Maldives Islamic Bank (MIB) has entered into an agreement with the Ministry of Economic Development to extend its banking services to 19 additional islands throughout the Maldives. The contract was signed by Minister of Economic Development Mohamed Saeed on behalf of the Ministry and Managing Director Mufaddal Idris Khumri for MIB.
Under the agreement, MIB will install ATMs on 19 islands, bringing their services to 16 different provinces. The project, scheduled for completion within a year, will enable more Maldivians to access financial services close to home, aligning with President Mohamed Muizzu’s vision of economic inclusivity and financial accessibility. In a speech at the signing event, Minister Saeed emphasized that expanding financial infrastructure is key to creating a robust digital economy across the archipelago. He expressed gratitude to MIB for its partnership in this effort to meet the President’s pledge to improve banking access on every island.
“This is a pivotal step toward making essential financial services available to all Maldivians. The Maldives Islamic Bank’s role in realizing this digital transformation is highly appreciated,” Minister Saeed stated.
Currently, MIB operates 39 ATMs in various regions, and the new agreement will add 23 more ATMs, enhancing financial infrastructure in rural areas and promoting economic growth. In addition to MIB’s agreement, a similar contract was signed with the Bank of Maldives, which will install 109 ATMs in rural areas, further supporting the government’s objective of making banking services accessible to all islands in the Maldives.
