Maldives Islamic Bank (MIB) has introduced mobile banking and launched its new mobile banking service, "Faisa Mobile". The service is provided with mobile applications on iOS and Android and is available now on the Apple App Store and Google Play Store.

Faisa Mobile app was launched in a function held at Hotel Jen last Tuesday night by the governor of Maldives Monetary Authority (MMA), Ahmed Naseer and Acting CEO of MIB, Ahmed Riza.

Faisa Mobile is the newest addition to electronic banking services in MIB's Faisa product line. Features of FaisaMobile include the standard mobile banking features provided in the market, with enhanced and even unique features. 

Standard or standard features include:

Account balances and account histories.

Making transfers within a customer's accounts, to other MIB accounts and accounts of other local banks.

Sharing transfer receipts.

Favorite accounts or contacts management.

Contacting and sending messages to the Bank.

Viewing locations of the Bank's branches and ATMs.

Use of PIN and biometric authentication for securing the app.

Use of two-factor authentication to validate transactions.

Enhanced and unique features of FaisaMobile include:

Saving and sharing transactions in user-friendly receipt cards.

Sorting and filtering account transactions.

Viewing status of chequebooks and details of their cheques.

Viewing the clearing status of cheques.

Stopping and reporting lost cheques.

Viewing financing facilities of the customer in detail.

In addition to mobile banking, MIBs electronic banking products and services include internet banking (FaisaNet), payment gateway (FaisaPay), FaisaATM, FaisaPOS and FaisaPOS Cash.

Maldives Islamic Bank (MIB) is a collaboration between Islamic Corporation for the Development of the Private Sector (ICD) and the Government of the Maldives represented by the Ministry of Finance and Treasury. The total share capital of the bank currently stands at MVR. 165 million.

Maldives Islamic Bank was initiated way back in 2007 when the Maldives Monetary Authority granted permission to ICD to establish the first Islamic bank in the Maldives.

In 2009, ICD signed the shareholders' agreement with the Government of Maldives to initiate the project. This was followed by the incorporation of MIB on 1st April 2010 and the submission of a formal application for a banking license to the Maldives Monetary Authority (MMA). MIB received the banking licence to conduct Islamic banking business from the MMA on 2nd August 2010. 

The bank officially started its business operation on 7th March 2011. MIB aims to provide an alternative to the public and businesses who wish to avail themselves of banking transactions and dealings in strict compliance with Islamic banking principles.