Maldives Islamic Bank named Bank of the Decade in South Asia
Recognition highlights Maldives’ growing role in Islamic finance and the bank’s expansion beyond the capital
MALE, Maldives (MNTV) — Maldives Islamic Bank (MIB) has been awarded the “Bank of the Decade” title at the 10th Islamic Finance Forum of South Asia, marking a milestone for the island nation’s financial sector.
The recognition comes 13 years after MIB became the first Islamic bank to operate in the Maldives. Since its launch in March 2011 with initial capital of 150 million Maldivian rufiyaa ($9.7 million), the bank has expanded from Male into outlying atolls, while also introducing a range of online services.
Officials said the award reflects MIB’s transformation into one of the country’s leading financial institutions, with assets reaching 10 billion Maldivian rufiyaa ($647 million) in 2024. Digital banking has been central to its growth, allowing customers to open accounts online and access services through modern mobile and internet platforms.
The bank has also introduced specialized Islamic financing products, including its Ujaalaa portal, and has sought to reflect Maldivian identity in its services — redesigning cash cards to feature marine life and supporting community initiatives.
MIB is known for its role in social projects, from sponsoring education development programs and awareness campaigns on cancer to supporting inclusive education for children with disabilities. It has also carried out environmental activities such as tree planting and beach cleanups.
With one of the largest shareholder bases in the Maldives, the bank describes its success as rooted in public trust. Executives dedicated the Bank of the Decade award to its customers, saying community support has been key to its growth.
Analysts note that the recognition also points to the Maldives’ place in the wider South Asian Islamic finance market, where countries are competing to expand Sharia-compliant banking services. For Maldivian authorities, MIB’s success demonstrates the potential of the financial sector to diversify the economy beyond tourism.
MIB has pledged to continue expanding access to Sharia-compliant financial services across the country, while maintaining its focus on both innovation and community engagement.
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