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MIB introduces bulk transfer service between banks

MIB's new bulk transfer services can be used via Favara Transfer.

Ameera Osmanagic
09 May 2024, MVT 18:21
Maldives Islamic Bank, located in Malé, the capital of Maldives -- Photo: Mihaaru
Ameera Osmanagic
09 May 2024, MVT 18:21

Maldives Islamic Bank (MIB) has introduced a new feature within its 'Favara Transfer' service, enabling bulk transfers to be made to accounts in other banks as well.

Previously, bulk transfers were limited to other MIB accounts through its internet banking platform 'Faisa Net'. However, such transfers can now be made to accounts opened in other local banks via Favara Transfer. This instant payment system is implemented and operated by Maldives' central bank, the Maldives Monetary Authority (MMA).

In light of this new service announcement, MIB highlighted that the bank's bulk transfer services are already used by many businesses to credit employee salaries.

MIB's online fund transfer services are also accessible through Faisa Net, a secure and user-friendly platform. This platform allows employees of businesses, such as accountants, to obtain access to it at any level.

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