Maldives Islamic Bank reports record $18M profit in 2024

Maldives Islamic Bank’s net profit increased by 60% in the year 2024

MALE, Maldives (MNTV) – Maldives Islamic Bank (MIB) has reported a record net profit of 282 million Maldivian Rufiyaa ($18 million) in 2024, marking a 60% increase from the previous year.

According to the bank’s financial reports, MIB’s total assets grew from 10 billion Maldivian Rufiyaa ($648 million) in November 2023 to 11.4 billion Maldivian Rufiyaa ($739 million) by the end of 2024. 

The surge in profits and asset value is attributed to improved banking services and strengthened customer confidence.

MIB remains the only bank in the Maldives offering fully online account opening for both personal and corporate customers. 

As a result, total deposits increased to 9.12 billion Maldivian Rufiyaa ($591 million) by year-end.

The bank also received two international awards in 2024, further cementing its reputation in the global Islamic banking sector.

In addition to financial growth, MIB introduced a major upgrade to its internet banking system, enabling instant and secure foreign exchange transactions in US dollars. 

The feature, available via MIB’s online platform FaisaNet, is designed to facilitate compliance with the government’s Forex Act and streamline transactions for businesses and individuals.

Customers can now exchange dollars through FaisaNet using a two-factor authentication process. 

The service enhances convenience, allowing users to manage foreign exchange needs seamlessly from anywhere.

MIB expressed gratitude to its customers, emphasizing their role as key partners in the bank’s success. 

The institution reaffirmed its commitment to innovation and announced plans for further expansion and service improvements in 2025.