Amana Takaful (Maldives) Plc has bought five percent of the 85 percent shares of Maldives Islamic Bank owned by its majority shareholder – Islamic Corporation for Development of Private Sector (ICD).
Maldives Islamic Bank is owned by ICD and Maldivian government; with 85 percent owned by ICD and 15 percent owned by Maldivian government.
With the recent transaction in which Amana Takaful bought 5 percent (9,000 shares) from ICD, Maldives Islamic Bank now has three shareholders:
1. ICD (80 percent shares)
2. Maldivian government (15 percent shares)
3. Amana Takaful (5 percent shares)
Amana Takaful reported that its Board of Directors made the decision to buy 5 percent of Maldives Islamic Bank’s shares during the Board meeting held on November 17.
Neither of the companies has disclosed the sale price.
Managing Director of Amana Takaful, Hareez Sulaiman and CEO and General Manager of ICD, Khaled Al-Aboodi signed the agreement finalizing the transaction this Tuesday.
Chairman of Amana Takaful, Tyeab Akbarally said that the partnership between Amana Takaful and Maldives Islamic Bank was mutually beneficial, and an important step towards developing Islamic finance in Maldives.
“This is a great opportunity to promote the Takaful concept within the banking system and develop Islamic finance in Maldives,” said Akbarally.
Maldives Islamic Bank is currently the only bank in Maldives which provides all its services in compliance with Islamic Sharia.
Amana Takaful was the company which introduces Islamic insurance or Takaful to Maldives.