Maldives Islamic Bank declares dividend for the year ended the 31st December 2021
Following a meeting held on the 24th April 2022, the Maldives Islamic Bank (MIB), the only fully-fledged Islamic bank in the Maldives, announced in a press release on the 25th April 2022 that its board of directors has recommended a cash dividend of MVR33.48 million (US$2.16 million) equivalent to MVR1.49 (9.6 US cents) per ordinary share for the year ended the 31st December 2021. This dividend recommendation is subject to the final approval of the shareholders at MIB's upcoming 12th annual general meeting (AGM). MIB's 2021 annual report stated that at the 11th AGM of MIB held in 2021, shareholders resolved to declare a final dividend of MVR27.56 million (US$1.78 million), equating to MVR1.23 (7.93 US cents) per ordinary share as the final dividend for 2020. MIB also disbursed dividends during 2021, in line with MIB's Articles of Association and other applicable laws and regulations. The same report states that in 2021, there were 29,254 securities traded with a total value of MVR1.01 million (US$65,094.5) with 16,160 shareholders as at the 31st December 2021.
Maldives Islamic Bank (MIB) , Sustainable , Islamic finance , Maldives
Muneeza, A. (2022). Maldives Islamic Bank declares dividend for the year ended the 31st December 2021. Islamic Finance News, (11 May 2022), p. 15.