MIB today introduced a new credit card portfolio that is fully compliant with Sharia principles.
MIB stated that these are significant cards launched under the bank's ongoing efforts to expand payment services in the Maldives within the Islamic banking system.
In issuing the cards, MIB will assess the applicant's income and financial eligibility criteria.
MIB has divided the new credit cards into four categories: Gold, Platinum, Signature, and Business cards.
MIB notes that these are cards issued specifically tailored to the financial needs of individuals and businesses. The credit limit for each card has been set ranging from MVR 12,000 up to MVR 300,000.
Looking at the limits for individual cards, while the Gold card receives a limit between MVR 12,000 and MVR 50,000, the limit for the Platinum card is an amount between MVR 50,000 and MVR 100,000. MIB has set the limit for the Signature card starting from MVR 100,000 up to MVR 300,000. The limit for the Business card, designated for businesses, is between MVR 100,000 and MVR 300,000.
Specific monthly US Dollar usage limits have also been established for personal cards. Accordingly, USD 300 will be allocated for the Gold card, USD 400 for the Platinum card, and USD 500 for the Signature card. However, a specific dollar limit has not been set for the Business card.
According to MIB, flexible options have been arranged for customers in repaying expenses incurred through these cards. Customers are given the option to pay a minimum of five percent of the monthly payable amount or to pay the entire amount in full.
The monthly statement for the cards will be received on the 10th day of each month. Based on that statement, the deadline for making payments is the end of the 30th day of that month. MIB stated that payments can be made via FaisaaNet, Faisaa Mobile, ATM, or Direct Debit.
The bank stated that the introduction of these new credit cards is an important step in the bank's efforts to provide modern solutions suited to the changing financial needs of customers, in accordance with Islamic banking principles.
