariah. Compliance with Shariah ensures that the rights of the contractual parties are protected and contractual obligations are met out in a responsible and lawful manner. The advent of financial technology (fintech) introduces important innovative infrastructure into the realm of Islamic finance. The recent Ernst & Young rep...

  • item.jpg
  • Industry Article


  • Authors: Fares Djafri (2016)

  • The Islamic insurance sector or akaful has seen remarkable global growth in many major markets, especially in Muslim dominated countries. However, the development of Islamic finance, particularly takaful in Algeria appears to have lagged behind. Although there are two Islamic banks operating in Algeria, takaful is yet to be introduced into the Algerian financial market. We ran a study to investigate the perspective of Algerian experts in Islamic finance and takaful on the issues and challenges of introducing Islamic insurance into the Algerian financial market to address the following questions: What are the benefits of introducing Islamic insurance into the Algerian financial market?...

  • item.jpg
  • Industry Article


  • Authors: Silmi Mohamed Radzi; Noor Suhaida Kasri (2018)

  • According to a 2017 report by the Credit Suisse Research Institute (CSRI), the total global wealth in 2017 reached USD280 trillion, 27% higher than a decade ago. Despite total global wealth showing an increase, the equitable distribution of wealth still remains an issue. The wealthiest 1% of the world's population now owns 50.1% of the world's wealth. Recently, a group of researchers undertook a study for the World Inequality Database (WID) to measure inequality in Middle Eastern countries. The study concluded that inequality level in Muslim countries is among the highest in the world with the top 10% of the total population holding 61% of the total income share. The question then is ...

  • Why_sustainable_investments_matter_more_now_Noor Suhaida.pdf.jpg
  • Industry Article


  • Authors: Noor Suhaida Kasri (2021)

  • The COVID-19 pandemic continues wrecking global economies on an unprecedented scale. Despite its socio-economic damage, the pandemic has triggered a significant acceleration in Environmental, Social and Corporate Governance (ESG) and Sustainable and Responsible Investment (SRI) uptake, including a mainstreaming and maturing of responsible investment philosophies and practices. According to Morningstar, the first three months of 2021 saw US$21.5 billion of net inflows into ESG funds. This was more than the previous record of US$20.5 billion set in the fourth quarter of 2020 and more than double the US$10.4 billion seen one year ago in the first quarter of 2020. Blackrock reported that ...

  • The_need_for_Shariah_governance_framework_for_Islamic_crowdfunding_Aishath.pdf.jpg
  • Industry Article


  • Authors: Ahmed Aban Zubair; Aishath Muneeza (2021)

  • The concept of crowdfunding entails the process of financing an idea, a project, a person or a cause through the collection of small amounts of money from a large number of providers. There are four types of crowdfunding namely lending or P2P crowdfunding, donation-based, reward-based and equity-based. Islamic crowdfunding provides an opportunity for investors, donors and entrepreneurs to support the socio-economic development of the micro and small enterprises sector in Islamic countries. In the absence of a proper Shariah governance framework applicable for Islamic crowdfunding, there could be cases in which Shariah non-compliance circumstances could occur, and without the implement...

  • Zakat_women_from_receiver_to_givers_Aishath.pdf.jpg
  • Industry Article


  • Authors: Aishath Muneeza (2021)

  • Zakat is the third pillar of Islam. Zakat received from eligible persons is paid to the legal recipients of it, as mentioned in the Qu'ran (9:60). The legal recipients of zakat are of eight categories and there is no priority given to a specific gender. As long as the person falls within any category of the 'legal recipient' irrespective of gender, the person is eligible to receive zakat. Against this backdrop, this article focuses on how zakat could be used to empower women who are eligible to receive it.

  • Maldives_Islamic_Bank_announces_dividend_for_2020_Aishath.pdf.jpg
  • Industry Article


  • Authors: Aishath Muneeza (2021)

  • Maldives Islamic Bank has announced via a press release dated the 26th April 2021 that its board of directors, via the board resolution on the 25th April 2021, has recommended a cash dividend of MVR27.56 million (US$1.78 million) equivalent to MVR1.23 (7.94 US cents) per ordinary share for the year ended the 31st December 2020, subject to the final approval of shareholders at its forthcoming annual general meeting.

  • Gender_diversity_corporate_boards_Malaysia_Syed_Hamid.pdf.jpg
  • Industry Article


  • Authors: Aljunid, Syed Abdul Hamid (2020)

  • The journey of gender inclusion in Malaysia began in 2004 when the government pushed for 30% of decision making positions in the public sector to be filled by women. This was achieved in 2010. In 2011 the Securities Commission of Malaysia (SC) in its Corporate Governance Blueprint encouraged listed companies to develop gender diversity policies and to disclose its implementation toward achieving 30% target of women in their boards by 2015. However, this target was not achieved because of a number of factors, most important among them was that gender inclusion was only a recommendation and not a practice to be complied by listed companies. Besides, there was limited supply of women who...

  • Pitfalls_dual_banking_system_Saiful.pdf.jpg
  • Industry Article


  • Authors: Rosly, Saiful Azhar (2020)

  • Islamic banking institutions are established to provide an alternative financing arrangement that uses trading (al-bay) as opposed to usury in their business. The banking modality however is still based on the deposit-taking function where deposit funds are used by banks to make loans. Deposit funds are in essence loans acquired from depositors who can make withdrawal on call, thus bank faces withdrawal risk and also potential bank run under economic shocks.

Collection's Items (Sorted by Submit Date in Descending order): 1 to 20 of 156

Industry Article : [156]

Follow this collection to receive daily e-mail notification of new additions
Collection's Items (Sorted by Submit Date in Descending order): 1 to 20 of 156
  • Islamic_finance_stakeholders_in_the_Maldives_to_strategize_future_of_the_industry_Aishath Muneeza.pdf.jpg
  • Industry Article


  • Authors: Aishath Muneeza (2022)

  • The importance of Muslim-friendly tourism to complement the unique tourism proposition of the Maldives was highlighted by the minister of tourism of the Maldives, Dr Abdulla Mausoom, during his speech as a chief guest at the Maldives Islamic Banking and Finance Industry conference held for the 9th consecutive year in the Maldives. Professor Azmi Omar, the president and CEO of the International Centre for Education in Islamic Finance or INCEIF in Malaysia and who was the guest of honor and the keynote speaker at the event attended by the Maldivian Islamic finance fraternity and experts worldwide, shared his experience on ways to deploy the potential of Islamic finance in achieving fina...

  • Islamic_banking_in_retrospect_Saiful.pdf.jpg
  • Industry Article


  • Authors: Saiful Azhar Rosly (2022)

  • Much of the modern Islamic banking business was set up in the 1970s, but discussions had been around much earlier, predominantly among Islamic economists. For this reason, it is not surprising to see the concern for economic justice and equity from profit-loss sharing (PLS) arrangements such as mudaraba and musharakah against the evils of riba (usury/interest) which is blamed for the economic injustices that people face. Riba is said to favour the rich class over the working class as the former holds greater command of income and assets. Small businesses and startups stand no chance to compete with big companies for bank loans. In a way, PLS can be the way out to introduce justice int...

  • Crypto_a_contagious_disease_or_the_most_useful_system_of_trust_ever_devised_Ziyaad.pdf.jpg
  • Industry Article


  • Authors: Ziyaad Mahomed (2022)

  • Over the last century, few assets can claim a meteoric rise as cryptocurrency ('crypto') has. Crypto has taken several forms, with rapid innovation and uniquely linked value propositions, which include: a) CBDCs (Central Bank Digital Currencies that are digital versions of local currency); b) Stablecoins (that may be fiat-backed, commodity-backed or algorithm-based), c) the more well-known Exchange Coins (e.g. Bitcoin, Ethereum and Cardano), and d) tokens (security tokens that provide rights, utility tokens that can be redeemed for access to products and services and social impact tokens that provide sustainable or social impact). Except for CBDCs, other cryptocurrencies have had limi...

  • Parliament_of_Maldives_to_give_final_approval_for_Maldives_becoming_a_member_of_IFTC_Aishath .pdf.jpg
  • Industry Article


  • Authors: Aishath Muneeza (2022)

  • On the 6th June 2022, the president of the Maldives, Ibrahim Mohamed Solih, sent a letter to the parliament requesting it to endorse the Maldives as a member of the International Islamic Trade Finance Corporation (ITFC). On the 24th May 2022, the cabinet approved the Maldives to become a member of the ITFC; however the final permission has to be given by the parliament. Even now, the ITFC has been providing financing facilities for state-owned enterprises. For instance, on the 1st June 2022, it is reported that the ITFC renewed a Murabahah trade financing agreement for US$175 million to support the import of essential commodities with the State Trading Organization of the Maldives. It...

  • Maldives_Islamic_Bank_declares_dividend_for_the_year_ended_the_31st_December_2021_Aishath.pdf.jpg
  • Industry Article


  • Authors: Aishath Muneeza (2022)

  • Following a meeting held on the 24th April 2022, the Maldives Islamic Bank (MIB), the only fully-fledged Islamic bank in the Maldives, announced in a press release on the 25th April 2022 that its board of directors has recommended a cash dividend of MVR33.48 million (US$2.16 million) equivalent to MVR1.49 (9.6 US cents) per ordinary share for the year ended the 31st December 2021. This dividend recommendation is subject to the final approval of the shareholders at MIB's upcoming 12th annual general meeting (AGM). MIB's 2021 annual report stated that at the 11th AGM of MIB held in 2021, shareholders resolved to declare a final dividend of MVR27.56 million (US$1.78 million), equating to...

  • item.jpg
  • Industry Article


  • Authors: Nur Sakinah Nabilah Nor Saera; Noor Suhaida Kasri (2016)

  • The United Nations (UN) latest report issued in January 2016 entitled "Too Important to Fail-Addressing the Humanitarian Financing Gap" showed a huge jump in the number of people seeking humanitarian aid. At present, US$25 billion has been spent to provide life-saving assistance to 125 million people affected by natural disasters and humanitarian crises. However, the amount spent is still insufficient. There still remains an estimated funding gap of US$15 billion. The United Nations is appealing to more countries and communities to come forward to help fund the aid needed; namely food, clean water, shelter, health care, education and protection (United Nations, 2015). This article t...

  • 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.

  • 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.

  • Regulated_Shariah_compliance_the_case_of_Islamic_fnance_in_Malaysia_Noor Suhaida.pdf.jpg
  • Industry Article


  • Authors: Noor Suhaida Kasri (2015)

  • The historical evolution of regulated Shariah compliance in Malaysia started 32 years ago wherein the Islamic banking industry was first regulated by the Islamic Banking Act 1983 (IBA). Under the IBA, Shariah compliance became 'institutionalized' through the formation of a Shariah committee at the first Islamic bank in Malaysia, i.e. Bank Islam Malaysia. Thereafter the number of Islamic financial institutions (IFIs) started to grow. This growth is followed by the growth of Shariah committees being set up in each of these IFIs. Numerous Shariah resolutions started to mushroom from these Shariah committees which at times result in duplicity and inconsistency of rulings (based on the ISR...

  • Shariah_compliance_via_blockchain_and_smart_contract_Noor.pdf.jpg
  • Industry Article


  • Authors: Noor Suhaida Kasri (2017)

  • Shariah compliance is the raison d'etre for the existence of the Islamic banking and finance industry. Shariah compliance is achieved by meeting not only the prerequisites of the pillars and conditions of the Shariah contract used, but ensuring that the underlying asset as well as the underlying purpose of entering into such a contract is in compliance with the Shariah. Compliance with Shariah ensures that the rights of the contractual parties are protected and contractual obligations are met out in a responsible and lawful manner. The advent of financial technology (fintech) introduces important innovative infrastructure into the realm of Islamic finance. The recent Ernst & Young rep...

  • item.jpg
  • Industry Article


  • Authors: Fares Djafri (2016)

  • The Islamic insurance sector or akaful has seen remarkable global growth in many major markets, especially in Muslim dominated countries. However, the development of Islamic finance, particularly takaful in Algeria appears to have lagged behind. Although there are two Islamic banks operating in Algeria, takaful is yet to be introduced into the Algerian financial market. We ran a study to investigate the perspective of Algerian experts in Islamic finance and takaful on the issues and challenges of introducing Islamic insurance into the Algerian financial market to address the following questions: What are the benefits of introducing Islamic insurance into the Algerian financial market?...

  • item.jpg
  • Industry Article


  • Authors: Silmi Mohamed Radzi; Noor Suhaida Kasri (2018)

  • According to a 2017 report by the Credit Suisse Research Institute (CSRI), the total global wealth in 2017 reached USD280 trillion, 27% higher than a decade ago. Despite total global wealth showing an increase, the equitable distribution of wealth still remains an issue. The wealthiest 1% of the world's population now owns 50.1% of the world's wealth. Recently, a group of researchers undertook a study for the World Inequality Database (WID) to measure inequality in Middle Eastern countries. The study concluded that inequality level in Muslim countries is among the highest in the world with the top 10% of the total population holding 61% of the total income share. The question then is ...

  • Why_sustainable_investments_matter_more_now_Noor Suhaida.pdf.jpg
  • Industry Article


  • Authors: Noor Suhaida Kasri (2021)

  • The COVID-19 pandemic continues wrecking global economies on an unprecedented scale. Despite its socio-economic damage, the pandemic has triggered a significant acceleration in Environmental, Social and Corporate Governance (ESG) and Sustainable and Responsible Investment (SRI) uptake, including a mainstreaming and maturing of responsible investment philosophies and practices. According to Morningstar, the first three months of 2021 saw US$21.5 billion of net inflows into ESG funds. This was more than the previous record of US$20.5 billion set in the fourth quarter of 2020 and more than double the US$10.4 billion seen one year ago in the first quarter of 2020. Blackrock reported that ...

  • The_need_for_Shariah_governance_framework_for_Islamic_crowdfunding_Aishath.pdf.jpg
  • Industry Article


  • Authors: Ahmed Aban Zubair; Aishath Muneeza (2021)

  • The concept of crowdfunding entails the process of financing an idea, a project, a person or a cause through the collection of small amounts of money from a large number of providers. There are four types of crowdfunding namely lending or P2P crowdfunding, donation-based, reward-based and equity-based. Islamic crowdfunding provides an opportunity for investors, donors and entrepreneurs to support the socio-economic development of the micro and small enterprises sector in Islamic countries. In the absence of a proper Shariah governance framework applicable for Islamic crowdfunding, there could be cases in which Shariah non-compliance circumstances could occur, and without the implement...

  • Zakat_women_from_receiver_to_givers_Aishath.pdf.jpg
  • Industry Article


  • Authors: Aishath Muneeza (2021)

  • Zakat is the third pillar of Islam. Zakat received from eligible persons is paid to the legal recipients of it, as mentioned in the Qu'ran (9:60). The legal recipients of zakat are of eight categories and there is no priority given to a specific gender. As long as the person falls within any category of the 'legal recipient' irrespective of gender, the person is eligible to receive zakat. Against this backdrop, this article focuses on how zakat could be used to empower women who are eligible to receive it.

  • Maldives_Islamic_Bank_announces_dividend_for_2020_Aishath.pdf.jpg
  • Industry Article


  • Authors: Aishath Muneeza (2021)

  • Maldives Islamic Bank has announced via a press release dated the 26th April 2021 that its board of directors, via the board resolution on the 25th April 2021, has recommended a cash dividend of MVR27.56 million (US$1.78 million) equivalent to MVR1.23 (7.94 US cents) per ordinary share for the year ended the 31st December 2020, subject to the final approval of shareholders at its forthcoming annual general meeting.

  • Gender_diversity_corporate_boards_Malaysia_Syed_Hamid.pdf.jpg
  • Industry Article


  • Authors: Aljunid, Syed Abdul Hamid (2020)

  • The journey of gender inclusion in Malaysia began in 2004 when the government pushed for 30% of decision making positions in the public sector to be filled by women. This was achieved in 2010. In 2011 the Securities Commission of Malaysia (SC) in its Corporate Governance Blueprint encouraged listed companies to develop gender diversity policies and to disclose its implementation toward achieving 30% target of women in their boards by 2015. However, this target was not achieved because of a number of factors, most important among them was that gender inclusion was only a recommendation and not a practice to be complied by listed companies. Besides, there was limited supply of women who...

  • Pitfalls_dual_banking_system_Saiful.pdf.jpg
  • Industry Article


  • Authors: Rosly, Saiful Azhar (2020)

  • Islamic banking institutions are established to provide an alternative financing arrangement that uses trading (al-bay) as opposed to usury in their business. The banking modality however is still based on the deposit-taking function where deposit funds are used by banks to make loans. Deposit funds are in essence loans acquired from depositors who can make withdrawal on call, thus bank faces withdrawal risk and also potential bank run under economic shocks.

Collection's Items (Sorted by Submit Date in Descending order): 1 to 20 of 156