Maldives Islamic Bank digital banking review
Updated September 28, 2026 · SumCue Editorial Team · Facts checked September 26, 2026
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Our verdict
Maldives Islamic Bank digital banking suits Maldivian households that want savings and financing under an Islamic bank in the same place. The savings balance pays 2.03% to 2.43% on a variable basis, under the savings median of 3%, while personal loans run at 10% to 15% over 18 to 60.
Key facts
- Best for
- Maldivian savers wanting easy-access Islamic savings with a linked multi-currency Visa card.
- Headline rate
- 2.03% to 2.43%↗
- Rate type
- Variable↗
- Term
- 18 to 60 months↗
- Minimum deposit
- MVR 500↗
- Access terms
- Mudharaba surplus-sharing savings with funds accessible at any time↗
- Account kind
- Easy access↗
- Legal entity
- Maldives Islamic Bank PLC↗
- Headquarters
- Maldives↗
- Founded
- 2011↗
- Support channels
- Phone, Chat, Help-centre↗
- Pricing model
- Fixed rate
- Official website
- mib.com.mv
Loans
- APR
- 10% to 15%↗
- Loan amount
- MVR 25,000 to MVR 700,000↗
- Arrangement fee
- Processing Fees: Charged as per the published rate on the List of Bank Charges↗
- Funding time
- 3-5 working days to process the application; goods obtainable on the same day once the limit is approved↗
- Lender type
- Direct lender↗
- Free early repayment
- Yes↗
- Eligibility
- Maldivian with a valid identification card, at least 18 years of age, living and working in the Maldives, employed 12 months and 6 consecutive months with the current accepted employer, guarantor not required↗
- Loan types
- Personal, Car, Cash-advance↗
- Use cases
- Home-improvement↗
- Features
- Multi-currency, Travel
Pros and cons
Pros
- Savings stay accessible at any time, with a minimum deposit of MVR 500.
- Early repayment on personal loans is free, so finishing sooner does not cost extra.
- Borrowing runs from MVR 25,000 to MVR 700,000 at a fixed rate over 18 to 60, and no guarantor is needed.
- Support runs on phone, chat and help centre, covering phone and chat as well as a help centre.
Cons
- The savings rate of 2.03% to 2.43% sits under the 3% median for savings accounts.
- Borrowing costs 10% to 15%, and processing fees follow the published List of Bank Charges rather than a single stated figure.
- The debit card holds 2 currencies only, so spending further afield needs planning.
Who it suits
- Maldivian adults with a valid identification card who live and work in the Maldives and want savings on Shariah terms.
- Salaried applicants with a waiting period at their current employer who need home improvement borrowing.
- People who want a debit card on the visa network for travel and multi-currency spending.
Who should look elsewhere
- Savings hunters: Wise pays 3.29% and bunq pays 3.01%, both above the 2.03% to 2.43% on offer here.
- Customers in Europe who want euro and sterling balances: bunq and Wise serve that market, while this bank runs from MV.
- Borrowers who need an instant answer: the personal financing product takes a working period to process, and processing fees follow the published List of Bank Charges.
Rates and terms
The savings balance pays 2.03% to 2.43%, and that rate is variable, so the return follows the account rather than being fixed for a set period. Personal financing from the same bank is priced at 10% to 15% across 18 to 60, which gives a clear picture of what the bank charges for borrowed money as well as what it pays on deposits.
Who runs it
Maldives Islamic Bank PLC is the legal entity behind these accounts, based in Maldives and founded in 2011. Support runs on phone, chat and help centre, so questions can be raised by phone or chat as well as through the help centre. Because the same institution takes deposits and arranges finance, account and loan questions go to one provider.
How Maldives Islamic Bank digital banking compares
8.9 vs 8.0
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Where Maldives Islamic Bank digital banking is available
- Available
- Maldives
Countries from the brand (Source, checked September 26, 2026)
Frequently asked questions
What rate does the savings account pay?+
The savings balance pays 2.03% to 2.43%, and the rate is variable, so it can move. That sits below the median across savings accounts on the site, 3%, which matters if the account is opened to grow money rather than to hold it.
How much do I need to open the account?+
The minimum deposit is MVR 500. The account is easy access, built around profit and loss sharing rather than a promised rate, so the return follows the outcome of the assets the money is placed in. The balance is managed through the bank's digital banking service.
Can I get my money out when I need it?+
Funds can be reached at any time, and the account is easy access, so there is no notice period to serve before money comes back. Deposits sit with the bank under surplus sharing, which is worth weighing against a conventional deposit if a set return matters more than access.
How much can I borrow and how fast?+
Personal financing runs from MVR 25,000 to MVR 700,000 over 18 to 60. Applications are processed over a short working period, and goods can be collected on the same day once the limit is approved. Early repayment is free, so a borrower who finishes early does not pay for the months left on the schedule.
What does the borrowing cost?+
The cost of borrowing is 10% to 15%, and the rate is fixed for the period rather than resetting later. Processing fees are charged at the rate on the bank's published List of Bank Charges, so the total cost of a loan depends on that fee schedule as well as on the rate itself.
Who can apply for the loan?+
The personal financing product, aimed at home improvement work, is for Maldivian adults with a valid identification card who live and work in the Maldives. A minimum age applies, along with a waiting period with the current employer, and a guarantor is not required. Loans are priced at 10% to 15%.
Is there a card with the account?+
The card is a debit card on the visa network, with 2 currencies. The listed features cover multi-currency spending and travel, so a customer can hold balances in several currencies on the same card rather than opening an account for each one.
Sources
- mib.com.mv checked September 26, 2026
Backs: Headline rate, Headquarters, Legal entity, Support channels
“General Investment Account (GIA) Profit Performance for August 2026: 2.03% 3 Month Individual, 2.43% 12 Month Individual”
- mib.com.mv/about-us checked September 26, 2026
Backs: Founded, Lender type
“MIB opened its' doors on the 7th of March 2011 with the opening of the Main branch in Male'”
- mib.com.mv/personal-deposits/savings checked September 26, 2026
Backs: Access terms, Account kind, Minimum deposit, Rate type
“with convenient access to your funds at any time”
- mib.com.mv/personal-financing checked September 26, 2026
Backs: Loan types
“Ujaalaa Dhiriulhun for LifeStyle Financing; Ujaalaa Ulhandhu for Vehicle Financing; Ujaalaa Cash for Cash options”
- mib.com.mv/personal-financing/ujaalaa-dhiriulhun checked September 26, 2026
Backs: Loan amount, APR, Eligibility, Free early repayment, Funding time, Pricing model, Arrangement fee, Term, Use cases
“Financing Amount - Minimum: MVR 25,000; Maximum: MVR 700,000”
- mib.com.mv/e-banking/debit-card checked September 26, 2026
Backs: Card type, Currencies, Features, Card network
“VISA Everyday Card, VISA Platinum Card, VISA Business Card - debit card options”
Compiled from 6 source pages, checked September 26, 2026. We did not open an account.
Not confirmed yet: Deposit protection.
Maldives Islamic Bank digital banking
Maldivian savers wanting easy-access Islamic savings with a linked multi-currency Visa card.