Maldives Islamic Bank Gears Up To Distribute Share Profits Of 2019 Upon Green Light From MMA

On 23rd July 2020, the Maldives Islamic Bank (MIB) held its Annual General Meeting for the year 2019 where it was decided that share profits from the year will be distributed amongst the shareholders. Accordingly, it was set that MVR 1.57 will be distributed per shared by bank deposits from a grand total of MVR 35,437, 511. Nevertheless, the share distribution was withheld as the Bank did not have the permit to do so from the Maldives Monetary Authority (MMA) – whereas said permit has been acquired just recently.

Whilst the Bank has resumed work on the distribution of shares upon approval, they note that all shareholders registered with the Bank prior to 5th July 2020 are entitled to receive shares. Any of these individuals who wish to change the information provided for the Bank are requested to do so before 9th March.

The Bank’s shareholding structure is as follows:
- 36% Corporation for the Development of the Private Sector (ICD)
- 28% Government of Maldives
- 10.53% Maldives Pension Administration Office (MPAO)
- 5% Amana Takaful (Maldives) Plc
- 20.47% General Public

Maldives Islamic Bank is the first fully shariah-compliant bank in the Maldives that first opened its doors on 7th Mach 2011 with the opening of the Main branch in Male’ the capital of Maldives. The Bank quickly followed suite by expanding into all major population centers of the nation whereas at present they operate six branches in five atolls across the country.

The Bank was brought to inception with the intention to provide an alternative to the public and businesses who wish to avail themselves to banking transactions and dealings in strict compliance to Islamic banking principles.