IslamicFinance.de

The Maldives Islamic Bank opened its doors for the first time this week. MIB is the first Islamic bank in the Indian Ocean island nation. The new bank's CEO, Harith Harun told reporters that the initial paid-up capital of the bank would be MVR150m ($11.7m), the minimum capital requirement for banks under Maldivian Banking Law.

The first Islamic bank in the Maldives opened today, promising Shariah-compliant banking services. President Mohamed Nasheed attended the opening ceremony this morning.
CEO of Maldives Islamic Bank (MIB) Harith Harun said the bank entered the market with capital of Rf150 million (US$12 million), and would operate current, savings and term deposit accounts structured so as to avoid the payment of interest.