The nations first Islamic Sharia bank, Maldives Islamic Bank (MIB) has confirmed that the bank will be introducing a new service to the country by embarking upon a mysterious teaser campaign on social media.

Maldives Islamic Bank (MIB) is a collaboration between Islamic Corporation for the Development of the Private Sector (ICD) and the Government of the Maldives represented by the Ministry of Finance and Treasury. The total share capital of the bank currently stands at MVR. 165 million.

Maldives Islamic Bank was initiated way back in 2007 when the Maldives Monetary Authority granted permission to ICD to establish the first Islamic bank in the Maldives.

In 2009, ICD signed the shareholders' agreement with the Government of Maldives to initiate the project. This was followed by the incorporation of MIB on 1st April 2010 and the submission of a formal application for a banking license to the Maldives Monetary Authority (MMA). MIB received the banking licence to conduct Islamic banking business from the MMA on 2nd August 2010. 

The bank officially started its business operation on 7th March 2011. MIB aims to provide an alternative to the public and businesses who wish to avail themselves to banking transactions and dealings in strict compliance with Islamic banking principles.

Today, MIB has branches based in Male City, Hulhumale, G.Dh Thinadhoo, Gn. Fuvahmulah.