Maldives Islamic Bank was established 13 years ago with the most fundamental services provided by a bank. Having started with bank account opening services and some of the most ordinary services offered by a bank, the bank now offers a wide range of popular services to Maldivians in the banking sector.
In its commitment to technological advancement, MIB has undergone a revolutionary transformation. Early indications of its tech-driven approach were evident with the introduction of the country's inaugural wireless POS machine, POS cash deposit services, the issuance of its proprietary Cash Card, and the establishment of ATM services. An impactful milestone was achieved with the introduction of international card services on its independent infrastructure, a significant stride for the country's banking sector.
With the launch of various such services, MIB today offers services at a level that is competitive with the services offered by foreign banks. The fact that they offer the service of opening a bank account online in less than a minute and safely providing many of the bank's services online are proof of that.
MIB's online services have become popular and trusted by the general public because they are safe and secure. The bank has included a number of features, including the use of two-factor authentication in internet banking and unlocking by biometrics, to ensure that its online services are safely delivered to the best of its ability.
MIB's products have won international awards. These products have become the basis for others to make similar products. MiB's innovative products that have been designed with Islamic banking values have been accepted internationally.
MIB faced a significant challenge upon entering the Maldivian market as the Islamic banking sector was relatively new, with limited expertise. In response, the bank initiated various measures aligned with its mission to raise awareness and cultivate expertise in Islamic banking. Collaborating closely with the Islamic University, MIB extends scholarship opportunities to students and facilitates training programs in Islamic banking. The bank actively engages with schools and forums to share information on Islamic finance, enhancing its presence in the sector.
Within a brief period, MIB has gained immense popularity in the country by diligently expanding its services and expertise in the field. Leveraging technology for an island nation, the bank provides comprehensive and secure online services. Currently boasting the largest number of shareholders in the nation, MIB remains committed to enhancing its service portfolio within the Islamic banking framework, offering banking services with increased convenience.
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