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.