Maldives Islamic Bank (MIB) has been awarded the 'Islamic Entity of the Year 2024' at the 9th IFFSA Awards held in Colombo, Sri Lanka.

The recognition honours the bank’s role as the first and only fully-fledged Islamic bank in the Maldives and highlights its ongoing contribution to the development of Islamic banking in the region.

The event, attended by financial experts and industry leaders from around the world, recognised MIB for its leadership in promoting Sharia-compliant banking practices.

As the Maldives' pioneer in Islamic finance, the bank has introduced a range of financial products aimed at meeting the needs of the local market.

 In addition to its products, the bank has played an active role in raising awareness of Islamic finance in the country, particularly through initiatives focused on financial literacy and supporting students pursuing studies in the field.

The award reflects MIB’s continued influence on the growth of Islamic banking in the Maldives and its broader role in the regional financial landscape. The bank’s recognition is also seen as part of the global expansion of Islamic finance, with increasing interest in Sharia-compliant banking models.