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Maldives Islamic Bank open for business

21/03/2011 05:00:00 AM GMT   Comments ()     Add a comment   Print     E-mail to friend

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.

MIB will offer domestic retail banking services including deposit, current and savings accounts and financing facilities structured in the form of Murabahah, Ijarah or Musharakah.

MIB will also offer trade finance to importers and exporters.& The new bank is a JV between the Islamic Development Bank and the Maldivian government. IDB owns 70% of the equity, with the government controlling the rest.

MIB was licensed to operate in August 2010. The Maldives has long been of interest to the Islamic finance sector, with Dubai's Noor Islamic Bank pledging to set up operations in the country back in 2008.

Source: Bing Search

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