Maldives Islamic Bank (MIB) celebrates its 10th anniversary since its official opening on March 7th, 2011.
Maldives Islamic Bank, the first and fully shariah compliant bank in the Maldives is a collaboration between ICD (IsDB) and the Government of Maldives. MIB opened on 7th of March 2011 with the grand opening of the Main branch in Male’. MIB now operates with 6 branches in 5 atolls across the country.
ICD invested 85% of the capital and the government invested the remaining 15% of the MVR150 million initial capital. In 2015, an additional capital of MVR30 million was funded by both ICD and government to ensure the bank maintained the minimum capital requirement. Furthermore, ICD transferred 5% share to Amana Takaful. In 2017, 10% of the equity stake was purchased by the government.
In July of 2019, MIB opened its IPO by offering 31% of the Bank to Public Shareholders. The IPO was closed on 22nd September 2019 as one of the most successful IPO offerings in Maldives.
MIB has won several accolades for its services over the years and aims to be a prominent bank in Maldives for long term.