Maldives Islamic Bank Celebrates 15 Years with Digital Banking Surge

Digital Channels Drive Anniversary Milestone

Maldives Islamic Bank (MIB) marked its 15th anniversary this quarter with a sharp acceleration in digital banking adoption, underscoring the institution's strategy of pairing Shariah-compliant finance with technology-led delivery. The bank said more than 90% of its customer base now interacts exclusively through mobile and online channels, eliminating the need for branch visits for routine services.

Quarterly Metrics Show Momentum

Second-quarter data released by the bank reveals sustained traction across its digital estate. Internet and mobile banking logins climbed 11.4% quarter-on-quarter, rising from 3.76 million to 4.19 million sessions. Digital transaction volumes posted a stronger 19.7% increase, advancing from 25 million to 29.95 million in the same period. Combined ATM, eCRM, point-of-sale and card transactions added a further 3.72 million interactions.

Platform Upgrades Fuel Engagement

MIB attributed the growth to continuous investment in its FaisaNet internet banking suite, the FaisaMobile X application and the ApplyNow Portal for onboarding. The UjaalaNow platform extends digital access to Ujaalaa financing, allowing customers to apply for and manage facilities end-to-end. Payment gateways and an expanded point-of-sale network provide additional touchpoints for merchants and consumers alike.

• Online account opening and instant debit card issuance now standard
• Ujaalaa financing fully manageable through UjaalaNow
• Security and accessibility upgrades rolled out across all digital properties

The bank said its digital infrastructure programme remains focused on enhancing security, accessibility and operational efficiency as it enters its next growth phase. By embedding technology into every layer of service delivery, MIB aims to deepen financial inclusion while maintaining strict adherence to Islamic finance principles.