MIB marks 15 years, driving Maldives' digital banking shift

Maldives Islamic Bank (MIB) is marking 15 years since it opened on the day the Maldives embraced Islam, a journey the bank says has demonstrated how staying rooted in Islamic principles can go hand in hand with driving revolutionary, technology-led change.

MIB was the first bank in the Maldives to introduce instant online account opening for individuals and businesses, along with instant debit card issuance, and modern payment solutions such as "Faisaveia" ring and tag payments.

The bank has since digitalised nearly all of its core services, from customer sign-up to Ujaala financing applications and account management, significantly easing everyday banking for the public.

Customer adoption of MIB's digital channels has grown substantially. Internet and mobile banking logins rose from 3.76 million to 4.19 million between the first and second quarters of this year, an increase of 11.4 percent. Over the same period, digital transactions rose from 25.02 million to 29.95 million, a 19.7 percent increase, while ATM, POS and card transactions reached 3.72 million.

Much of this growth has been driven by improvements to platforms such as FaisaNet, Faisa Mobile X, and the ApplyNow portal, alongside expanded POS services. Today, more than 90 percent of MIB's customers access services through mobile banking and digital channels rather than visiting a branch in person.

Additionally, all Ujaala financing services can now be managed entirely online through UjaalaNow, while ATM, CRM and payment gateway infrastructure continues to provide customers with fast, convenient service.

With over 218,000 customers now served through platforms including ApplyNow, FaisaNet and Faisa Mobile X, MIB has overtaken several long-established banks to become the Maldives' second-largest bank by customer base.

As trust and security remain core principles of Islamic financial transactions, MIB continues to invest heavily in digital infrastructure to strengthen the security of its banking systems and build greater confidence in its services.

Over its 15-year journey, MIB says it has established itself as the Maldives' most digitally advanced Islamic bank.