MIB upgrades internet banking for dollar exchange

Maldives Islamic Bank (MIB) has upgraded its internet banking system to facilitate the exchange of dollars, enhancing accessibility and security for businesses and individuals.

The enhancement aligns with the Monetary Authority of Maldives’ regulation requiring foreign currency earners to deposit a designated percentage of dollars in banks. MIB stated that the service aims to streamline dollar transactions under the government's recently introduced exchange system.

According to MIB, one of the key features of the upgrade is security. Customers can access the service through internet banking, enter the required details, and exchange dollars, after which the equivalent amount in Maldivian Rufiyaa will be credited to their accounts immediately.

The bank stated that its online banking platform, FaisaNet, is designed to be secure and user-friendly. The service incorporates two-factor authentication for added security.

Additionally, MIB has introduced a bulk transfer service that allows businesses to process salary payments instantly using a salary code, eliminating the need to submit salary lists to the bank.

MIB, the only fully-fledged Islamic bank in the Maldives, continues to expand its digital services. Customers can open accounts without visiting a branch, request financing online, and receive instant access to their banking cards.