MIB started as a collaboration between ICD and the Government of Maldives represented by the Ministry of Finance.
On 7th March 2011, officially the bank started its business operation. A special opening ceremony was held inviting officials from the government and private business sectors. MIB aims 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.
MIB shall conduct its business in strict compliance with Shariah
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 Shariah
MIB shall 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.