The Maldives Islamic Bank (MIB) and the Ungoofaaru Council in Raa Atoll have signed an agreement to establish a new MIB Sales Centre and an ATM on the island. The signing ceremony took place during President Dr. Mohamed Muizzu’s visit to several islands in Raa Atoll.
On behalf of the Ungoofaaru Council, Council President Abdulla Rasheed formalized the deal, while MIB’s Managing Director and CEO, Mufaddal Idris Khumry, signed for the bank. This initiative is part of the government’s broader commitment to extend banking services to all inhabited islands across the Maldives by the end of 2025.
MIB plans to expand its operations to 19 additional islands this year, installing 23 new ATMs in total. In addition to the Ungoofaaru branch, the bank will also establish sales centers in Funadhoo (Shaviyani Atoll), Villingili (Gaafu Alifu Atoll), and Malé (Kaafu Atoll).
Local authorities anticipate that the new ATM and sales center will significantly enhance banking convenience for residents of Ungoofaaru and surrounding communities, facilitating a wide range of financial services closer to home.