Maldives Islamic Bank, the first and fully Shariáh 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.
MIB's Vision is to be recognized as the leader and preferred partner in Shariáh 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:
Raising public awareness of Shariáh financial services
Creating values for customers, shareholders, employees and other stakeholders
Meeting the Bank's financial goals
Attracting, training and retaining staff that are best able to accomplish the mission of MIB
Creating a rewarding, challenging, supportive and trusting work environment
Constantly exceeding customer's expectations
Proactively growing and developing valuable long-term customer relationships.
Conduct its business in strict compliance with shariáh 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 shariáh 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.