Maldives Islamic Bank inaugurates new branch, launches Hajj Savings account

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The Maldives Islamic Bank (MIB) has officially inaugurated a new Hulhumale’ branch and an ATM centre. The new office, located at One Avenue, was inaugurated by Maldives Monetary Authority (MMA) Governor Ali Hashim at a ceremony held on Tuesday afternoon.



The bank’s Managing Director and CEO Mufaddal Idrees Khumri along with CEO of Housing Development Corporation (HDC) Ahmed Athif attended the ceremony.


The branch facilitates all the services available from its Malé counterpart, including applications for financial schemes, card applications, check book and international transfers.



At the opening of the new Hulhumalé branch, MIB also launched a Hajj Savings Account; a new service introduced to cater to customers that intend on saving money for the sacred Islamic pilgrimage.



The newly opened branch is currently seeking a floor manager for the new branch. Floor managers provide assistance to customer queries and guide them through processes they require.


Speaking about the new MIB branch, Khumri said, “In the continued development of Hulhumalé towards the residential, commercial hub of the Maldives, we are dedicated to expanding and facilitating banking convenience in the Greater Malé region by this newly opened branch and our alternative distribution channels through ATM network, POS terminals and other digital banking services”.


Governor Hashim reflected on the long journey since the inception of the first Islamic bank, to the current financial institution in the Maldives. He also stressed on the bank’s role in providing an alternative to conventional banking and financing.


Khumri, while speaking about the new product said, “As the nation’s first and only full-fledged Islamic Bank, we are privileged to inspire and facilitate our customers to fulfil an important pillar of our faith”.


The new branch currently has six service counters, while three more counters will be added for customer convenience. The new counters are expected to be installed sometime during early 2023.


Maldives Islamic Bank currently provides services to the Hulhumalé community via its new branch and ATM facilities situated in different locations across the satellite town.


Following its newest outlet opening in Hulhumalé, MIB claims customers living in the town will no longer be required to visit the Malé branch for services.



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