Business

ICD and Government of Maldives signed key agreements

Maldives Islamic Bank

Kurumbaa Maldives: Maldives Islamic Bank together with Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank Group (IsDB), Government of Maldives, via Ministry of Finance and Treasury and Amana Takaful Plc signed key agreements.

Hon. Ibrahim Ameer, the Minister for Finance and Treasury, welcomed the visit of the Chief Executive Officer of ICD Mr Ayman Amin Sejiny. According to Hon Mr Ibrahim Ameer, the government looks forward to strengthening the ties with ICD and collaborating on more projects in the future.

Mr Ayman commented “Strengthening collaboration within our institutions is critical to achieving our mission. We look forward to expanding our relationship with this new opportunity to extend our products and services and carry out more operation in the future”

In his prelude to the signing of the ceremony, Mr. Mohammed Ataur-Rahman Chowdhury, Head of Banking Equities, ICD and Member of the Board of Directors of Maldives Islamic Bank said that the agreements that are being signed are the first steps towards launching of an Initial Public Offering of the bank, after obtaining all the required approvals in due course from the regulators and stakeholders.

According to Mr Mohammed Ataur-Rahman Chowdhury “, We look forward to the day where the citizenry of the nation are direct shareholders of the bank, and Inshah Allah, this dream would become a reality soon.

A total of two agreements were signed during the ceremony. The first one between ICD and Government of Maldives signed respectively by Mr., Ayman Sejiny and Hon Ibrahim Ameer the Minister for Finance and Treasury. The second agreement was signed between ICD and Amana Takaful represented by Mr Ayman Sejiny and Mr Hareez Sulaiman respectively.

An Additional MOU for Joint Strategic Collaboration between ICD and MIB establishing the basis for further assistance and technical cooperation between the two institutions. The MOU was signed by Mr Ayman Amin Sejiny CEO of ICD and Abul Ehtesham Abdul Muhaimen, CEO and Managing Director of Maldives Islamic Bank.

In his closing remarks, the CEO of Maldives Islamic Bank Mr Abul Ehtesham Abdul Muhaimen thanked Mr Ayman Amin Sejiny and the delegation from ICD for travelling all the way from Jeddah in person to bring to a complete this most important milestone, such that MIB can successfully embark on its’ Initial Public Offering.

The Islamic Corporation for the Development of the Private Sector

ICD is a multilateral organization and a member of the Islamic Development Bank (IDB) Group. The mandate of ICD is to support economic development and promote the development of the private sector in its member countries through providing financing facilities and/or investments which are in accordance with the principles of Shari’a. ICD also provides advice to governments and private organizations to encourage the establishment, expansion and modernization of private enterprises. For more information, visit www.icd-ps.org

About Maldives Islamic Bank

Maldives Islamic Bank is the first and only fully shariah-compliant bank in the Maldives. The bank was inaugurated on the 7th of March 2011 and till date has a solid presence in all major population centres of the Maldives with 6 branches located across the country. The bank was formed with shareholding from ICD and Government of Maldives; 85% and 15% respectively.

MIB Story is a story of breaking new grounds and going from strength to strength in a market where the Bank is a pioneer in Islamic Banking. Despite the concentrated operations in the capital city, over the past eight (8) years, the bank’s financial performance has grown exponentially. Penetrating largely into the consumer and Medium to Small businesses, the bank has been thriving on attracting more and more customers both from deposit and financing segments. Commendably, our deposit base from savings has grown to reach par with the largest players in the banking industry reflecting the overwhelming demand for sharia-compliant savings among the people. MIB has an established portfolio of Digital Banking services, including mobile banking and internet banking among others.

Leveraging from the liquidity seeped flowing into the bank, the financing portfolio of the bank grew multifold. Owing to the higher preferential demand for sharia-compliant housing and consumer financing products, the bank has been being now positioned as the fastest growing bank in the nation.

Full details are available at the link below:

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