Azmeen Rasheed

Islamic Financial Consultant |
Sharia Advisor & Auditor |
Lawyer |
Lets Talk about Reforming Financial Sector |

[Azmeen Rasheed @AxmeenR]

Islamic Banking from the eyes of a conventional Banker.

A short story. 📖

[Azmeen Rasheed @AxmeenR]

And as long as the Asset is leasable condition. The investment is low risk. And one of the most secure forms of Investment.

Come! If you have any queries, post it in the thread.

I will reply back with details that I know.

[Azmeen Rasheed @AxmeenR]

@ReefsideMv Sukuk Ijarah is now live for subscription under Maldives Stock Exchange viyana platform (private market segment). https://t.co/ORaNJyDMPF

[Azmeen Rasheed @AxmeenR]

That's right!

By virtue of the agreements, you have the undivided ownership of the Asset.

[Azmeen Rasheed @AxmeenR]

@vichalhey True. Hiyaa Agreements are Sale based Agreements. All payments are towards acquisition of the apartment unit.

Lease to Own model is FDC flats. And some Vinares.

[Azmeen Rasheed @AxmeenR]

*number 6

[Azmeen Rasheed @AxmeenR]

If by number 5. Islamic Finance you meant Maldives Center for Islamic Finance. (MCIF)

It is a paper company. It was initially an SOE back in 2016. It was decided to be dissolved in 2020. But kept as a Special Purpose Vehicle (SPV) for the issuance of a Islamic Treasury Bills.

[Beehsaa Veli @varu_jaadi]

2 years and 27 days of @MMuizzu.
Auditor General — still buffering since he took @AuditMV office. Billions unaccounted.
Auditor General is Scared of Guizzu & Appathurey.

11 state companies without 2024 audits. Meanwhile 2025 is almost over. 👇

1. HDC
2. STELCO
3. MPL
4. Fenaka
5. Hajj Corp
6. Islamic Finance
7. Sports Corp
8. WAMCO
9. PSM
10. Fund Mgmt
11. RD

@ACC_Maldives @pnc_secretariat @MDPSecretariat #Corruption @MvSpokesperson @TransparencyMV @min_mohst @Midhuamsaud

[Azmeen Rasheed @AxmeenR]

SPVs are recognized entities of tradFi internationally and while we don't have laws governing SPVs. Regulation on Issuance of securities under the Securities Act gives reference to SPEs, Special Purpose Entity.

[Azmeen Rasheed @AxmeenR]

SPV is necessary to maintian Sharia Compliance of Islamic Treasury Bills.

That is it's major role and function.

You won't find audits of MCIF from 2021 onwards.

Why would it?

It hasn't operated accounts since 2021.

[Azmeen Rasheed @AxmeenR]

That's right. From 2021 onwards. No capital allocated. No staff.

Just bare minimal board consisting of Ministry of Finance and Planning staff. Who work with no additional remuneration on their roles of MCIF.

[Azmeen Rasheed @AxmeenR]

In any case, As long as Zakath is collected in fiat, we cannot afford to let it sit idle as the case has been for however long now.

Investment not only is essential. It is a fiduciary necessity.

It's the only way we preserve value due to beneficiaries.

[Azmeen Rasheed @AxmeenR]

With the new legislation, payment of Zakath has become mandatory.

The most defining feature of the law is the Investment of Zakath Funds.

Anyone having basic understanding of the financial system knows the funds need to be invested.

Why?

[Azmeen Rasheed @AxmeenR]

Collect Zakath in Gold and perhaps Bitcoin.

It has the required intrinsic value and appreciates over time.

Then again, absence of proper liquid local exchange market. Converting them back to MVR for distribution creates foreign exchange losses and logistical nightmares.