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MIB Issues Final Notice for Closure of Dormant Accounts

Anaan Bushry
27 February 2024, MVT 16:38
.MIB ATM - The bank has opened an opportunity to restart accounts that have not been used for five years.
Anaan Bushry
27 February 2024, MVT 16:38

Maldives Islamic Bank (MIB) has announced its intention to close accounts that have remained inactive for a period of five years since their opening. The bank urges account holders to utilize their accounts before they are permanently terminated.

As per the bank's disclosure, a total of 4,754 accounts, inactive for the specified duration, are set for closure.

In a notification released today, MIB has provided a deadline of March 31 for account holders to express their intent to resume account activity.

Account reactivation can be initiated by visiting the following link:

Under the Banking Act, financial institutions are mandated to close dormant accounts and transfer the funds to the central bank, MMA, should account holders fail to respond to reactivation opportunities.

Upon transfer to the MMA, account holders can reclaim their funds by submitting an application at any MIB branch. Funds will be held by the MMA for a period of five years, after which they will be remitted to the Finance Ministry. However, the Finance Ministry retains the authority to release funds to account holders upon request, even after remittance to the Ministry.

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