MIB received net profit of MVR 278 million in 2024

Maldives Islamic Bank (MIB) recorded a net profit of MVR 278 million in 2024, a 57% increase from the MVR 177 million in 2023, according to its latest Annual Report.

The bank reported MVR 597 million in earnings from financing and investments—a 44% rise from the previous year—along with a 40% increase in financing assets and a 24% growth in equity.

MIB’s revenue reached MVR 709 million in 2024, up 49% year-on-year. CEO Mufaddal Idris Khumri attributed the growth to the public’s positive response to the bank’s expanding services, reflected in a 33% rise in deposits and a 40% increase in financing.

Throughout the year, MIB extended its ATM network across multiple islands and launched innovative products such as the Faisawear Ring, Faisawear Tag, and Bingaa accounts for children.