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Maldives Islamic Bank begins selling shares

Aishath NIshdha Jinan
30 June 2019, MVT 20:15
The head office of Maldives Islamic Bank (MIB) located in capital Male'. PHOTO: HUSSAIN WAHEED/ MIHAARU
Aishath NIshdha Jinan
30 June 2019, MVT 20:15

Maldives Islamic Bank (MIB) on Sunday, declared itself a public limited company and began issuing 31 percent of its shares to the public.

MIB registered on the Maldives Stock Exchange and opened sales for shares worth MVR 244 million. CEO Abdul Ihthisham Abdul Muhaimin, at a press conference held at Maagiri Hotel, expressed his happiness in relation to the sale of shares to the general public.

Chief Financial Officer Ali Wasif asserted that the shares will be considerably profitable and a worthy investment.

“We hope our bank progresses further. Our investors and shareholders will definitely profit from our progress”, said Wasif.

MIB will be selling 6,975,000 shares from July 28 to September 31, 2019, at a rate of MVR 35. Those who wish to buy shares must purchase at least 20 shares, which totals to an amount of MVR 700. More than 20 shares can be purchased by buying ten at a time.

“We welcome investors, but we would like to see our shares in the hands of locals”, stated Ihthisham.

The bank will carry out activities to inform the public of the sale of its shares, beginning with its customers.

“We want each of our customers to be a shareholder, as they are already a part of our bank”.

MIB was formed by the Maldivian government and Malaysia’s Islamic Bank of the Development of Private Sector.

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