The Maldives Islamic Bank (MIB) introduced the Islamic banking system to Maldives and have spent the last 15 years developing their services in parallel to modern technology, becoming one of the banks to grow in Maldives at breakneck speeds.
MIB began as Maldives first and only fully-fledged Islamic bank in 2011 with a clear goal, the goal being to introduce banking solutions in line within Islamic guidelines and to provide those services to the public. The results of customer trust in MIB, their attention towards customers and the subsequent work is apparent.
In the last 15 years, MIB has become a trusted financial option for individuals, families, entrepreneurs and businesses across Maldives.
MIB began their journey with Faisa ATMs, Faisa cash cards and POS services, with their journey becoming more well-rounded with the introduction of services such as internet banking (FaisaNet), mobile banking (FaisaMobile) and their work to modernize those services.
MIB opened up branches at densely populated islands within a few years of them opening for business, with it strengthening financial opportunities within the atolls. The facilitation of these services came about with them being closer to the citizens.
After MIB's successful Initial Public Offering (IPO) in 2019, they were listed as a Public Limited Company on the Maldives Stock Exchange, marking a historical achievement for the bank.
MIB has strengthened their Digital Transformation Agenda in the last few years and has hastened the achievement of their goals many times over. The bank progressed to have instantaneous depositing of employee salaries after opening an account and making use of MIB's services while at home. This includes Instant Account Opening, Fully Digital Business Account Opening, FaisaMobile X, and the ApplyNow and UjaalaaNow portals.
MIB has also introduced Visa Debit, Visa Platinum, Visa Business Debit and Supplementary card services, and advanced e-commerce via MIB Global Pay allowing customers to acquire their services no matter what country they are in.
With MIB establishing themselves at the forefront of Inclusive and Sustainable Finance, MIB has introduced low-cost financing for energy labeled products. The Hajj Savings Account and the Bingaa account for children under 18 years of age is also a part of their success.
Along with that, the MIB9 Club allows discounts and exclusive offers for members.
MIB has also introduced other popular products such as the FaisaWear ring tag, Ujaalaa Financing and the Bingaa Card. Each product is different from one another, specifically the FaisaWear products which are a convenient product.
MIB stated that they will continue to work to listen to the requests of customers and design their services around that as they have done so for the last 15 years. MIB believes that the reality of their success stems from their customers.
The bank started out with just USD 10 million and has grown to USD 1 billion in 15 years, a success they attribute to the trust customers have in the bank.
