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Establishing Successful Islamic Banks in Unchartered Territories: Spotlight on Maldives Islamic Bank

MIB commenced operations in March 2011 as the first Islamic commercial bank in Maldives.Initial paid up capital was USD 11.76 million with ICD’s contribution of USD 10 million. Government of Maldives was the other shareholder of the bank. Although the journey since inception was challenging, ICD successful managed to achieve the desired goal.