MIB launches new Sharia-compliant credit card

Maldives Islamic Bank (MIB) on Sunday launched a new fully Sharia-compliant credit card.

The launch of the credit cards was described by the bank as a key milestone in its efforts to expand Islamic banking and payment services across the Maldives.

MIB’s new credit cards cover four categories; gold, platinum, signature and business cards.

All four cards have a credit limit of MVR 12,000 to MVR 300,000, and are designed to meet the financial needs of both individuals and businesses.

MIB states that it will be looking into the income and financial criteria of applicants when in issuing cards.

Credit limits:

• Gold card: MVR 12,000 – MVR 50,000
• Platinum card: MVR 50,000 – MVR 100,000
• Signature card: MVR 100,000 – MVR 300,000
• Business card: MVR 100,000 – MVR 300,000

There’s also a monthly US dollar transaction limit for personal credit cards. As such, gold cards have a monthly limit of USD 300, platinum cards have USD 400, and signature cards have USD 500.

However, there’s no designated dollar limit for business cards.

MIB is offering flexible payment options for the credit cards. As such, customers have the option of paying at least five percent of the monthly payment, or the whole amount.

The monthly statements on the credit cards will be issued on the 10th of each month, and the payment is due on the 30th.

Customers can pay for their credit cards via FaisaNet, FaisaMobile, MIB ATM or direct debit.

MIB described the introduction of the new credit cards as a key milestone in its efforts to provide modern and Sharia-compliant solutions to the evolving financial needs of customers.