The Maldives Monetary Authority (MMA) has recognised Maldives Islamic Bank (MIB) and Allied Insurance Company of the Maldives for their efforts to expand access to financial services, presenting both institutions with the Excellence in Financial Inclusion Award at the inaugural Maldives Financial Sector Awards.
The awards ceremony was held as part of the central bank’s 45th anniversary celebrations, with the newly introduced awards programme recognising individuals and organisations that have made significant contributions to strengthening and modernising the country’s financial sector.
The Financial Inclusion Award honours initiatives that improve access to financial services, reduce barriers to participation and create opportunities for underserved communities to engage with the formal financial system.
MIB recognised for digital banking initiatives
MIB received the award in recognition of its efforts to make banking services more accessible through digital innovation and the expansion of Islamic banking services across the Maldives.
According to the awards panel, the bank’s “Apply Now” digital platform has simplified the customer onboarding process by enabling users to apply for banking products remotely, reducing the need for in-person visits.
The panel also highlighted MIB’s continued efforts to broaden access to Shariah-compliant banking products, helping more individuals and businesses participate in the formal financial system.
Allied Insurance recognised for expanding insurance access
Allied Insurance was honoured for its contribution to increasing access to insurance services throughout the country.
The awards panel commended the company for expanding the availability of insurance products for both individuals and businesses, helping improve financial security while encouraging wider participation in formal risk protection services.
The company was recognised for its ongoing commitment to making insurance more accessible and supporting greater financial resilience among customers.
Financial inclusion has become a key focus of the Maldives’ financial sector, with authorities working to ensure that individuals and businesses can access essential financial products, including banking, insurance, savings and payment services.
The MMA has said expanding access to affordable and appropriate financial services plays an important role in strengthening economic participation, supporting entrepreneurship and promoting sustainable national development.
The inaugural Maldives Financial Sector Awards were introduced to recognise excellence across the industry while encouraging continued innovation, resilience and customer-focused service within the country’s financial sector.
