Maldives Islamic Bank (MIB) has been honored with the "Excellence in Financial Inclusion" award at the inaugural Maldives Financial Sector Awards, introduced by the Maldives Monetary Authority (MMA) to recognize outstanding contributions within the financial industry.
The award was presented during a ceremony held last night at Barceló Nasandhura to mark the 45th anniversary of the MMA. Alongside MIB, Allied Insurance also received the prestigious accolade.
The award serves as recognition for the exemplary efforts of both institutions in expanding financial services across the Maldives. This year marks the launch of these awards, designed to honor those making contributions to the development and modernization of the Maldivian financial system.
The "Excellence in Financial Inclusion" award is a special distinction granted to entities that work to eliminate barriers to financial services and facilitate easy access for underserved individuals and communities.
The MMA highlighted MIB’s "ApplyNow" digital platform as the reason for the bank’s recognition. This platform has empowered customers to apply for banking services remotely, easing the challenges previously faced in participating in financial transactions. Furthermore, the award panel commended MIB’s ongoing efforts to expand Shariah-compliant banking services throughout the Maldives.
Through this pioneering service, individuals anywhere in the world can open an account with MIB. The platform facilitates the opening of both personal and business accounts.
According to MIB, more than 88,000 customers have opened and utilized accounts online since the service was introduced. The bank noted that 55 percent of these users reside on islands where MIB does not maintain a physical branch.
MIB further revealed that a total of MVR 73.6 billion has been circulated through these online bank accounts to date.
Allied Insurance was presented with the award for its role in expanding the insurance sector and broadening service accessibility. The company’s efforts to provide easy access to insurance for individuals and businesses, thereby integrating more people into the financial protection system, were recognized as a significant step toward increasing financial inclusion.
The MMA emphasized that increasing financial inclusion is a fundamental pillar of financial sector development. The central bank stated that the primary objective is to ensure that every individual and business has access to affordable financial services, noting that robust banking, insurance, savings, and payment systems are vital drivers of national economic growth.
