Former Attorney General Aishath Azima Shakoor has appealed to the High Court against a ruling by the Civil Court, which ordered the Malé City Mayoral candidate to pay over MVR 4 million to the Maldives Islamic Bank (MIB). The court decision is related to a “musharakah agreement” for an apartment purchase.
Shakoor, who is currently running for Mayor of Malé City under the ruling party’s banner, was not present when the court delivered the judgement last week.
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 judgement, 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.
Responding to the Civil Court verdict, Shakoor said she was unable to repay the loan she took from the Maldives Islamic Bank (MIB) because the criminal case brought against her by the previous administration hindered her ability to earn a living by practicing law. She assured voters that she made regular payments for the loan when she was able to earn a living.
“With that charge, I faced difficulties in earning a living from what I studied—being an attorney. It also closed the door on the job opportunity I got from abroad,” she said.
Azima described the ruling against her as “personal” in nature, noting that she had applied to restructure the loan and had engaged in talks with the MIB last month.
