Industry Article : [100]

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Collection's Items (Sorted by Submit Date in Descending order): 1 to 20 of 100
  • the_maldives_celebrates_that_crystal_aishath.pdf.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2019)

  • Amana Takaful Maldives celebrated its 15th anniversary of Islamic finance by honoring key institutional and individual stakeholders who assisted in the development of Islamic finance with awards of appreciation on the 11th July. The governor of the Central Bank of Maldives was the chief guest. Apart from myself, the other individual award recipient was Fathimath Shafeega, former CEO of Capital Market Development Authority, who is currently a board director of the Maldives Islamic Bank (MIB).

  • the_pricing_of_maldives_islamic_bank_aishath.pdf.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2019)

  • In a news conference held by Maldives Islamic Bank (MIB) on the 30th June 2019, it was announced that MIB is going public and its IPO will begin on the 28th July 2019 and close on the 18th September 2019. The price per share will be MVR35 (US$2.21). The main aim of this IPO, according to the new managing director of MIB, is to increase the participation of locals (Maldivians) in the ownership of MIB. The total targeted amount to be raised via the IPO is MVR244 million (US$15.41 million). MIB is selling 31% of its shares equivalent to 6.98 million shares.

  • MMA_and_CMDA_publish_annual_reports_aishath.pdf.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2019)

  • The central bank of the Maldives, the Maldives Monetary Authority (MMA), has published its annual report for 2018. The governor stated in the report that he is happy to reveal that an MMA staff member was selected to pursue postgraduate studies in Islamic banking and finance - a highly sought-after and up-and-coming field in today's world of finance. In addition, several changes were made to the organizational structure of the MMA during the year, to enhance the operational efficiency and governance of the institution.

  • 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.

  • 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...

  • 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.

  • islamic_finance_withstands_the_winds_aishath.pdf.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2019)

  • The Maldives is a small island nation with a 100% Muslim population that is exemplary in its attempt to develop a fully-fledged Islamic finance industry. From only one Takaful company operating in the Maldives in 2003 under a conventional license, now in 2018, there are 13 institutions dealing with Islamic financial services, proving the ever-growing demand for Islamic finance in the Maldives.

  • the_maldives’s_vision_to_be_an_islamic_aishath.pdf.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2019)

  • Outstanding employees for 2018 were honored during the Capital Market Development Authority (CMDA)'s 13th anniversary event held on the 10th February 2019 at Champa Central Hotel, Male. The chief guest of the ceremony, Minister of Finance and Treasury Ibrahim Ameer, emphasized in his speech the vision of the government to sustain Islamic finance in the country and to strategize the Maldives as a hub of Islamic finance.

  • maldives_islamic_bank_to_go_aishath.pdf.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2019)

  • The Maldives Islamic Bank (MIB) plans to go for an IPO this year. The current shareholdings in MIB are 70% by the Islamic Corporation for the Development of the Private Sector, 25% by the government of the Maldives and 5% by Amana Takaful Maldives, the only Islamic equity listed on the Maldives Stock Exchange since 2011.

  • 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.

  • item.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2018)

  • Human governance is a prerequisite to have effective corporate governance. The reason is simple. The brain of any corporation or a company is the people that runs it. As such, we need humans that ethical values in addition to the common criteria of specific skill set, knowledge, expertise and experience to run it. The undeniable truth is at the end of the day the personal characteristics of those who run the corporation or the company matters. Human governance in this context refers to the implementation of good ethical values within humans.

  • sukuk_shehama_magda.pdf.jpg
  • Industry Article


  • Authors: Ismail Abdel Mohsin, Magda (2019)

  • Sukuk shehama is a financial instrument that has only recently emerged. It is a form of government-issued Islamic bond (sukuk) based on musharakah which is found in Sudan but can be easily replicated in any other country. Each certificate carries a nominal value that is calculated in dinars and represents a share of the net investment allocated by the government for this purpose from the selected investment units. Shehama certificates are issued at different times from 6 months to one year. These certificates are issued in multiple categories 50 thousand dinars - 100 thousand dinars - 200 thousand dinars - 500 thousand dinars so that different categories of investors can buy any numb...

  • new_murabahah_based_product_islamic_finance_panel_discussion_Aishath.PDF.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2018)

  • On the 2nd May 2018, the Bank of Maldives (BML) Islamic announced the launch of a new personal financing product whereby applications for this product will be processed within seven days and customers will pay the price of the goods in monthly installments. It is stated on the official website of BML Islamic that customers can now shop for electronics, furniture or home appliances from any of the authorized dealers and pay in monthly installments with BML Islamic Personal Financing. The financing amount is from MVR15,000 (US$949.79) to MVR100,000 (US$6,331.91) for this product, there is an option to enjoy a lower rate, if security is added.

  • how_far_maldives_progressed_achieving_islamic_capital_market_Aishath.PDF.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2018)

  • The Maldives Capital Market Strategic Plan 2015-19 (the Plan) has 10 programs out of which Program 4 specifically deals with developing Islamic capital market products. The strategic priority for Program 4 is broadening access to finance and investment opportunities. The overview of Program 4 states that the Plan aims to promote more investable products to investors of various preferences. Equity, debt, investment funds, private equity and venture capital funds are to be introduced in the form of conventional products and/or Shariah compliant products. As part of the development activities of the authorities, developing Shariah compliant products will be a high priority during the nex...

  • islamic_finance_maldives_reaches_zenith_Aishath.PDF.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2017)

  • Islamic finance is a concept that has captured the confidence and trust of the people in the Maldives and is gaining in popularity today. The ethical and social impact it creates has proven its viability in the country, irrespective of the personal beliefs and criticisms about the operational aspect of it. The year 2017 has demonstrated the strong political will toward the development of Islamic finance in the country and at the national level, a number of initiatives have been taken for the sustainable growth of Islamic finance. 2018 is expected to be a successful year as well for Islamic finance.

  • the_maldives_HDFC_Amna_growing_rapidly_Aishath.PDF.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2018)

  • Shariah compliance offi cer of HDFC Amna, the Islamic window of Housing Development Finance Corporation (HDFC) now holds approximately 22% of the loan portfolio of HDFC, where its total loan portfolio stands at over MVR1.4 billion (US$88.98 million). Azmeen also said that HDFC Amna is expected to dominate the market by 2020, provided that the growth level remains steady. The main reason for the growth of HDFC Amna is the increase in the number of awareness activities on Islamic finance in the Maldives that have enlightened the 100% Muslim population about the importance of using Islamic finance transactions.

  • maldives_islamic_bank_to_expand_outreach_in_2018_Aishath.pdf.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2018)

  • Maldives Islamic Bank (MIB) is the first and only fully-fledged Islamic bank operating in the country since 2011. It started with only one office in the capital Male and over the years, it has expanded to other parts of the country. The latest branch is the Fuvahmulah branch opened on the 24th December 2017 at Gn. Fuvahmulah. This newly opened branch offers a complete range of banking products and services compliant with the Islamic Shariah, including deposit and investment accounts, consumer and business financing facilities, trade finance, remittance, electronic banking and other ancillary services. The branch is headed by a branch manager and supported by six experienced staff.

  • women_on_boards_recognizes_female_empowerment_islamic_finance_Aishath.pdf.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2018)

  • Women on Boards (WOB) has recognized the outstanding services provided by individuals in female empowerment in the Islamic finance industry by conferring them a special award of recognition at a ceremony held at Hotel Jen on the 30th April 2018. The chief guest of the ceremony was Minister of Home Affairs Azleen Ahmed. This is the first time in the history of the Maldives a dedicated set of awards was given to recognize female empowerment in the Islamic finance industry at a global event as it is rare to find an award in the Islamic finance space specially dedicated to female empowerment.

  • IRTI_collaborates_CMDA_maldives_conduct_training_Aishath.pdf.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2018)

  • The Islamic Research and Training Institute (IRTI) of the IDB has collaborated with the Capital Market Development Authority (CMDA) of the Maldives to successfully conduct a three day training program with the theme "Islamic Capital Market". The training was conducted after a five-year gap. The purpose of the training, held from the 25th-27th June 2018 at Champa Central Hotel, was to provide training on Islamic capital market matters for finance industry stakeholders.

  • introduction_salam_forward_sale_aishath et al.pdf.jpg
  • Industry Article


  • Authors: Jaafar, Adlin Izyana; Mohd Khusairi, Hamizah; Muneeza, Aishath (2018)

  • One of the preconditions for a valid sale under Islamic law is the existence of subject matter at the time of sale. However, there are two exceptions that allow the sale of nonexistent objects. The exceptional sale contracts in Shariah are Salam (forward sale) and Istisna' (manufacturing contract). Salam is a sale whereby the seller undertakes to supply some specified goods to the buyer at a future date in exchange of an advanced price fully paid at the spot.

Collection's Items (Sorted by Submit Date in Descending order): 1 to 20 of 100

Industry Article : [100]

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 100
  • the_maldives_celebrates_that_crystal_aishath.pdf.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2019)

  • Amana Takaful Maldives celebrated its 15th anniversary of Islamic finance by honoring key institutional and individual stakeholders who assisted in the development of Islamic finance with awards of appreciation on the 11th July. The governor of the Central Bank of Maldives was the chief guest. Apart from myself, the other individual award recipient was Fathimath Shafeega, former CEO of Capital Market Development Authority, who is currently a board director of the Maldives Islamic Bank (MIB).

  • the_pricing_of_maldives_islamic_bank_aishath.pdf.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2019)

  • In a news conference held by Maldives Islamic Bank (MIB) on the 30th June 2019, it was announced that MIB is going public and its IPO will begin on the 28th July 2019 and close on the 18th September 2019. The price per share will be MVR35 (US$2.21). The main aim of this IPO, according to the new managing director of MIB, is to increase the participation of locals (Maldivians) in the ownership of MIB. The total targeted amount to be raised via the IPO is MVR244 million (US$15.41 million). MIB is selling 31% of its shares equivalent to 6.98 million shares.

  • MMA_and_CMDA_publish_annual_reports_aishath.pdf.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2019)

  • The central bank of the Maldives, the Maldives Monetary Authority (MMA), has published its annual report for 2018. The governor stated in the report that he is happy to reveal that an MMA staff member was selected to pursue postgraduate studies in Islamic banking and finance - a highly sought-after and up-and-coming field in today's world of finance. In addition, several changes were made to the organizational structure of the MMA during the year, to enhance the operational efficiency and governance of the institution.

  • 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.

  • 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...

  • 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.

  • islamic_finance_withstands_the_winds_aishath.pdf.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2019)

  • The Maldives is a small island nation with a 100% Muslim population that is exemplary in its attempt to develop a fully-fledged Islamic finance industry. From only one Takaful company operating in the Maldives in 2003 under a conventional license, now in 2018, there are 13 institutions dealing with Islamic financial services, proving the ever-growing demand for Islamic finance in the Maldives.

  • the_maldives’s_vision_to_be_an_islamic_aishath.pdf.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2019)

  • Outstanding employees for 2018 were honored during the Capital Market Development Authority (CMDA)'s 13th anniversary event held on the 10th February 2019 at Champa Central Hotel, Male. The chief guest of the ceremony, Minister of Finance and Treasury Ibrahim Ameer, emphasized in his speech the vision of the government to sustain Islamic finance in the country and to strategize the Maldives as a hub of Islamic finance.

  • maldives_islamic_bank_to_go_aishath.pdf.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2019)

  • The Maldives Islamic Bank (MIB) plans to go for an IPO this year. The current shareholdings in MIB are 70% by the Islamic Corporation for the Development of the Private Sector, 25% by the government of the Maldives and 5% by Amana Takaful Maldives, the only Islamic equity listed on the Maldives Stock Exchange since 2011.

  • 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.

  • item.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2018)

  • Human governance is a prerequisite to have effective corporate governance. The reason is simple. The brain of any corporation or a company is the people that runs it. As such, we need humans that ethical values in addition to the common criteria of specific skill set, knowledge, expertise and experience to run it. The undeniable truth is at the end of the day the personal characteristics of those who run the corporation or the company matters. Human governance in this context refers to the implementation of good ethical values within humans.

  • sukuk_shehama_magda.pdf.jpg
  • Industry Article


  • Authors: Ismail Abdel Mohsin, Magda (2019)

  • Sukuk shehama is a financial instrument that has only recently emerged. It is a form of government-issued Islamic bond (sukuk) based on musharakah which is found in Sudan but can be easily replicated in any other country. Each certificate carries a nominal value that is calculated in dinars and represents a share of the net investment allocated by the government for this purpose from the selected investment units. Shehama certificates are issued at different times from 6 months to one year. These certificates are issued in multiple categories 50 thousand dinars - 100 thousand dinars - 200 thousand dinars - 500 thousand dinars so that different categories of investors can buy any numb...

  • new_murabahah_based_product_islamic_finance_panel_discussion_Aishath.PDF.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2018)

  • On the 2nd May 2018, the Bank of Maldives (BML) Islamic announced the launch of a new personal financing product whereby applications for this product will be processed within seven days and customers will pay the price of the goods in monthly installments. It is stated on the official website of BML Islamic that customers can now shop for electronics, furniture or home appliances from any of the authorized dealers and pay in monthly installments with BML Islamic Personal Financing. The financing amount is from MVR15,000 (US$949.79) to MVR100,000 (US$6,331.91) for this product, there is an option to enjoy a lower rate, if security is added.

  • how_far_maldives_progressed_achieving_islamic_capital_market_Aishath.PDF.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2018)

  • The Maldives Capital Market Strategic Plan 2015-19 (the Plan) has 10 programs out of which Program 4 specifically deals with developing Islamic capital market products. The strategic priority for Program 4 is broadening access to finance and investment opportunities. The overview of Program 4 states that the Plan aims to promote more investable products to investors of various preferences. Equity, debt, investment funds, private equity and venture capital funds are to be introduced in the form of conventional products and/or Shariah compliant products. As part of the development activities of the authorities, developing Shariah compliant products will be a high priority during the nex...

  • islamic_finance_maldives_reaches_zenith_Aishath.PDF.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2017)

  • Islamic finance is a concept that has captured the confidence and trust of the people in the Maldives and is gaining in popularity today. The ethical and social impact it creates has proven its viability in the country, irrespective of the personal beliefs and criticisms about the operational aspect of it. The year 2017 has demonstrated the strong political will toward the development of Islamic finance in the country and at the national level, a number of initiatives have been taken for the sustainable growth of Islamic finance. 2018 is expected to be a successful year as well for Islamic finance.

  • the_maldives_HDFC_Amna_growing_rapidly_Aishath.PDF.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2018)

  • Shariah compliance offi cer of HDFC Amna, the Islamic window of Housing Development Finance Corporation (HDFC) now holds approximately 22% of the loan portfolio of HDFC, where its total loan portfolio stands at over MVR1.4 billion (US$88.98 million). Azmeen also said that HDFC Amna is expected to dominate the market by 2020, provided that the growth level remains steady. The main reason for the growth of HDFC Amna is the increase in the number of awareness activities on Islamic finance in the Maldives that have enlightened the 100% Muslim population about the importance of using Islamic finance transactions.

  • maldives_islamic_bank_to_expand_outreach_in_2018_Aishath.pdf.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2018)

  • Maldives Islamic Bank (MIB) is the first and only fully-fledged Islamic bank operating in the country since 2011. It started with only one office in the capital Male and over the years, it has expanded to other parts of the country. The latest branch is the Fuvahmulah branch opened on the 24th December 2017 at Gn. Fuvahmulah. This newly opened branch offers a complete range of banking products and services compliant with the Islamic Shariah, including deposit and investment accounts, consumer and business financing facilities, trade finance, remittance, electronic banking and other ancillary services. The branch is headed by a branch manager and supported by six experienced staff.

  • women_on_boards_recognizes_female_empowerment_islamic_finance_Aishath.pdf.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2018)

  • Women on Boards (WOB) has recognized the outstanding services provided by individuals in female empowerment in the Islamic finance industry by conferring them a special award of recognition at a ceremony held at Hotel Jen on the 30th April 2018. The chief guest of the ceremony was Minister of Home Affairs Azleen Ahmed. This is the first time in the history of the Maldives a dedicated set of awards was given to recognize female empowerment in the Islamic finance industry at a global event as it is rare to find an award in the Islamic finance space specially dedicated to female empowerment.

  • IRTI_collaborates_CMDA_maldives_conduct_training_Aishath.pdf.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2018)

  • The Islamic Research and Training Institute (IRTI) of the IDB has collaborated with the Capital Market Development Authority (CMDA) of the Maldives to successfully conduct a three day training program with the theme "Islamic Capital Market". The training was conducted after a five-year gap. The purpose of the training, held from the 25th-27th June 2018 at Champa Central Hotel, was to provide training on Islamic capital market matters for finance industry stakeholders.

  • introduction_salam_forward_sale_aishath et al.pdf.jpg
  • Industry Article


  • Authors: Jaafar, Adlin Izyana; Mohd Khusairi, Hamizah; Muneeza, Aishath (2018)

  • One of the preconditions for a valid sale under Islamic law is the existence of subject matter at the time of sale. However, there are two exceptions that allow the sale of nonexistent objects. The exceptional sale contracts in Shariah are Salam (forward sale) and Istisna' (manufacturing contract). Salam is a sale whereby the seller undertakes to supply some specified goods to the buyer at a future date in exchange of an advanced price fully paid at the spot.

Collection's Items (Sorted by Submit Date in Descending order): 1 to 20 of 100