Maldives Islamic Bank: Leading Ethical Finance and Sustainability

Maldives Islamic Bank (MIB), the nation’s first fully Shari’ah-compliant bank, has redefined banking since its establishment in 2011. With support from ICD, MIB has become a trusted name for over 100,000 customers, fostering financial inclusion, sustainability, and ethical banking across 12 atolls.

From Vision to Reality

Born from a partnership between ICD and the Government of Maldives, MIB introduced Islamic finance in a post-crisis economy reliant on tourism and fisheries. Despite initial skepticism, MIB now offers tailored Shari’ah-compliant solutions, addressing housing, small business growth, and renewable energy needs.

Resilience and Innovation

MIB’s adaptability shines in its response to challenges, from financing 1,000 homes to launching groundbreaking products such as Islamic treasury bills and eco-friendly Hakathari financing. Its 2019 IPO raised USD 15.8 million, attracting over 16,000 shareholders, democratizing financial ownership, and bolstering growth.

MIB’s adaptability shines in its response to challenges, from financing 1,000 homes to launching groundbreaking products such as Islamic treasury bills and eco-friendly Hakathari financing.

MIB champions sustainability through renewable energy financing and a workforce near gender parity, advancing
SDGs 5, 7, and 10.

Digital Transformation

Innovation drives MIB’s success, with initiatives such as FaisaNet 2.0 for seamless online banking and UjaalaaNow for instant Shari’ah-compliant credit. In 2023, it introduced instant account opening through the eFaas National Digital Identity System, breaking access barriers for underserved communities.

Sustainability and Impact

MIB champions sustainability through renewable energy financing and a workforce near gender parity, advancing SDGs 5, 7, and 10. Its community engagement includes scholarships, healthcare support, and financial literacy programs, empowering underserved atolls and reducing inequalities.

Vision

With regional expansion plans and a focus on digital innovation, MIB aims to set new benchmarks in Islamic finance. Guided by ICD’s support, it continues to inspire confidence in Islamic banking, proving the transformative power of ethical finance.

With regional expansion plans and a focus on digital innovation, MIB aims to set new benchmarks in Islamic finance.