An agreement to establish Maldives Islamic Bank (MIB) service centre and ATM services in Raa Ungoofaaru was signed on January 21 during President Dr Mohamed Muizzu’s visit to the island. 

The agreement was signed on behalf of MIB by Managing Director Mufaddal Idris Khumri, while Abdulla Rasheed, President of the Ungoofaaru Island Council, represented the council. 

During his visit, President Dr Muizzu interacted with the community in Ungoofaaru and announced plans to open a branch of the Bank of Maldives (BML) in Dhuvaafaru later this year. The agreement for this initiative is set to be signed next week between BML and the Dhuvaafaru Council, with operations expected to commence by June.

Additionally, an agreement has been signed between BML and the Hulhudhuffaaru Island Council to introduce ATM services on the island.