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 its’ doors on the 7th of March 2011 with the opening of the Main branch in Male’ the capital of Maldives and quickly followed suite by expanding into all major population centres of the nation. MIB now operates with 6 branches in 5 atolls across the country.
The Bank was brought to inception with the intention to provide an alternative to the public and businesses who wish to avail themselves to banking transactions and dealings in strict compliance to Islamic banking principles.
In July of 2019, MIB opened its’ IPO by offering 31% of the Bank to Public Shareholders. The IPO was closed in 22nd September 2019 with outpouring response and enthusiastic participation of the public. MIB pursues a strategy of investing and leveraging on it’s digital infrastructure to gain a higher reach to the entire population of Maldives.
Conduct its business in strict compliance with Shariah principles and guidelines devoid of any element of interest, gharar (uncertainty), maisir (gambling) and unethical practices. It aims to offer an alternative form of financial services to the general public, both individuals and businesses, who are desirous of conducting their transactions in conformity with Shariah requirements.
Participate actively in the development and promotion of an Islamic economic and financial system in the Maldives to run parallel with the existing conventional system as its contribution to the betterment of the economic well-being of the ummah generally.
In carrying out its role as a responsible corporate citizen, MIB shall ensure that its employees uphold the highest ethical standards and values emphasizing integrity, transparency and accountability in all their dealings with customers, fellow employees and other stakeholders.
MIB's Vision is to be recognized as the leader and preferred partner in Shariah banking and an active player in the promotion and development of Islamic banking in Maldives.
MIB's Mission is to serve as a trusted provider of Islamic financial products and services by focusing on the following key Objectives:
ICD is a multilateral development bank established in 1999, affiliated with the Islamic Development Bank Group (IsDB Group). Its shareholders comprise IsDB, 49 Islamic member countries which includes Maldives, and five public financial institutions from member countries. With membership exceeding 57 countries across four continents today, ICD was established to support the economic development of its member countries through provision of finance to private sector projects and promoting private sector development in accordance with the principles of Shariah. ICD also provides advice to governments and private organizations to encourage the establishment, expansion and modernization of private enterprises.
The Government of the Republic of Maldives was instrumental in initiating the establishment of Maldives Islamic Bank in partnership with and support of ICD. The shareholder's agreement to kickstart the project for the establishment of the first fully-Shariah compliant bank in the Maldives was signed between the government and ICD in October 2009 in Istanbul. The government's interest in the Bank is represented by the Ministry of Finance.
Amana Takaful (Maldives) PLC has been in operation in the Maldives since 2003. It is currently the only full-fledged Shariah-compliant licensed general insurance company in the Maldives and remains a pioneer of providing the Islamic solution for insurance in the Maldives. The company is currently the only publicly listed insurance provider on Maldives Stock Exchange (MSE). On 24th November 2016, the Board of Directors of MIB resolved the transfer of 5% out of the issued share capital of the Bank, owned by ICD, to the Amana Takaful Maldives PLC. The company has remained an important institutional shareholder of the Bank since then.
Maldives Pension Administration Office (MPAO) was incorporated on 2009 as an independent legal entity under the Maldives Pension Act (Pension Act). For the past decade, Pension Office has been administering and managing the pension schemes established under the Pension Act, in addition to providing various types and schemes of pensions for the citizens of Maldives. Since inception, Pension Office has been playing a pivotal role in the development and enhancement of the social security system in the country. Maldives Pension Administration Office acquired 10.53% of the Bank's shareholding through the Bank's IPO.
Following the IPO launched on 30th June 2019 and closed on 22nd September 2019, a total of 16,144 shareholders subscribed to 6,975,000 shares representing 31% of the Bank's share capital. Of this 99.63% are individual shareholders and 0.37% are institutional shareholders. MIB’s IPO attracted remarkable support from the general public, with an oversubscription of 46.05% at the end of subscription period. This incredible support from the general public towards an IPO is unprecedented in the history of the Maldives capital market. Since 17th November 2019, MIB’s shares are listed on Maldives Stock Exchange (MSE) for secondary market trading by the public.
Head of Operations/Company Secretary
MD & CEO
Head of Business
Head of Business Support
Head of Risk Management & Compliance
Head of Human Resource
Head of Shariah
Head of Internal Audit
Head of Marketing
Head of Technology
Head of Legal
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