MIB is the first fully fledged Islamic Bank in Maldives and started its operation on 7th of March 2011 with the collaboration between ICD (IsDB) holding 85% and the Government of Maldives with 15% share. However, over the last five years, ICD has been divesting and with Amana Takaful (Maldives) Plc taking 5% in 2016 and Government’s stake increased to 25% in 2017.
In addition, with the bank going public in 2019, now the bank has a share structure in which 36% is held by the ICD, Government of Maldives at 28%, general public at 20% while Maldives Pension Administration Office (MPAO) has 11%.
The bank also has expanded rapidly and in addition to the expansion of the main branch in Male’, the bank also now operates with 6 branches in 5 atolls across the country and employs 230 staff. The Bank has strengthened its distribution capabilities by offering a proprietary debit card “Faisa Card” which is used by 56,000 active customers; complimented with POS machines at merchant locations and this year introduced Visa Debit Cards. Additionally, 20 ATM machines are currently in operation across various locations. MIB pursues a strategy of investing and leveraging on its digital infrastructure to gain a higher reach to the entire population of Maldives.
As per performance, at the end of 2020, the total assets of the company had been increasing steadily and stood at MVR4 billion while financing assets stood at MVR2 billion and similarly the total deposit also increased by 15% to MVR3 billion.