The plan to setup Maldives Islamic Bank was initiated way back in 2007 when the Maldives Monetary Authority granted permission to the Islamic Corporation for the Development of the Private Sector (ICD) to establish the first Islamic bank in the Maldives. In 2009, ICD signed the shareholders agreement with the Government of Maldives to initiate the project. This was followed by the incorporation of Maldives Islamic Bank (MIB) on 1st April 2010 and the submission of a formal application for a banking license to the MMA. MIB received the banking licence to conduct Islamic banking business from the MMA on 2nd August 2010.
MIB is a collaboration between ICD which holds 85% share and the Government of Maldives represented by the Ministry of Finance and Treasury, owning the balance 15%. The total share capital of the bank currently stands at MVR. 165 million.
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 requirements.
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.