Maldives Islamic Bank (MIB) commenced its operations on 7th March 2011. It is the first and the only full-fledged Islamic bank currently operating in the Maldives. MIB is a collaboration between the Islamic Corporation for the Development (ICD) of the Private Sector, the government of Maldives and Amãna Takaful. The total share capital of MIB currently stands at MVR 180 million. The Bank currently operates six branches, providing a deposit, investment, financing, and electronic banking services. MIB plans to expand its services and branch network to other atolls of Maldives. MIB has a vision to become the leader and preferred partner in Shariah banking, and to be an active player in promoting the growth and development of Islamic finance in the Maldives.
PRODUCTS & SERVICES:
MIB provides a wide range of Shariah-compliant banking products and services for both individuals and businesses. MIB’s deposit and investment products (in MVR and USD) include Current, Savings, and General Investment Accounts. Financing services are provided for a wide array of goods and services, including consumer goods, motorcycle, car, vessels, housing, construction, machinery, and for trade or imports. MIB also provides electronic banking services with debit card, ATM, POS, online banking, mobile banking, and payment gateway services.