The Maldives Islamic Bank (MIB) is preparing for their Initial Public Offering (IPO) after listing the financial institution at the local stock market.
An official speaking on behalf of the bank stated that MIB will be disclosing further information about their IPO prior to the trade of shares for the public.
MIB was founded in 2010 with the island nation’s government holding 15% of the company’s shares and the other 85% with Malaysia’s Islamic Corporation for the Development of the Private Sector (ICD).
However, in 2017 Maldives government acquired another 10% of the company’s shares reducing ICD’s initial shares to 70%. Amana Takaful owns 5% of the bank as well.
Currently, there are nine local businesses listed in Maldives Stock Exchange which includes Maldives Transport and Contracting Company, Dhiraagu, Ooredoo along with Bank of Maldives, Maldives Tourism Development Corporation, Amana Takaful, HDFC and Centurions.