MIB wins Islamic Bank of the Decade award at IFFSA

Today, Maldives Islamic Bank (MIB) won the Bank of the Decade award at the 10th Islamic Finance Forum of South Asia (IFFSA).

MIB won the award after competing against other countries in South Asia. It is also the first Islamic bank to open in Maldives, with an opening date of 7th March 2011 with MVR 150 million. They currently provide their services beyond Male' to other atolls, with many online services under their belt as well.

As a lot of MIB's services have been digitized, it is possible to open an account online without going to any of their branches. They also have modern mobile banking and an internet banking platform.

MIB is also well known for its Ujaalaa portal which is an Islamic financing service. The company's asset value reached MVR 10 billion in 2024 with these changes.

MIB was also the first to change the designs on cash cards that depicts the creatures of the Maldivian waters and its beauty. The bank also conducts awareness activities regarding beach cleanup, turtles, along with planting of trees.

MIB spends a significant amount on Maldivian society as well. The bank assists in education development in the islands, raising awareness of cancer by working together with the Cancer Society and working with the Department of Inclusive Education to help children with disabilities.

MIB is one of the companies with the highest number of shareholders in Maldives. The bank also said that they had informed the public when they opened up their shares to be sold, stating that they realized how much the public trusts the bank. 

MIB has said that the reason behind their success is their customers. The bank also said that they dedicated their recent award to their customers.

MIB went on to say that they will strive to keep being a trustworthy bank for Maldivians.