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Issuers

Maldives Islamic Bank

Maldives Islamic Bank PLC., the first and fully Shari’ah compliant bank in the Maldives is a collaboration between Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank Group (IsDB) and the Government of Maldives, represented by Ministry of Finance. The parties entered into an agreement on 04th October 2009 with a view to jointly develop and pioneer Islamic Banking services in the Maldives in line with principles of Shari’ah. We opened our doors to the public on the 7th of March 2011 with the opening of the main branch in Male’, the capital of Maldives and quickly followed suit by expanding into all major population centres of the nation. We now operate with 6 branches in 5 atolls across the country. We have been listed on Maldives Stock Exchange as the only full-fledged Islamic bank in Maldives since November 2019. Today, 20% of our share capital is owned by the general public, in line with our principle of increasing public participation in the Bank’s ownership.

Incorporated as a Private Limited Company, MIB was brought to inception with the intention of providing an alternative to the public and businesses who wish to avail themselves to banking transactions and dealings in strict compliance to Islamic banking principles. The primary goal was to offer the people of Maldives the opportunity to be a part of the fast-growing Islamic banking community worldwide. We are an active participant in the development and promotion of a viable Islamic economics and financial system in the Maldives which adheres to the highest ethical standards and values.

We provide full range of Shari’ah compliant deposit products and financing solutions catering to the general public, both individuals and businesses. From a humble beginning, we currently provide our services through a network of branches, sales centers, ECRMs/ATMs across 10 different island locations to meet the growing demand and to facilitate Islamic banking convenience throughout the country. In our continuous effort to provide better access and convenience to our customers, we have expanded our alternative distribution channels through Automated Teller Machines (ATM) network, Point of Sale (POS) terminals at various merchant outlets and via our online banking service, FaisaNet and FaisaMobile. We constantly strive to exceed customers’ expectations by proactively developing long-term relationships and through constantly introducing modern banking services.

Board Members

Nasser Mohammed Al-Thekair

Non-Executive Director

Nasser Al Thekair assumed the role on the Board of the Maldives Islamic Bank (MIB) in 2019 and has served as the General Manager of the Trade & Business Development Department at The International Islamic Trade Finance Corporation (ITFC) within the Islamic Development Bank (IsDB) Group since 2017. He is responsible for leading the trade promotion and facilitation arm of the ITFC, growing the intra-trade among MCs, and enhancing the development impact. Additionally, He leads ITFC’s efforts to develop new business lines and products, foster innovation, and build strategic relationships with key development partners to create new markets and mobilize resources for ITFC’s trade development initiatives.

Nasser Al-Thekair joined the IsDB in 2000. He held the position of Assistant General Manager of the Corporate & Structured Finance Department, with the responsibility of overseeing all ITFC trade finance transactions for the Middle East and North Africa where he has grown to become a business portfolio of more than US$ 2.2 Billion.

His main achievement in Islamic Finance relates to supervising the structuring of several transactions that won international recognition from Islamic Finance News, Euromoney, and Global Trade Review.

In addition to his work in the ITFC, Nasser holds various executive and board membership positions in several companies. He is a board member of the Maldives Islamic Bank (MIB) since 2019, a board member of the Saudi Gelatin and Capsules Company, a member of the Executive Committee of the Arab Africa Trade Bridges Program (AATB), and the Trade Development Fund (TDFD), also, he represents ITFC on the board of Aid for Trade Initiative for the Arab States (AfTIAS), as well the Board of Governors of AATB program.

Educationally, Nasser holds a bachelor’s degree in engineering from King AbdulAziz University in Jeddah, Saudi Arabia, and a master’s degree in business administration (MBA) from the University of Leicester School of Management, United Kingdom. He has also undergone Executive Education programs in Leadership and Leading Digital Business Transformation at IMD, Lausanne, Switzerland, and attained Corporate Director Certification from Harvard Business School, Boston, USA. Nasser's dedication to continuous growth and leadership excellence is exemplified by his recent acknowledgement with the esteemed Leaders 2030 designation from Misk Leadership.

Rajiv Nandlal Dvivedi

Non-Executive Independent Director

Mr. Rajiv Nandlal Dvivedi is a financial professional with more than 35 years of experience in Commercial Banking, Corporate Finance & Investment Banking in the Middle East, with particular strength in Strategy, Business Development and Risk Management. He is currently serving as the CEO of Eagle Proprietary Investments Limited, Dubai since 2010.

As the CEO of Eagle Proprietary Investments Limited, Mr. Dvivedi is responsible for establishing an investment arm for the conglomerate, in addition to managing venture capital and private equity investments for the group and assisting in Islamic Finance and Structuring. Mr. Dvivedi is also CEO and a Director of Eagle Investments Limited, a regulated firm in Dubai International Financial Centre.

Mr. Dvivedi’s career in banking started with Citibank New York and has served the group for more than 35 years in various senior capacities at New York, U.S.A., Middle East, North Africa and Gulf region. His tenure at Citibank Kuwait, was a defining time for the group as he helped them to instill strong risk management processes and control culture with focus on regulatory compliance. As the CEO of the Citibank Kuwait, he also played a pivotal role in growing Islamic relationships in the region. He was also instrumental in concluding the largest financing transaction in the region, worth USD1 billion, for one of their key relationships.

He served as the Senior Independent Director of Amana Bank PLC, the first commercial bank in Sri Lanka to conduct all its operations under the principles of Islamic banking.

Currently he is a director in Eagle Investments Limited as Non-Executive Director, Eagle India Sharia Fund I Ltd. as Non- Executive Director and Eagle India Equities Ltd. as Non-Executive Director.

Mr. Dvivedi has earned Master of Business Administration in Finance from the Long Island University, New York. During his Citibank career, he has attended numerous in-house courses offered by the bank covering Credit, Operations, Financial Management, Budgeting, People Management, Risk Management, Corporate Finance, Investment banking and Trade Finance.

Osman Kassim

Non-Executive Director

Mr. Osman Kassim is the Nominee Director appointed to the Board of Maldives Islamic Bank PLC., to represent Amana Takaful (Maldives) PLC.

Mr. Osman Kassim is a renowned and highly respected entrepreneur in Sri Lanka. He is regarded as the pioneer of Islamic finance in Sri Lanka for having introduced Islamic banking and insurance and counts over 40 years of senior management experience in these fields.

He is the Founder Chairman of Amana Bank PLC, Sri Lanka’s first and only licensed commercial bank to conduct all its operations under the principles of Islamic banking. He has travelled extensively and is fully conversant with Islamic banking practice and methodology in most countries, where Islamic banking is available.

Mr. Osman Kassim was formerly the Chairman of the Expolanka Group. He is also the Chairman of Vidullanka PLC, The Goodness Foundation and Rokfam (Pvt) Ltd. He concurrently holds directorships in Amana Takaful Life PLC and Amana Takaful (Maldives) PLC.

Mr. Osman Kassim previously served as a member of the Board of Directors of Maldives Islamic Bank PLC. from 2017 until July 2020.

In recognition of his achievements as both a global entrepreneur and visionary educationalist, Mr. Osman Kassim was conferred an Honorary Doctorate by the Staffordshire University, United Kingdom.

Mausooma Yoosuf

Non-Executive Director

Ms. Mausooma Yoosuf is a Nominee Director appointed to the Board of Maldives Islamic Bank PLC., to represent the Government of the Republic of Maldives.

Ms. Mausooma brings a strong financial expertise to the table, having held the role of Chief Financial Officer at Public Service Media for over seven years, spanning from 2013 to 2020. Additionally, she fulfilled the position of Assistant Financial Controller at FALIM Groups Pvt Ltd from 2009 to 2010.

She is presently the Director of Legal at Public Service Media since being appointed to the position on May 2021. Prior to that, she served as the Director of Internal Audit at Public Service Media where she was tasked with providing independent and objective evaluations of the Company’s financial and operational business activities.

In the early stages of her career, Ms. Mausooma held positions as an Accounts Officer at the Auditor General’s Office and as a Purchasing Manager at Island Aviation Services Ltd.

Additionally, she held the role of Non-Executive Board Director at Male’ Water and Sewerage Company Ltd from 2014 to 2019. Furthermore, she was appointed as a member of the Commission on State Asset Recovery in 2018.

She has acquired Master of Business Administration from International College of Business and Technology, Sri Lanka and completed Diploma in Information Technology with e-commerce from Colombo University. Ms. Mausooma has also completed Certified Accounting Technician (CAT) programme from Maldives Center for Management and Administration.

Ahmed Siraj

Non-Executive Director

Mr. Ahmed Siraj is a Nominee Director appointed to the Board of Maldives Islamic Bank PLC., to represent the Government of the Republic of Maldives.

Mr. Siraj is a seasoned public finance specialist, currently serving as the Permanent Secretary at the Ministry of Finance since May 2022. Mr. Siraj brings with him a wealth of expertise in financial management, strategic planning, and policy implementation to his role in MIB as a Board Member.

Prior to his current position, Mr. Siraj served as the Secretary General of Privatization and Corporatization Board (“PCB”) of Ministry of Finance for nearly a decade, from August 2013 to May 2022. His involvement in this capacity played a pivotal role in fostering efficient governance of State-Owned Enterprises (SOEs), earning him widespread recognition and respect within the industry.

During his career, Mr. Siraj has held several board membership positions, including serving as a Board Member of the Capital Market Development Authority since August 2018. Furthermore, he has been a Council Member of the Islamic University of Maldives since 2014. He has also served on the Boards of SME Development Finance Corporation (SDFC), Maldives Hajj Corporation Limited and Hazana Maldives Limited earlier.

In recognition of his leadership and contributions, Mr. Siraj has received various awards and accolades, including the Youth Award of Maldives in 2008 awarded by the President of Maldives. Mr. Siraj has completed numerous workshops and trainings related to public finance, corporate governance, and board directorship.

Mr. Siraj holds a Master of Business Administration with a major in Project Management from the University of Southern Queensland, Australia, and a Bachelor of Business Management from the University of Sunderland, UK. He is currently pursuing a Ph.D. in Economics and Muamalat Administration at the University of Sains Islamic Malaysia.

Iyaz Waheed

Non-Executive Independent Director

Mr. Iyaz Waheed is a Chartered Management Accountant by profession, who also holds a post graduate diploma in Business Management. He is currently serving as the Assistant Director Statutory Compliance at Universal Enterprises Pvt Ltd. He is a highly reputed figure in the hospitality industry, with a notable service track record spanning over two decades.

He started his career in the industry as Assistant Chief Accountant of Velassaru Maldives during February 2002 after completing his studies and working as a trainee at KMPG Sri Lanka. He continued to serve the hotel as Chief Accountant and later as Assistant Manager until September 2006. Following this, he served as the Acting Financial Controller of Labriz Silhouette Seychelles currently managed by Hilton, during the pre-opening phase, until he joined the corporate office of Universal Enterprises as the Assistant Financial Controller in May 2007. Since then, Mr. Iyaz has contributed significantly to the growth of Universal Enterprises. Over the past 17 years, he has served as Assistant Financial Controller, Group Manager – Finance and HR as well as General Manager – Statutory Compliance prior to taking over his current role, overseeing and leading the Risk Management and Compliance function of the entire group and 8 resorts.

Additionally, Mr. Iyaz continues to serve as the President of Universal Foundation, a charitable organization, since May 2014. He is also a prominent professional speaker who is the appointed Founding President of the Maldives Professional Speakers Association (MPSA) since April 2023.

Mr. Iyaz Waheed is also serving as an Executive Board Member of the Maldives Association of Tourism Industries (MATI) since February 2018 and has represented the industry at different forums. He has also held the role of Private Sector Board Director (for 3 years) and Chairperson (for 2 years) at the Maldives Pension Administration Office (MPAO) from 2009 to 2014.

Mr. Iyaz holds 05 MIB shares.

Mufaddal Idris Khumri

Managing Director & Chief Executive Officer

Mufaddal Khumri is a seasoned Islamic Banker with more than 25 years of commercial banking experience that covers Business Strategy, Digital & Technology, Corporate Banking, Retail Banking and Wealth Management, Payments, Treasury and Risk functions. He has established and headed two Islamic Banking Windows in United Arab Emirates (UAE) for Abu Dhabi Commercial Bank (UAE’s third largest commercial bank) and for National Bank of Ras Al Khaimah (UAE’s leading SME and payments bank). He started his career with ICICI Bank Ltd, India’s second largest private sector Bank as Management Trainee in 1997. Prior to becoming a Banker, he was a columnist for Business Standard, a financial newspaper in India.

During his work tenure in UAE, he also launched two Islamic Finance Companies in UAE, with a combined capital base of USD 162 million. Among these companies, he served as Managing Director of Abu Dhabi Commercial Islamic Finance (ADCIF). Whilst at ADCB, he has handled the India Millenium Deposit portfolio of USD 1 Billion. Additionally, he has worked extensively for the IPO Business in UAE handling more than 20 large IPOs wherein ADCB collected more than AED Billions of subscriptions including leverage investments. The Islamic business at ADCB was more than USD 6 Billion.

Prior to joining MIB, Mufaddal was the Head of Retail Business in UAE for Saudi National Bank, Saudi Arabia’s largest Bank, based out of Dubai, UAE. In National Bank of Ras Al Khaimah, he also served as Director of Retail Banking & Payments Business, which was in addition to his responsibility as Head of Islamic Banking which included the SME and Corporate Banking portfolio. The Retail business in National Bank of Ras Al Khaimah had a gross revenue of more than USD 700 Million.

Whilst at ICICI Bank played a key role in furthering the Non-Resident Indian Business. He was deputed to the Middle East in early 2000 where he worked with banking partners across all GCC countries for remittances, payments, and investments. He was instrumental in setting up money2india remittance portal and creating alliances with banks and exchange houses across GCC to facilitate staff deputation and strategic alliances.

Mufaddal has obtained master’s in management studies and Bachelor of Commerce from the University of Mumbai. He has also completed Fintech course from University of Oxford, UK and attended various Islamic Finance seminars and forums as a speaker.

Mufaddal held representations in the UAE Banking Federation (UBF), Islamic & Retail Banking Committee. He also held membership status in Islamic Finance Advisory Council at Dubai International Finance Centre. He regularly speaks at Banking forums and seminars across various verticals. He regularly writes for Islamic Finance publications and has co-authored a book” Assassinations that altered the course of history” published by Magna Publishing Company. He occasionally posts his thoughts on mkhumri.com, albeit not regularly.

He is an enthusiastic extrovert and loves being amongst people. A team player to the core, he is a strong proponent for inclusivity at work and loves working with a cross section of people across various ethnicities, nationalities, and skill sets. He has an intrinsic love for gastronomy and the culinary arts. He is a bibliophile at heart, overtly dedicated to books and enjoys being immersed in classical music and Urdu poetry.

Board Committees

Board Audit Committe (BAC)

4 Members

The Board Audit Committee (BAC) has been formulated as per clause 1.8, Part 2 of the Corporate Governance Code. The primary role of the BAC is to assist the Board in fulfilling its oversight responsibilities in areas concerning the integrity of financial reporting, the effectiveness of internal audit function and internal control systems, frameworks as well as consideration of ethics and compliance matters.

Members of the committee

Iyaz Waheed

Moez Baccar

Mausooma Yoosuf

Aminath Irthiyasha

Board Risk and Compliance Committee (BRCC)

4 Members

The Board Risk and Compliance Committee (“BRCC”) is responsible for ensuring the continuous oversight of the risks embedded in the Bank’s operations. The Committee advises the Board in relation to current and potential future risk exposures of the Bank and future risk strategy including the determination of risk appetite and tolerance. The BRCC also ensures the effective management of compliance, operational, market, reputational and liquidity risk throughout the Bank in support of the strategy and framework approved by the Board.

Members of the committee

Nasser Mohammed Al-Thekair

Rajiv Nandlal Dvivedi

Ahmed Siraj

Aminath Irthiyasha

Board Nomination and Remuneration Committee (BNRC)

4 Members

The Board Nomination and Remuneration Committee (“BNRC”) was established in accordance with Section 1.8, Part 2 of the Corporate Governance Code and as per Articles of Association of the Bank. The committee is governed by the Terms of Reference (“ToR”) approved by the Board. The Nomination Committee and Remuneration Committee is combined as one to facilitate effective and efficient discharge of the duties in consideration to the mandate and functions of the two committees.

The Committee was established by the Board of Directors on 11th March 2019. The Committee started its function after conversion of the Bank to a Public Limited Company and had its first meeting on 24th July 2019. The committee was reconstituted by the Board of Directors twice during the financial year 2022.

Members of the committee

Osman Kassim

Nasser Mohammed Al-Thekair

Ahmed Siraj

Mausooma Yoosuf

Board Investment Committee (BIC)

4 Members

The Board Investment Committee (“BIC”) is responsible for review and approve the Bank’s financing exposures and investment portfolios.
The Committee was established by the Board of Directors on 20th December 2022.

Members of the committee

Rajiv Nandlal Dvivedi

Osman Kassim

Moez Baccar

Iyaz Waheed

Shareholding Structure

Name	Share %
Islamic Corporation for the Development of the Private Sector	33.00 %
Government of Maldives	28.00 %
Amana Takaful (Maldives) PLC	8.03 %
Maldives Pension Administration Office	10.53 %
Public Shareholders	20.44 %

Disclosures

More Disclosures

Issuers

Maldives Islamic Bank

Board Members

Kazi Abu Muhammad Majidur Rahman

Chairman and Non-Executive Independent Director

Nasser Mohammed Al-Thekair

Non-Executive Director

Rajiv Nandlal Dvivedi

Non-Executive Independent Director

Moez Baccar

Non-Executive Director

Osman Kassim

Non-Executive Director

Mausooma Yoosuf

Non-Executive Director

Ahmed Siraj

Non-Executive Director

Aminath Irthiyasha

Non-Executive Director

Iyaz Waheed

Non-Executive Independent Director

Mufaddal Idris Khumri

Managing Director & Chief Executive Officer

Ali Wasif

Executive Director / Chief Financial Officer

Board Committees

Board Audit Committe (BAC)

4 Members

Members of the committee

Iyaz Waheed

Moez Baccar

Mausooma Yoosuf

Aminath Irthiyasha

Board Risk and Compliance Committee (BRCC)

4 Members

Members of the committee

Nasser Mohammed Al-Thekair

Rajiv Nandlal Dvivedi

Ahmed Siraj

Aminath Irthiyasha

Board Nomination and Remuneration Committee (BNRC)

4 Members

Members of the committee

Osman Kassim

Nasser Mohammed Al-Thekair

Ahmed Siraj

Mausooma Yoosuf

Board Investment Committee (BIC)

4 Members

Members of the committee

Rajiv Nandlal Dvivedi

Osman Kassim

Moez Baccar

Iyaz Waheed

Shareholding Structure

Disclosures

30 April 2023

Quarter 1 Report

31 July 2023

Quarter 2 Report

31 October 2023

Quarter 3 Report

31 January 2024

Quarter 4 Report

09 May 2023

AGM Notice

30 April 2024

Annual Reports with Audited Financial Statements

18 April 2023

Dividend Declaration for the Financial Year 2022

27 April 2023

Book Closure Date for 13th AGM

09 May 2023

Annual Reports with Audited Financial Statements

08 May 2024

AGM Notice

23 January 2024

Book Closure Date for EGM 2024 (No. 01/2024)

24 January 2024

Change to the Board of Directors