Republic of Maldives – 17 September 2024: At the prestigious 14th Global Islamic Finance Awards (GIFA) held in the Republic of Maldives, Professor Dr. Aishath Muneeza was awarded the GIFA Islamic Finance Advocacy Award 2024, in recognition of her exceptional contributions to the field of Islamic finance. As a pioneering figure in Islamic finance, both domestically and internationally, her efforts have shaped the growth of the industry, particularly in her home country, the Maldives.

Professor Dr. Muneeza holds the distinction of being the first female Deputy Minister in the Ministry of Islamic Affairs and the Ministry of Finance and Treasury of the Maldives. Her leadership and advocacy have been instrumental in developing innovative Islamic finance frameworks, advancing the Islamic capital market, and structuring corporate sukuk offerings and treasury instruments. These initiatives have played a significant role in creating a robust Islamic money market and capital market in the Maldives.

Professor Dr. Aishath Muneeza shared with the newspaper that she dedicated the Islamic Finance Advocacy Award 2024 (GIFA) to the memory of her dear friend, Al Marhoom Uz. Ismail Wisham. Reflecting on their shared history, Dr. Muneeza recalled how they embarked on their journey in Islamic finance together, starting with a landmark conference in the Maldives in 2010 aimed at raising awareness. Ismail played a crucial role in facilitating her application to the Capital Market Shariah Committee in 2011 and supported various aspects of her work, including overseeing Islamic finance documentation for the Maldives Islamic Bank and co-authoring her first academic paper and two books. Dr. Muneeza expressed deep gratitude for his enduring influence and prayed for Allah’s blessings upon his soul, asking for forgiveness of his sins and the highest rank in Jannah.

In her acceptance of the award, Professor Dr. Muneeza expressed her gratitude, saying: "I am truly honored to receive the GIFA Islamic Finance Advocacy Award 2024. This recognition is a proud moment for the Maldives and all who aspire to advance Islamic finance. It reflects our dedication to promoting ethical financial practices and encourages further innovation in this field. I hope this award inspires others to continue striving for excellence and to contribute meaningfully to the growth of Islamic finance, both in our nation and globally."

Trailblazing Career and Contributions

As the Head of Islamic Finance at the Capital Market Development Authority of Maldives, Professor Dr. Muneeza played a key role in establishing the country’s Islamic capital market framework. She has been pivotal in structuring sukuk for public and private entities, ensuring that the Maldives remains a key player in the global Islamic finance industry. In addition to her work in the Maldives, Professor Dr. Muneeza has served in numerous influential roles globally, including as a Shariah Adviser registered with the Securities Commission of Malaysia, the Capital Market Development Authority of Maldives, and the Securities and Exchange Commission of Sri Lanka.

Professor Dr. Muneeza’s international expertise is recognized through her membership in the Public Interest Monitoring Consultative Committee (PIMCC) of AAOIFI in Bahrain and her role as an Executive Committee (EXCO) member of the Association of Shariah Advisors in Islamic Finance (ASAS), Malaysia. She also serves as the Senior Islamic Finance Advisor for UNFPA, Malaysia.

Currently, she serves as a Board Member of Amana Takaful Maldives and is a Shariah Committee member for Maldives Islamic Bank, HDFC Amna, Alia Investment Maldives, CIMB Islamic, and Munich Re.

Her groundbreaking work has earned her several accolades, including the Rehendhi Award, honoring her as a leading female contributor to Islamic finance in the Maldives. She is also recognized as one of the top Islamic economists by Islamica 500.

Advocacy and Educational Leadership

Beyond her roles in regulatory and advisory positions, Professor Dr. Muneeza is a staunch advocate for education in Islamic finance. As a professor at INCEIF, she is committed to developing the next generation of Islamic finance professionals. Through her work, she has inspired many to pursue careers in academia and finance, particularly women, advocating for greater inclusion and gender equality within the Islamic finance industry.

Her efforts in advancing Islamic finance and fostering a culture of ethical financial practices have solidified her legacy as one of the most influential figures in the field. Professor Dr. Muneeza’s work continues to shape the future of Islamic finance, not only in the Maldives but across the globe.

Her Journey in Islamic Finance

Professor Dr. Aishath Muneeza's journey to becoming a renowned academic and a pioneering figure in the Islamic finance industry is marked by her passion, resilience, and dedication. Her path was far from linear, reflecting a blend of academic ambition and a commitment to practical contributions in the development of Islamic finance, particularly in her home country, the Maldives.

From a young age, Professor Dr. Muneeza aspired to become a professor. After completing her postgraduate studies, she began lecturing at various institutions and remained engaged in research and publication activities. However, the road to academia was temporarily postponed as she prioritized her work in establishing a full-fledged Islamic finance industry in the Maldives. As a consultant, Shariah adviser, and later, a public servant holding key government roles, she played an instrumental role in modernizing and developing the country's waqf, zakat, and hajj funds, as well as the halal certification system.

Her contributions were especially significant during her tenure as the Deputy Minister of the Ministry of Islamic Affairs and later the Ministry of Finance and Treasury. In these roles, she was involved in groundbreaking initiatives, including the establishment of the Maldives Centre for Islamic Finance, which positioned the Maldives as a hub for Islamic finance in South Asia. Additionally, she helped launch Hazana Maldives Ltd., a special purpose vehicle for domestic sukuk issuances by the government. Her work in these capacities demonstrated her ability to bridge the gap between Islamic finance theory and practical implementation, while also making significant contributions to her nation’s financial system.

When she eventually transitioned to academia, joining INCEIF, the global university of Islamic finance, as an Associate Professor, Dr. Muneeza faced a different set of challenges. At the time of her appointment, INCEIF had no female full professors, which raised concerns among her peers about potential gender bias. Despite these reservations, she remained focused on achieving her goal of becoming a professor, driven by her love for challenges and her desire to inspire other women to pursue academic careers. Her perseverance paid off, as she became one of INCEIF's distinguished professors, contributing not only through teaching but also by sharing her rich experience from the Islamic finance industry.

Professor Dr. Muneeza’s journey has been shaped by a series of professional challenges, many of which arose during her efforts to establish a full-fledged Islamic finance industry in the Maldives. One of the most significant obstacles she encountered was the lack of awareness about Islamic finance among stakeholders and the general public, despite the Maldives being a 100% Muslim country. This lack of understanding led to further challenges, such as the scarcity of human talent necessary to develop the industry. In the early days, Professor Dr. Muneeza often found herself single-handedly managing the development of Islamic finance entities, from structuring products to handling marketing and documentation.

To address these challenges, she spearheaded awareness programs and educational initiatives. As an Islamic Finance Consultant and Head of Islamic Finance at the Capital Market Development Authority, she organized monthly awareness sessions for nearly four years, educating the public on the fundamentals of Islamic finance. She also authored a handbook on Islamic finance in the native Dhivehi language, which was widely distributed to further disseminate knowledge. Recognizing the need for a qualified workforce, Professor Dr. Muneeza played a key role in introducing a postgraduate Islamic finance course in the Maldives, in collaboration with INCEIF. This program was designed to fast-track the development of human capital by targeting senior management professionals familiar with conventional finance.

Professor Dr. Muneeza’s impact on the Islamic finance industry is not limited to her role as an educator. Her work in structuring corporate sukuks and developing Shariah-compliant financial products has been groundbreaking. She introduced innovative solutions in response to the legal limitations faced in the Maldives, such as issuing corporate sukuks without the involvement of a special purpose vehicle and creating unique Shariah screening criteria tailored to the Maldivian context. These efforts have demonstrated that with creativity and determination, Islamic finance can thrive even in challenging regulatory environments.

Her efforts have not gone unnoticed. Over the years, Professor Dr. Muneeza has received numerous national and international awards in recognition of her contributions to Islamic finance. For her, each award is not just a personal achievement but a testament to the progress of the Islamic finance industry. She takes particular pride in her practical contributions, whether in the form of new financial products or entities, or through her role in educating and mentoring the next generation of Islamic finance professionals.

As the Deputy Minister of both the Ministry of Islamic Affairs and the Ministry of Finance and Treasury in the Maldives, Professor Dr. Muneeza brought a unique perspective to these roles. She firmly believes that success in any field, regardless of gender, is a result of competency and passion. Her gender, however, did make her conscious of the importance of representation, especially in a male-dominated industry. She used her platform to advocate for women's empowerment, arguing that more opportunities should be provided for women with the necessary knowledge and skills to contribute to Islamic finance.

Looking to the future, Professor Dr. Muneeza sees immense potential for Islamic finance in the Maldives and the broader South Asian region. She believes that technological advancements, such as blockchain and artificial intelligence, will play a crucial role in shaping the industry. Moreover, she anticipates a growing synergy between Islamic commercial finance and Islamic social finance, further driving the industry's evolution.

Throughout her journey, Professor Dr. Aishath Muneeza has remained an advocate for women's empowerment and inclusion in Islamic finance. She has called for initiatives that promote gender equality, such as educational programs, networking opportunities, and policies that foster an inclusive workplace culture. Her efforts are not only advancing Islamic finance but also setting an example for aspiring women professionals who look to her as a role model.

Professor Dr. Muneeza’s journey is a testament to the power of perseverance, innovation, and dedication. From her early ambitions of becoming a professor to her pivotal role in shaping the Islamic finance landscape in the Maldives and beyond, she has consistently pushed boundaries and inspired others to follow in her footsteps.