Maldives Islamic Bank (MIB), the country’s first fully-fledged Islamic bank, has announced a strong financial performance for 2024, reporting a net profit of MVR 278 million. According to the bank’s newly published Annual Report, this marks a 57 percent rise compared to the net profit of MVR 177 million recorded in 2023.
The report further highlights that MIB earned MVR 597 million through financing and investment activities, reflecting a 44 percent increase over the previous year. The bank’s financing assets grew by 40 percent, while overall equity rose by 24 percent, underlining steady and sustainable expansion.
MIB’s Managing Director and CEO, Mufaddal Idris Khumri, described 2024 as a financially rewarding year, with total revenues reaching MVR 709 million, a 49 percent growth compared to 2023. Khumri attributed this success to the bank’s consistent efforts to broaden its services, which have been positively received by customers across the Maldives. As a result, the deposit base expanded by 33 percent and financing activities saw a 40 percent rise.
Throughout the year, MIB expanded its presence across the Maldives by installing ATMs on numerous islands, making banking services more accessible to residents and visitors alike. The bank also introduced innovative products such as the Faisa Wear Ring and Faisa Wear Tag, along with the Bingaa savings accounts designed specifically for children, demonstrating a forward-looking approach to customer engagement.
Adding to its accomplishments, MIB was honored with two prestigious international awards during the year, reflecting global recognition of its excellence and service innovation.
Expressing gratitude to its customers, MIB emphasized that their trust and loyalty remain the driving force behind the bank’s achievements. With ambitious plans already underway, the bank aims to build on its success and deliver even greater value in the year ahead.
MIB’s progress highlights the vibrancy and growing sophistication of Maldives’ financial sector, offering visitors and investors further confidence in the country’s dynamic economic environment.
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