A new branch of the Maldives Islamic Bank has opened today in Hulhumale’. The branch was inaugurated by the Minister of Finance and Treasury, Ahmed Munawar.

Speaking at the ceremony, Minister Munawwar said that the government is working to introduce more Islamic based instruments including ‘Sukuk’ during this year. He also noted that work is underway to formulate an Islamic Finance Masterplan and to improve the legislative framework with the assistance of IDB.

Minister Munawar also said that the government is keen to make MIB a completely Maldivian-owned bank and expressed his hopes that the bank would soon be the leader in Islamic finance in the SAARC region.

This is the fifth branch of the Maldives Islamic Bank, including the branch in Male’.
MIB currently has branches in Malé, Addu City, Haa Dhaalu Kulhudhuffushi and Gaafu Dhaalu Thinadhoo.