Maldives Islamic Bank Proposes $8.4 Million Dividend for Shareholders

The Maldives Islamic Bank PLC (MIB) has announced its Board of Directors' recommendation for a significant cash dividend for shareholders. The board has proposed a payout of USD 8,407,725, equivalent to USD 0.35 per share, for the financial year ending 31 December 2025. The recommendation follows the approval of the bank's audited financial reports for 2025. The proposed dividend, which requires shareholder approval at the 16th Annual General Meeting (AGM) scheduled for May 2026, marks a substantial increase of USD 1.68 million from the previous year. This represents a 25.81 percent rise from 2024, with a payout ratio of 35 percent. In a related notice, MIB has reminded its shareholders to update their residency status in accordance with the Maldives Income Tax Act. This is crucial as dividends are subject to a 10 percent Non-Resident Withholding Tax. Shareholders have until the date of the upcoming AGM to complete this update. The announcement comes as MIB reflects on a highly successful year in 2025, which also coincides with the 15th anniversary of the bank introducing Islamic banking services to the Maldives.