Prof. Dr.


Aishath Muneeza

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Qualification Law in International Islamic University Malaysia. (2013)
Fields/Area of Specialization
Islamic Banking Law
Prof. Dr. Aishath Muneeza holds a 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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Now showing 1 - 11 of 240
  • Publication
    Developing regional healthcare facilities in Maldives through mudharabah perpetual sukuk
    Fathimath Nashwa Badeeu; Aminath Reesha Nafiz; Aishath Muneeza (New Millennium Discoveries, 2019)

    The purpose of this paper is to identify the underlying issues of healthcare system in Maldives in order to provide an understanding of the challenges facing healthcare providers in islands and atolls in a wider context. The paper scrutinizes the financial burden faced by the current healthcare system in Maldives. It also proposes shariah compliant mechanism that can be utilized to minimize financial burden in a long-term basis. It is hoped that the outcome of the research will assist the policymakers of Maldives to devise a shariah compliant mechanism to finance the development of atoll and island health facilities in a sustainable manner.

  • Publication
    A unique Islamic microfinance scheme
    Aishath Muneeza (Wahed Invest, 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

  • Publication
    How far has the Maldives progressed in achieving its Islamic capital market objectives?
    Aishath Muneeza (Redmoney, 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 next five years.

  • Publication
    Sukuk structure for deficit financing during COVID-19 crisis
    Auwal Adam Sa'ad; Razali Haron; Anwar Hasan Abdullah Othman; Aishath Muneeza (Emerald Publishing Limited, 2022)

    This paper identified the sukuk structure suitable for deficit financing during the COVID-19 crisis. The study also explored the relevant Shari'ah contracts that could be utilized to issue sukuk that is suitable for various jurisdictions and corporations in handling deficit financing during the COVID-19 crisis. The authors have adopted a qualitative research approach in which primary and secondary sources available on the subject were reviewed, especially a number of cases related to sukuk structures prior to and during the COVID-19 crisis and analyzed their performances and drawn their conclusions. The outcome of this paper suggests that certain sukuk structures used during the COVID-19 crisis aimed primarily at financing deficit have been successful. Furthermore, these sukuk structures are relied very much on the obligator's/issuer's cash flow position. It has been revealed that if the sukuk is structured on equity-based contracts with lower repayment amount or no payment, it would not trigger default because the nature of this sukuk is the sharing of profit and loss, in accordance with a Shari'ah rule that there will be compensation for any loss only if deliberate and notable negligence is proven. However, if it is debt based or ijarah and wakalah contracts, then the payment to sukuk holders ought to be made as agreed and if not, it will trigger default. This payment is to be made from the cash flow of the issuer and if there is an issue in the cash flow of the issuer due to COVID-19, consent from the sukuk holders needs to be obtained to reschedule payment as found in the case of the Garuda Indonesia sukuk. However, as found in MASB's IMTN sukuk case, if the cash flow of the company is good, then the chances of default are very slim. However, so far, three new sukuk in the middle of COVID-19 were issued, one by a corporation and two issued by a sovereign, one of which addresses the liquidity issues during the pandemic, and all these proved that sukuk is definitely a viable alternative mode for deficit financing and a reliable option during the COVID-19 pandemic. This paper looked into the sukuk structure, especially the sukuk which are yet to mature and the new sukuk issued during the crisis caused by the COVID-19 pandemic.

  • Publication
    Practical application of kafalah in Islamic banking in Malaysia
    Zakariya Mustapha; Aishath Muneeza (Emerald Publishing Limited, 2020)

    The purpose of this paper is to explore the application of kafalah in the practice of Islamic banking in Malaysia generally and ascertain applicable rules governing the application under relevant legislations and Shariah. The study also aims to examine the legislations in the light of Shariah provisions governing kafalah and propose amendments. This is a qualitative research where primary data sources mainly legislations and secondary sources comprising of articles and books on the subject of kafalah were examined. It is an exploratory legal research that primarily focuses on library studies and adopts doctrinal approach for content analysis of data from the identified sources. Kafalah is widely used in Islamic banking in Malaysia with primary or secondary application in structuring such products/services as personal guarantee, bank guarantee, Islamic credit card among others. The substantive law applicable to kafalah in Islamic banking in Malaysia is the Contracts Act 1950 as decided cases indicate. However, provisions of the Act are at variance with rules of Shariah applicable to kafalah on absolution of guaranteed debtor, multiple guarantors' liability towards guaranteed sum as well as recourse and recovery from principal debtor.

  • Publication
    Cross-border banking transactions: is there a need to uniform stock screening procedures
    Christine Korimbocus; Nik Nurul Atiqah Nik Yusuf; Sooraiya Capery; Aishath Muneeza (LexisNexis Malaysia Sdn Bhd, 2011)

    Islamic stock screening bodies are vital due to the increase in the numbers of mixed companies in the world. This creates a dilemma as there is no uniform Islamic stock screening procedure followed by the screening bodies. This has created confusion among the investors to some extent. The objective of this paper is to provide an overview of the criteria used in the screening process and also to examine the different methods and approach used by the different providers of stock screening solutions. The questions addressed in this paper are; whether the different procedures and yardsticks used to screen stocks are acceptable; whether the procedures inhibit the growth of Islamic equities in the global market; and whether there is a need for uniform stock screening procedures worldwide.

  • Publication
    Pandemic thoughts to assist poor in India: being a helper in your community
    Aishath Muneeza (Indian Centre for Islamic Finance (ICIF), 2021)

    COVID-19 is a black swan event that has turned back the global poverty clock. Millions have lost their jobs overnight and have no way to find employment due to the lockdown measures taken to adequately deal with the pandemic and save the humankind from being extinct. The first case of COVID-19 in India was reported on 30 January 2020 and on 24 March 2020, the Prime Minister of the country announced that the country is going for full lockdown. This caused disruption in all major economic activities and led to increase in unemployment causing extreme poverty as no immediate financial helping hand was offered to them. According to the International Labor Organization (ILO), it is expected that 400 million people in India risk falling into poverty due to disruption in economic activities caused by the lockdown measure taken to control the pandemic.

  • Publication
    Amana Takaful pays dividend
    Aishath Muneeza (Redmoney, 2017)

    Amana Takaful Maldives (Amana Takaful) has announced its interim dividend payment to its shareholders for the year 2017 based on its commendable performance. Amana Takaful reported a profit of MVR4.8 million (US$307,625) in the first seven months, ending July 2017, compared to a growth of 21% over the same period in 2016. In addition, gross written premiums worth MVR80 million (US$5.13 million) were recorded, showing a notable growth with higher volumes in the leading classes.

  • Publication
    Introduction to Islamic finance in Africa
    M. Kabir Hassan; Karamo N. M. Sonko; Aishath Muneeza (Edward Elgar Publishing Limited, 2022)

    Africa is a continent that has contributed significantly to the institutionalization and development of Islamic finance in the world. Islam is the major religion in many countries in Africa, particularly those in the north of the continent (Saleh, 2021). For instance, in countries like Somalia, Morocco, Mauritania and Algeria about 99% of the population are Muslims while in Egypt 90% of the population are Muslims (Saleh, 2021). In 1963, the first ever Islamic bank incorporated in the world was formed in Egypt (Orhan, 2018) while in 1979, the world's first takaful company was incorporated in Sudan (Billah et al. 2019). Though the institutionalization of Islamic finance began in the African continent, there is still a need to unlock the full potential of Islamic finance (Dey and Jen, 2018; Parker, 2021). For the huge necessity to finance infrastructure projects and to alleviate poverty via financial inclusion, Islamic finance has the potential to provide adequate solutions (Monnet, 2019). However, there are numerous challenges such as the regulatory gap and knowledge gap that must be resolved to implement Islamic finance in a sustainable manner in Africa (Dey and Jen, 2018). Lack of government support to utilize Islamic finance in Africa has also been identified as a challenge (Parker, 2021). The straw that broke the camel's back in this regard is COVID-19, which has become a threat not only to Africa but also the whole world in the quest to achieve sustainable development.

  • Publication
    Policy approach adopted for issuance of green sukuk: is priority given to priority needed areas?
    Abdur Rahman; Abu Umar Faruq Ahmad; Saeed Awadh Bin-Nashwan; Asma Hakimah Abdul Halim; Ruzian Markom; Aishath Muneeza (Emerald Publishing Limited, 2023)

    Green sukuk (GS) is a recent innovation that has the potential to serve humankind in sustainable development. However, its potential can only be achieved if the proceeds of GS are used for the priority areas needed. Therefore, the purpose of this study is to find out, using selected GS issued to determine whether the proceeds of GS are actually given to the needed areas. This is qualitative research utilizing case studies where the "priorities given" areas are observed through information collected from the library that consists of primary and secondary sources, such as statutes, books, articles and internet sources, while "priorities needed to issue GS" areas are determined through information collected from Al-Quran and hadiths to derive conclusions. The outcome of this study reveals some untouched areas that needed immediate attention where GS can be implemented. This study recommends implementing GS for the plant, agriculture, forests, road, water, animal and others. One example in this regard is to create "forest sukuk," which is a tool for financing forest preservation.

  • Publication
    Laws pertinent to corporate governance of Islamic banks in Malaysia
    Aishath Muneeza (LexisNexis Malaysia Sdn Bhd, 2012)

    Malaysia is the cranium of Islamic banking and the most sophisticated laws on the matter could be found in Malaysia. Corporate governance legal infrastructure of Islamic banks is an area that is not explored much. Whenever a person talks about the corporate governance of Islamic banks, people perceive it as Shariah governance or the regulation of the Shariah Advisory Boards established in the Islamic banks. It has been misconceived that Islamic banks only apply Shariah or Islamic law which is not codified as legislations but based on what the Shariah scholars who sit in Shariah Advisory Boards derive. This may be the reason as to why Islamic banks are often considered to be prone to the effects of 'fatwa shopping' and also the reason why sometimes, Islamic banks are labelled as 'terrorism' financing institutions...