Maldives Islamic Bank issues bonus shares to its shareholders

Maldives Islamic Bank (MIB) has issued over 1.4 million bonus shares to its shareholders, following a strong financial year marked by profit growth and expansion of services.

The bank confirmed the listing of 1,464,338 ordinary bonus shares on the Maldives Stock Exchange (MSE) at a face value of MVR 10.

The issuance follows a decision at the bank’s annual general meeting earlier this month to distribute a 50 percent cash dividend from its 2023 profits.

In total, MIB has allocated MVR 103 million in dividends, equating to MVR 4.58 per share a 58 percent increase compared to the previous year.

The bank is currently depositing the bonus shares into shareholders’ securities accounts through the Maldives Securities Depository (MSD).

Describing 2023 as a successful year, MIB highlighted key achievements including the launch of new service centres and the expansion of its digital banking offerings.

The bank also received three international awards in recognition of its performance and innovation.

MIB remains the first and only fully Shariah-compliant bank in the Maldives and is also the first bank in the country to offer all of its services digitally.