ICD is a multilateral development bank established in 1999, affiliated with the Islamic Development Bank Group (IsDB Group). Its shareholders comprise IsDB, 49 Islamic member countries which includes Maldives, and five public financial institutions from member countries. With membership exceeding 57 countries across four continents today, ICD was established to support the economic development of its member countries through provision of finance to private sector projects and promoting private sector development in accordance with the principles of Shariah. ICD also provides advice to governments and private organizations to encourage the establishment, expansion and modernization of private enterprises.
Maldives Islamic Bank PLC was listed on the Maldives Stock Exchange on the 17th of November 2019. The shareholding structure of the Bank is as given below
The Government of the Republic of Maldives was instrumental in initiating the establishment of Maldives Islamic Bank in partnership with and support of ICD. The shareholder's agreement to kickstart the project for the establishment of the first fully-Shariah compliant bank in the Maldives was signed between the government and ICD in October 2009 in Istanbul. The government's interest in the Bank is represented by the Ministry of Finance.
Maldives Pension Administration Office (MPAO) was incorporated on 2009 as an independent legal entity under the Maldives Pension Act (Pension Act). For the past decade, Pension Office has been administering and managing the pension schemes established under the Pension Act, in addition to providing various types and schemes of pensions for the citizens of Maldives. Since inception, Pension Office has been playing a pivotal role in the development and enhancement of the social security system in the country. Maldives Pension Administration Office acquired 10.53% of the Bank's shareholding through the Bank's IPO.
Amana Takaful (Maldives) PLC has been in operation in the Maldives since 2003. It is currently the only full-fledged Shariah-compliant licensed general insurance company in the Maldives and remains a pioneer of providing the Islamic solution for insurance in the Maldives. The company is currently the only publicly listed insurance provider on Maldives Stock Exchange (MSE). On 24th November 2016, the Board of Directors of MIB resolved the transfer of 5% out of the issued share capital of the Bank, owned by ICD, to the Amana Takaful Maldives PLC. The company has remained an important institutional shareholder of the Bank since then.
Following the IPO launched on 30th June 2019 and closed on 22nd September 2019, a total of 16,144 shareholders subscribed to 6,975,000 shares representing 31% of the Bank's share capital. Of this 99.63% are individual shareholders and 0.37% are institutional shareholders. MIB’s IPO attracted remarkable support from the general public, with an oversubscription of 46.05% at the end of subscription period. This incredible support from the general public towards an IPO is unprecedented in the history of the Maldives capital market. Since 17th November 2019, MIB’s shares are listed on Maldives Stock Exchange (MSE) for secondary market trading by the public.