The Board of Directors of Maldives Islamic Bank (MIB) has proposed distributing MVR 129 million in dividends at its upcoming Annual General Meeting, marking an increase of MVR 26 million compared with last year.
This translates to a dividend of MVR 5.41 per share, up 26 percent from the MVR 4.58 per share paid in 2024.
The board will formally approve the dividend at MIB’s 16th Annual General Meeting, scheduled for May.
The bank has advised that non-resident shareholders may be subject to a 10 percent withholding tax under the Income Tax Act.
This applies only to shareholders who have not declared their residency status, and MIB has urged them to do so promptly.
Last year was a strong financial year for MIB. This year also marks the 15th anniversary of the bank’s introduction of Islamic banking services in the Maldives.
