In a special ceremony held to celebrate the 17th anniversary of Capital Market Development Authority (CMDA) on 10th February 2023, individuals, entities and staff who contributed for the success of the Maldivian capital market establishment and development have been recognised. Among these include the recognition award presented to Professor Dr Aishath Muneeza for her unabating efforts since the inception of Islamic capital market in Maldives in 2011 up until now to develop it.
Professor Muneeza was first appointed in May 2011 as a member to represent the private sector on the Capital Market Shari'ah Advisory Committee of the Authority. Until December 2022, she served the Authority as the chairman of the Capital Market Shari'ah Advisory Committee. In early 2011, as the Authority adopted its vision for developing an Islamic Capital Market (ICM) parallel to the conventional capital market, Professor Muneeza was appointed as the Islamic Finance Consultant & Head of Islamic Capital Market Development Section (ICMDS) by appointing her as the Head of Islamic Finance of the Authority subsequently.
In her capacity as the Islamic Finance consultant, she was instrumental in steering projects for the establishment of the Islamic equity market and the Sukuk market in the Maldives. She extensively assisted the processes of establishing the Capital Market Shari'ah Advisory Council (CMSAC) with the mandate to advise the board of directors of the Authority on ICM matters and the processes for screening and approving Shari'ah compliant securities that are, and are to be listed on the Maldives Stock Exchange. She was among the professionals who pioneered ICM in the Maldives.
In January 2012, she assumed the position of Head of Legal Affairs and Corporate Governance Department (LACGD). The main function of the department was monitoring compliance of listed companies to the corporate governance code of the Authority and encouraging voluntary adoption of the code by private companies who are potential future issuers of securities. The mandate of the department required qualified professionals to effectively administer the Authority's mandate as a CG advocator. In her capacity as the Head of LACGD, she played a vital role in implementing the Authority's Corporate Governance goals. Her contribution in this regard was remarkable. Additionally, in 2013, the Board of Directors of the Authority appointed her as the designated lawyer to represent the Authority in the courts.
Professor Muneeza's work towards ICM capacity building is also commendable. She was instrumental in establishing Authority's collaboration with foreign training institutes such as International Center for Education in Islamic Finance (INCEIF) Malaysia. It was under her assistance that INCEIF's Master of Islamic Finance Professional Program (MIFP) was introduced in the Maldives and a number of Maldivians undertook the program and graduated. She also facilitated various other programs and provided reports, course materials and teaching guides to create awareness as well as to build capacity in Islamic Finance. She initiated the Islamic Capital Market Bulletin as a quarterly report released to the market to create awareness of ICM developments during the initial stages. Her work as a trainer was impressive as well.
Furthermore, she was liaising with various international organizations concerning the Islamic Finance Industry worldwide such as Islamic Development Bank (IDB), Securities Commission Malaysia (SC), Islamic Research & Training Institute (IRTI) and local organizations such as Ministry of Islamic Affairs and Hajj Corporation for steering ICM initiatives envisaged in the Capital Market Strategic Plan 2010-2014. She represented the Authority at policy level and engaged in planning the development of the Islamic Finance Industry in the Maldives. She also represented the Authority in Public Interest Monitoring Consultative Committee (PIMCC) of Accounting and Auditing Organization for Islamic Financial Institutions, Bahrain.
Professor Muneeza's service towards the development of the Islamic Capital Market in the Maldives is invaluable, highly recognized and appreciated. All the corporate sukuks listed so far in the country are structured by her and she has been appointed as the Shariah Advisor for those issuances. She has not only contributed for the practical development of Islamic capital market in the country, but has also contributed immensely for the development of Islamic finance in the country. Today, she is also an inspiration to the young generation and is the only female professor of Islamic finance in the country.
