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.

The 2nd Maldives Islamic Banking and Finance (MIBFI) Conference has acted as a forum where the Islamic banking and finance fraternity converge to discuss a plethora of issues. While the local players took center stage, the participation of foreign delegates complemented the Maldivian participants in engaging one another in discussions relating to the future prospects of the Islamic banking and finance industry in Maldives and beyond. This year's theme of the conference was 'Creating a center of Islamic Finance'.

The Maldives has embarked on the huge task of developing Islamic finance parallel to its existing conventional finance market. After establishing its very first Islamic bank in March 2011, the country also witnessed the issuance of its first Islamic equity in 2011. The first company in Maldives that was listed as a company issuing Shariah compliant equity was Amana Takaful Maldives. The country is subsequently moving towards the development of a sukuk market.

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

Ever heard of an occasion where property has been used to generate revenue to a waqf fund? Well, here's one. It's called the Dharul Eeman project and is being tried and tested in the Maldives. We hope that its success story will be an inspiration to other countries who wish to adopt a similar approach to enrich their cash waqf funds. This project is proof that innovation is the key to developing an Islamic economy. This model is unique as the general norm is to develop properties to generate income from waqf lands; but in this case the Ministry of Islamic Affairs is intending to develop a land in order to generate income for a cash waqf fund which will be used to build, repair and maintain mosques all over the nation.

This project paper aims to explore the utilisation of ISF instruments to fund orphans for tertiary education in Malaysia in achieving reduced inequality. Orphans in Malaysia often face significant obstacles in accessing higher education due to their financial circumstances, which perpetuates the cycle of poverty and inequality. The three main purposes of this study are (i) to study the challenges faced by orphans in Malaysia to obtain tertiary education to achieve SDG No. 10 (Reduced Inequalities); (ii) to analyse the role of Islamic finance in other countries in eliminating financial challenges faced to provide tertiary education to orphans; and (iii) to explore the potential of ISF in providing financing opportunities for orphans' tertiary education in Malaysia. ISF provides a framework for using socially responsible financial instruments to address social issues and promote equity. The qualitative research methodology has been identified as the main methodology throughout this research. The findings suggest that ISF can be an effective means of funding tertiary education for orphans in Malaysia as the financial burden on orphans can be alleviated, while also promoting social responsibility among the broader community. This project paper highlights the potential of ISF as a tool for promoting equity in education and addressing social issues in Malaysia. The findings can provide guidance to the policymakers, educators, and ISF institutions on the effective implementation of ISF to fund tertiary education for orphans, thus promoting inclusive growth and development.

For Muslims zakat is obligatory and different jurisdictions in the world have different mechanisms to administer it. Maldives is a hundred percent Muslim country and zakat administration in the country is unique. As such the objective of the paper is to discuss the zakat administration in Maldives with special reference to zakat al mal and to discuss the challenges facing the existing way of zakat administration. The paper also includes ways to overcome the challenges. No literature on this area in Maldives could be found and as such reference to primary materials such as unpublished statistics, reports, brochures have been made. It is hoped that this paper will encourage further research on this area in Maldives.

For Muslims zakat is obligatory and different jurisdictions in the world have different mechanisms to administer it. Maldives is a hundred percent Muslim country and zakat administration in the country is unique. As such the objective of the paper is to discuss the zakat administration in Maldives with special reference to zakat al mal and to discuss the challenges facing the existing way of zakat administration. The paper also includes ways to overcome the challenges. No literature on this area in Maldives could be found and as such reference to primary materials such as unpublished statistics, reports, brochures have been made. It is hoped that this paper will encourage further research on this area in Maldives.

Despite the significant growth in Islamic economies and the increasing number of Muslim youths inclining digital services, empirical-based research addressing the adoption of digital Islamic services is still limited. ZakaTech is a new phrase that has recently emerged as a modern term describing novel technologies adopted by zakat institutions; yet, it has been largely neglected in the literature. Therefore, this study aims to provide an integrated model that scrutinizes the determinants of acceptance and use of technology (UTAUT) of ZakaTech, combined with social cognitive theory (SCT), in the midst of the COVID-19 crisis where social distancing is the norm in conducting economic activities. Based on cross-national evidence from two Muslim-majority countries, a total of 1,006 valid responses were collected from zakat payer users in Saudi Arabia and Egypt using a Web-based survey. To validate the research model and draw significant insights, SmartPLS structural equation modeling was used. By analyzing both Saudi and Egyptian samples, the authors found that all UTAUT constructs are statistically significant, except for effort expectancy in Egypt. The effects of self-efficacy and social isolation on ZakaTech adoption are supported across both countries. Trust in technology reduces users' inherent risks and increases their likelihood of adopting ZakaTech services in Saudi Arabia, while this is not the case in Egypt. However, the study revealed that trust in electronic-zakat systems (EZSs) is a vital predictor for mitigating perceived risk among Egyptian users of ZakaTech, but it is not the case in Saudi Arabia. Moreover, significant gender differences were found between males and females in the adoption of such digital services in both countries, particularly regarding self-efficacy, trust in EZSs, social isolation and social influence.

The failure of the capitalist system in financing with zero interest created a huge gap between the rich and the poor. According to the World Bank statistics of 2012 on Global Issues, more than 80% of the world's population live in countries where income inequality is very wide. As stated by the World Bank 20% of the poorest of the world's population accounts for less than 2% of the global wealth where 20% of the richest account for almost 77% of the global wealth in 2008. One of the main causes of this wealth inequalities is the lending with interest and which in turn increases the wealth of the minority rich and reduce the wealth of the mass. Such situation encourages the authors to look at the alternative financial system which has been recommended in Islam and which provides many financial products that can help not only in reducing the gap between the rich and the poor but can promote economic growth in a just sustainable manner. The main objectives of this book are to comprehensively discuss the Islamic financial products and the Islamic socio financial products using current practical cases besides highlighting their economic and social impact in various countries.

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.

Amana Takaful Maldives has announced the declaration of dividends for the year 2022. During the 12th Annual General Meeting held on the 22nd May 2023, shareholders approved a final dividend of 15% on the face value of each share. The total amount of this dividend is MVR3.95 million (US$255,819). When combined with the interim dividend paid in November 2022, the total dividend for the year 2022 amounts to MVR6.58 million (US$426,150). The books for dividend distribution were closed on the 10th May 2023, and only shareholders registered on or before that date are eligible to receive the dividends. According to Section 55(a)(4) of the Income Tax Act (Law No 25/2019), the company is required to deduct 10% from the dividends paid to non-resident shareholders. If it is unclear whether a shareholder is a resident in the Maldives, they will be treated as a non-resident, and the company will deduct a non-resident withholding tax of 10% from their dividend payment. Shareholders are encouraged to update their residency status with the company. On the 13th May 2023, the Islamic Corporation for the Development of the Private Sector (ICD) and Amana Takaful Maldives signed an MoU to establish a collaborative partnership.

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.

Technology has advanced with the spread of internet services. Statistics by the United States have estimated that internet facilities have been made available to over a third of the total world population and, in the same vein, access to mobile phones has been rendered to about 85 percent of the population. Crowdfunding finds widespread support via internet platforms and is gaining momentum as a means to empower people and businesses hitherto unable to access banking or access limited facilities therefrom. Today, it has become a mechanism for raising funds to build multi-billion-dollar industries. It is said that the difficulties encountered while struggling to source funds by newly-formed businesses following the 2018 global financial meltdown led to the emergence of crowdfunding. The objective of this research is to present a discourse on how crowdfunding can be facilitated leveraging on blockchain technology. This is a qualitative research where data from literature on the subject matter is analysed and conclusions derived. Outcome of this research revealed that integrating blockchain technology with crowdfunding is possible and benefits all parties involved in the transaction. This integration reduces transaction cost and, from governance perspective, provides certainty and trust to the system and mitigates risk for the parties.

The emergence of innovative digital financial technologies, namely blockchain and crowdfunding, indicates new ways to reach the poor and economically vulnerable groups. This paper contributes to the emerging literature on financial technology by presenting the case of crowdfunding in financial inclusion. The rationale behind this inquiry is to demonstrate the relevance of crowdfunding to financial inclusion, and how might blockchain technology fuel the development of crowdfunding. This paper also constitutes one of the first attempts to analyse crowdfunding in Malaysia and Shariah-compliant crowdfunding. In this paper, a desk research is conducted where journal articles, books, magazines, newspapers, industry reports published on the subject matter are reviewed critically. To analyse the development of crowdfunding in Malaysia, 6 crowdfunding platforms are examined. The outcome of this research suggests that crowdfunding is a viable means to promote financial inclusion, and blockchain technology could help mitigate the current issues faced by platform operators.

Ju'alah is one of the least researched types of Shariah contracts used in Islamic finance. The objective of this paper is to explore the current and potential applications of Ju'alah with specific reference to Malaysian Islamic banking, takaful and the Islamic capital market. This paper establishes that there is potential for using Ju'alah in Islamic finance as a primary and/or secondary contract. It also establishes that Ju'alah can be used in takaful, though it is not being currently used for this in Islamic banking and the Islamic capital market in Malaysia. It is anticipated that the findings of this paper will improve understanding of the practice of Ju'alah in the Malaysian Islamic finance industry.

This research aims to deal with the law of evidence invoked in Islamic banking cases reported in Malaysia from 1983 to 2015 and determine whether the invoked provisions of the statute in the case law have any conflicts with Islamic law that are threatening the development of Islamic banking in Malaysia. The methodology used in this research is assessing the implication by studying the provisions of the law of evidence that has been invoked in the reported case law. It is evident from this research that following are the evident conflicts found in the Evidence Act 1950. In this arena, the following changes are significant for sustaining Islamic banking in Malaysia. Expert opinion under Section 45 of the Evidence Act 1950 should be amended such that in Islamic banking, under this Act, expert opinion can be sought by the court. The rule and exceptions of parol evidence in Sections 91 and 92 of the Evidence Act 1950 need to be amended such that in Islamic banking matters, anything that is contrary to Shariah is mentioned in the contract; this amendment will be an exception to the parol evidence rule on the grounds that the written Islamic contract can be amended or set aside depending on the circumstances of the case.

Islamic banking is called shariah compliant banking as all transactions conducted in the banking transaction starting from product offering stage until the dispute resolution stage shall comply with the principles of Islamic law. As such the objective of this paper is to find out the application of parol evidence rule to Islamic banking in Malaysia and to find out whether the application of parol eveidence is compliant with the principles of Islamic law or not.

Finance industry has become an essential part of the digital transformation in the perspective of Industry 4.0. The objective of this research is to find out the prospects of applying precious metal-backed cryptocurrency (PMBC) to Islamic finance by exploring its application to the different Islamic finance contracts for structuring Islamic finance products. A qualitative methodology is employed in conducting this research where relevant literature on the subject matter was reviewed. By using doctrinal approach, the paper presents Shari'ah compatibility of and issues in application of PMBC to Islamic finance contracts. The outcome of the research reveals that there is scope to use PMBC backed by gold to replace the function of fiat currency in Islamic finance contracts. However, there are specific Shari'ah rules applicable to each of the contract as derived from AAOIFI's Shari'ah standard No. 57 published in 2016. For the sustainable development and practical implementation of PMBC in Islamic finance, it is observed that there are certain inhibitions that need to be eliminated such as lack of political will in acknowledging it as a legal tender and development of an adequate and effective infrastructure with legal, regulatory and governance frameworks. It is anticipated that the outcome of this research will assist the policymakers and stakeholders of Islamic finance to prepare themselves to utilize PMBC in Islamic finance industry and to conduct further research in resolving the issues identified for adoption of PMBC backed by gold in a Shari'ah compliant way.

Limitations of action designate extent of time after an event, as set by statutes of limitations, within which legal action can be initiated by a party to a transaction. No event is actionable outside the designated time as same is rendered statute-barred. This study aims to provide an insight into application and significance of Limitations Act 1950 and Limitation Ordinance 1952 to Islamic banking matters in Malaysia as well as Shariah viewpoint on the issue of limitation of action. In conducting the study, a qualitative research methodology is employed where reported Islamic banking cases from 1983 to 2018 in Malaysia were reviewed and analysed to ascertain the application of those statutes of limitations to Islamic banking. Likewise, relevant provisions of the statutes as invoked in the cases were examined to determine possible legislative conflicts between the provisions and the rule of Islamic law in governing the right and limitation of action in Islamic banking cases under the law. The reviewed cases show the extent to which statutes of limitations were invoked in Malaysian courts in determining validity of Islamic banking matters. The limitation provisions so referred to are largely sections 6(1)(a) and 21(1) Limitations Act 1953 and section 19 Limitation Ordinance 1953, which do not conflict with Shariah viewpoint on the matter. This study will prove invaluable to financial institutions and their customers alike in promoting knowledge and creating awareness over actionable event in the course of their transactions.

The objective of this paper is to explore the practical application of ta'widh and gharamah in Islamic banking in Malaysia with reference to the guidelines that are applicable to date; and find out the issues detected in the implementation of them. In the course of doing this, Shariah reasons for imposing ta'widh and gharamah in Islamic banking are discussed. Also, whether ta'widh and gharamah would be required for Islamic banking with reference to possible alternatives to them is also discussed. This qualitative study primarily focuses on library research and adopts case study approach for analyzing the application of ta'widh and gharamah. The jurisdiction of the study is Malaysia because the central bank of the country has made policies on the matter. The paper draws on observations made by Shariah scholars about the policies on the subject matter. This study gives an insight into the history and issues related to ta'widh and gharamah which are often kept tacit. It is recommended that future studies should look into the effectiveness of these two approaches to serve as a deterrent factor and contribute to the declining rate of non-performing financing in Islamic banks.