MIB’s updated internet banking offers instant USD exchange

Maldives Islamic Bank (MIB) has upgraded its internet banking service to facilitate instant USD exchange.

The government has introduced a law mandating tourism businesses and selected other businesses to exchange a certain amount of USD revenue at a Maldivian bank.

MIB states the service offers enhanced convenience by allowing both businesses and individuals to manage their foreign exchange needs online. The most important feature of the function is its enhanced security, the bank added.

Customers can access this service via MIB's internet banking platform, FaisaNet. To exchange USD, customers must log in to the platform, provide the necessary details, and complete the transaction. The corresponding amount of Maldivian Rufiyaa will instantly be deposited to the Rufiyaa account of the customer.

MIB’s FaisaNet platform uses a two-factor authentication for enhanced security. It is user-friendly and contains a dark mode as well.

Maldives’ first and only fully fledged Islamic bank has leveraged technology to digitalize a vast range of its services. In this regard, it is the only bank in the Maldives that facilitates online account opening without physically going to the bank. Other services such as information updating and financing requests can also be requested online.