State buys another ten percent of shares from MIB

The Maldivian government has bought another ten percent of shares from Maldives Islamic Bank (MIB).

The state bought the ten percent of shares from the majority shareholder, Islamic Corporation for Development of Private Sector (ICD).

At a special ceremony at the Finance Ministry today, the agreement to buy ten percent of shares to the government was signed by the Minister for Finance and Treasury, Ahmed Munawar and from the MIB, their Managing Director, Haaris Haroon.

Now, the state hold 25 percent of the shares at MIB with a total of 45,000 shares.

Amãna Takaful PLC bought five percent of shares from ICD last year.

The current standing of shares at MIB stands as follows:

- ICD: 75 percent

- Maldivian State: 25 percent

- Amãna Takaful PLC: five percent