The Edition


Maldives Islamic Bank opens IPO Coordination Centre in Male

Ahmed Aiham
30 July 2019, MVT 15:58
Maldives Islamic Bank (MIB)'s Main Branch in capital city Male'. PHOTO: HUSSAIN WAHEED / MIHAARU
Ahmed Aiham
30 July 2019, MVT 15:58

Maldives Islamic Bank opened its 'IPO Coordination Centre', in capital city Male'.

The centre was launched to cater to the influx of applicants intending to purchase shares of the bank since it became a public limited company and began distributing 31 percent of its shares to the general populace.

MIB registered on the Maldives Stock Exchange and opened sales for shares worth MVR 244 million. CEO Abdul Ihthisham Abdul Muhaimin expressed his happiness in relation to the decision.

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

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

Interested individuals can make their purchases via the website -

However, those applying via physical mediums may receive and submit the form through the new centre, MIB's main branch and Maldives Security Depository in Male', among other branches throughout the country.

MIB is selling 6,975,000 shares from July 28 to September 31, 2019, at a rate of MVR 35. Interested parties are required to purchase a minimum of 20 shares, which totals to an amount of MVR 700. More than 20 shares can be purchased by buying ten at a time.

MIB was formed by the Maldivian government and Malaysia’s Islamic Bank of the Development of Private Sector in 2011. The company noted a net profit of MVR 52 million in 2018, an MVR 12 million increase from 2017.