Former Attorney General Azima Shakoor Ordered to Pay MVR 4 Million in Loan Dispute
Former Attorney General Aishath Azima Shakoor has been ordered by the Civil Court to pay over MVR 4 million to the Maldives Islamic Bank (MIB). The court decision relates to a “musharakah agreement” for an apartment purchase.
Shakoor, who is currently a mayoral candidate for Malé City, was not present when the court delivered the judgment. The ruling involves a loan taken out for the acquisition of an apartment, structured under the diminishing musharakah financing facility. This Islamic financing model allows for joint asset ownership, with the option for one party to gradually acquire full ownership by buying out the other party’s shares.
The total amount owed by Shakoor, as per the court’s judgment, is MVR 4,156,355. This includes the principal sum of MVR 4,030,856 and an additional MVR 125,499 accrued as charity. The court has ordered Shakoor to settle this debt in monthly instalments over a six-month period.
The court also upheld the Maldives Islamic Bank’s rights under the mortgage agreements for an apartment and a plot of land in Hulhumalé, registered under Shakoor’s name. These properties remain collateral until the full payment is made.
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