MIB introduces new products, including luxury payment ring

The Maldives Islamic Bank (MIB) introduced new products on Friday, including ‘FaisaWear’ - luxury payment rings that let customers make seamless payments with just one tap.

The new products were launched in a ceremony held at the Central Park in Hulhumale’ which featured a vibrant fireworks show.

FaisaWear

One of the highlights of the event was the launch of FaisaWear – luxury payment rings as a replacement for cash cards. The product is a completely new one to the Maldivian market, and allows customers to make seamless payments with just a tap.

Step into a new era of elegance. Our luxury payment ring combines style with cutting-edge tech—seamlessly blending high fashion and convenience. Tap, pay, and redefine what it means to live in style.
#faisawear #LuxuryRedefined pic.twitter.com/c9DxgVph3s

— MaldivesIslamicBank (@mibmv) November 1, 2024

The rings come in different sizes and in four designs; black (diamond cut), black (plain), floral (black), and floral (white).

The rings will be available from the MIB Business Center located in H. Marine Dream in Male’ and from the bank’s branches in other islands starting Sunday.

FaisaMobilex

Another key product introduced on Friday was the FaisaMobilex - the MIB’s new mobile banking application. With a sleek design and enhanced features, FaisaMobilex offers seamless, secure, and convenient banking, including the option of switching between accounts customers have access to.

The new app will be available from Google and Apple stores from Monday onwards.

Bingaa

The ceremony also saw the launch of Bingaa – kids’ accounts – crafted to foster financial literacy and responsibility from an early age. With robust parental oversight, Bingaa offers a blended package of three unique accounts—Bingaa TRX, Bingaa Save, and Bingaa Invest—equipping young savers with financial tools that grow with them. The Bingaa TRX comes with a cash card that parents can set the limit to.

Introducing Bingaa—MIB’s kids’ banking solution designed to teach financial responsibility from an early age. With Bingaa TRX, Save, and Invest, young savers can learn to spend, save, and grow under parental guidance. Let’s build a brighter financial future together!
#Bingaa pic.twitter.com/ClQRbiM0Qy

— MaldivesIslamicBank (@mibmv) November 1, 2024

With a full suite of digital services, MIB is the only bank in the Maldives that offers instant account opening services without needing to physically visit the bank.