Publication:
Unprecedented growth across banking, waqf and zakat sectors in the Maldives
Abstract
Islamic finance in the Maldives is experiencing remarkable progress, with significant developments in banking, waqf investment and zakat collection, reflecting increased public trust and institutional efficiency in the sector. Maldives Islamic Bank (MIB), the country's first full-fledged Islamic bank, has announced a record net profit of MVR282 million (US$18.26 million) for 2024, marking a 60% increase compared to the previous year. The bank's total asset value grew from MVR10 billion (US$647.6 million) in November 2023 to MVR11.4 billion (US$738.1 million) by the end of 2024. MIB attributes its success to improved customer confidence, enhanced digital services and innovative banking solutions. The bank is the only one in the Maldives that offers online account opening services, which contributed to a rise in deposits to MVR9.12 billion (US$590.48 million) by year-end. MIB also won two international awards in 2024, further cementing its position in the global Islamic finance sector.
Keywords
Waqf , Zakat , Islamic banking , Maldives
Citation
Muneeza, A. (2025). Unprecedented growth across banking, waqf and zakat sectors in the Maldives. Islamic Finance News, 22(14), 15.
Publisher
Redmoney
DOI
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Unprecedented_growth_across_banking_waqf_and_zakat_sectors_in_the_Maldives_Aishath Muneeza.pdf
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