Aishath Muneeza is a member of Emerald Literati Network and Institute of Islamic Banking and Insurance (UK). She is also an Associate Fellow of the World Business Institute (Australia). Aishath has published books and numerous articles and research papers in national and international journals.
Could you provide a brief journey of how you arrived where you are today?
Through the years spent studying and researching for my law degree many encounters with Islamic finance took place. However, while spending time reviewing and analyzing the finance sector for my Masters degree, the imminent need and the potential to contribute to the Islamic finance industry became a personal interest. Since then it has been my aim to publish numerous research papers on topics relevant to the growth and barriers as well as legal paradoxes related to Islamic banking and finance.
Fortunately, these humble attempts have materialized. The interest to work in the Islamic finance industry grew by cumulatively with the successful completion of my studies. Naturally for my PhD, I pursued a topic directly related to Islamic banking and finance.
Over the past few years practical exposure combined with knowledge gained via technical seminars and conferences has aided me to successfully position myself in this industry.
What does your role involve?
My role involves facilitating the establishment of a fully-fledged Islamic capital market in the Maldives parallel to the existing conventional capital market. In this process I am mandated to draft the laws needed for this and also conduct awareness sessions with the stakeholders and the general public to create a demand-driven market.
What is your greatest achievement to date?
Playing the lead role in establishing the first Islamic window, HDFC Amna, dedicated to Islamic home financing facilities in Maldives. This was a profound personal accomplishment. Acting as the Shariah advisor for the first Sukuk to be offered in the Maldives, and being able to contribute a large share to creating the legal framework for the establishment of Islamic capital market in the Maldives are further dreams that have materialized.
Which of your products/services deliver the best results?
As the regulatory entity for the capital market, the CMDA has been proactively working towards the inception of the Islamic capital market. The effort became a reality for the Islamic capital market just a year ago and the struggle to promote it has been undertaken. It could safely be said that the market has received and acknowledged it very well and the reason for this is the effectiveness of the structured awareness programs and professional courses that have been successfully conducted.
What are the strengths of your business?
With the Maldives being a 100% Muslim country, the inherent demand for Islamic finance is one of the major strengths for the regulatory body of Islamic capital market in Maldives. The success of Islamic banking in the country strongly indicates the viability of Islamic finance in the country.
What are the factors contributing to the success of your company?
The passion-driven CEO and the efforts of the staff of the CMDA are crucial factors that contribute to the development of Islamic capital market in the Maldives and this dynamic effort has diffused to the market players invoking willingness to explore Islamic finance, which in turn is also a factor appending to the success of the CMDA.
What are the obstacles faced in running your business today?
The biggest challenge is the limited technical competency, education, awareness and shortage of expertise of Islamic capital market in the country. Furthermore, the legal challenges such as the inability to list the financing products on their own and not having laws to regulate special purpose vehicles and trusts are also problems that inhibit the potential growth of the market.
Where do you see the Islamic finance industry in the next five years?
In a global context, Islamic finance will prosper and be adopted by most countries irrespective of faith. Islamic finance, being universally recognized as a practical means to achieve responsible financing, will also provide a significant boost for global investors to venture to small island nations like the Maldives with well-established and reputable Islamic finance sectors.
Name one thing you would like to see change in the world of Islamic finance.
Stakeholders of Islamic finance globally, irrespective of the jurisdiction, need to realize that Islamic finance is not only about eliminating Riba but is much more than that. The application of Shariah in all stages of Islamic finance transaction will help streamline the products and establish a fruitful Islamic finance sector.