Maldives Islamic Bank (MIB) and Allied Insurance have received the Excellence in Financial Inclusion Award at the Maldives Financial Sector Awards presented by Maldives Monetary Authority (MMA).

The awards were presented as part of celebrations marking the central bank's 45th anniversary and recognize institutions that have made significant contributions to the development and modernization of the Maldives' financial sector.

MIB received the award for expanding access to Islamic banking through its "Apply Now" digital platform and extending banking services across the country. The awards panel said the platform enables customers to apply for banking services remotely, making financial services more accessible.

Allied Insurance was recognized for its contribution to expanding insurance services nationwide. The panel said the company has improved access to insurance for individuals and businesses, helping bring more people into the formal financial system.

MMA said promoting financial inclusion remains one of the key pillars of financial sector development, noting that wider access to banking, insurance, savings and payment services supports the country's economic growth.

Maldives Financial Sector Awards were presented across seven categories, including financial inclusion, financial literacy and customer empowerment, digital finance and innovation, SME financing, environmentally friendly financial services, emerging financial innovation, and distinguished service to the financial sector.

Among the other winners, Bank of Maldives received the Green and Sustainable Financial Services Award, while FahiPay won the Digital Finance and Innovation Award.

The ceremony also honored 10 former governors and deputy governors of the MMA, including former President Maumoon Abdul Gayoom, Qasim Ibrahim, Abdulla Jihad, Dr Fazeel Najeeb, Dr Azima Adam, Ahmed Naseer and Ali Hashim.