MIB launches Sharia-compliant credit cards with limits up to MVR 300,000

Maldives Islamic Bank (MIB) has launched a new range of Sharia-compliant credit cards, offering credit limits of up to MVR 300,000 for individuals and businesses.

The bank introduced four categories on Sunday, 15 November: Gold, Platinum, Signature and Business, expanding its Islamic banking services to include credit card facilities.

The Gold card offers credit limits ranging from MVR 12,000 to MVR 50,000, while the Platinum card provides limits between MVR 50,000 and MVR 100,000. Both the Signature and Business cards offer limits ranging from MVR 100,000 to MVR 300,000.

The three personal credit cards also carry monthly US dollar transaction limits. Gold cardholders can spend up to USD 300 per month, Platinum cardholders up to USD 400 and Signature cardholders up to USD 500. No fixed monthly US dollar transaction limit was specified for the Business card.

Card eligibility and approved credit limits will depend on applicants' income and financial circumstances.

MIB is offering flexible repayment arrangements, allowing customers to pay a minimum of 5% of their monthly amount due or settle the full balance. Monthly statements will be issued on the 10th, with payments due on the 30th of each month.

Repayments can be made through FaisaNet, FaisaMobile, MIB ATMs or direct debit.

The launch expands the availability of Sharia-compliant credit card services in the Maldives. Bank of Maldives Islamic previously introduced the country's first Sharia-compliant credit card in May 2024.