MIB restricts use of USD card limit on shopping websites

Maldives Islamic Bank (MIB) has introduced new restrictions on the use of the USD 250 foreign transaction allowance available on its Rufiyaa cards, including blocking access to selected online shopping websites and limiting e-commerce transactions.

In a statement issued on Tuesday, the bank said the USD 250 limit was originally introduced to help customers meet essential foreign currency expenses.

However, MIB said it had observed some customers using the facility for purposes outside its intended scope in recent days.

As a result, the bank announced a number of changes that took effect immediately.

Under the revised policy, the USD transaction allowance can no longer be used on certain online shopping websites identified by the bank.

MIB has also capped the number of e-commerce transactions that can be made using the allowance at 10 per month.

The bank said customers will continue to be able to use the USD 250 limit for a range of other expenses, including subscription services, overseas point-of-sale transactions, medical payments, education-related expenses and travel costs.

According to MIB, the changes are intended to ensure the continued availability of the service for customers who rely on the allowance for foreign currency requirements.

The bank said the measures were introduced to support the sustainability of the facility while prioritising access to essential transactions.