IslamicFinance.de

The Maldives Islamic Bank (MIB) has launched its Initial Public Offering on the Maldives Stock Exchange with the aim of raising MVR244 million (US$15.8 million), offering a 31% stake for public ownership. MIB is offering 6,975,000 shares at a price of MVR35 per share, including 4.5 million ordinary shares offered for subscription and 2.4 million offered for sale. According to the bank, buyers must subscribe to a minimum of 20 shares, which is equivalent to MVR700. Subscriptions exceeding the minimum amount must be in multiples of 10 shares. The expected date of listing of the shares or commencement of trading is November 12.

The implementation of iMAL modules has been achieved ahead of schedule and budget allowing MIB to go live within 2 months time. It is one of the market benchmarks with regards to core banking implementations.

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.