Maldives’ first Islamic bank opens for business

The first Islamic bank in the Maldives opened today, promising Shariah-compliant banking services. President Mohamed Nasheed attended the opening ceremony this morning.
CEO of Maldives Islamic Bank (MIB) Harith Harun said the bank entered the market with capital of Rf150 million (US$12 million), and would operate current, savings and term deposit accounts structured so as to avoid the payment of interest.

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