MIB Wins Prestigious IFFSA ‘Bank of the Decade’ Award

Maldives Islamic Bank (MIB) has been named the “Islamic Bank of the Decade” at the 10th Islamic Finance Forum of South Asia (IFFSA), marking a major milestone for the country’s first Islamic bank. The prestigious award was conferred after MIB competed against leading Islamic financial institutions across the South Asian region.

Established on 7 March 2011 with an initial capital of MVR 150 million, MIB has since expanded its services beyond Malé to multiple atolls and transitioned many of its banking solutions online. Customers can now open accounts remotely and access modern mobile and internet banking platforms, reflecting the bank’s strong focus on digital transformation.

Among its pioneering services, MIB is widely recognized for its Ujaalaa portal, a specialized Islamic financing platform that has contributed significantly to the bank’s growth. By 2024, MIB’s asset value had reached MVR 10 billion, underlining its rapid expansion and strengthening role in the country’s financial sector.

The bank has also introduced unique initiatives, including redesigned cash cards featuring Maldivian marine life and landscapes, which gained wide public recognition. Beyond banking, MIB has actively engaged in social responsibility programs such as beach cleanups, turtle conservation, tree planting, cancer awareness campaigns, and partnerships with the Department of Inclusive Education to support children with disabilities.

With one of the highest numbers of shareholders in the Maldives, MIB has long emphasized its strong public trust. The bank highlighted that its achievements, including the IFFSA award, are made possible by its customers. “Our success is driven by the trust and support of our customers. We dedicate this award to them and will continue striving to remain a reliable and trusted bank for Maldivians,” MIB said in a statement.