Maldives Islamic Bank Launches FaisaRemit to Streamline Digital International Money Transfers

Maldives Islamic Bank (MIB) has introduced FaisaRemit, a digital international remittance service aimed at providing customers with a faster and more convenient method for sending funds abroad. The service is integrated directly into MIB’s online portal, FaisaNet, removing the requirement for clients to visit physical bank branches to process overseas payments. FaisaRemit allows users to transfer funds to supported bank accounts and eligible mobile wallets across 15 international destinations. Customers can send between USD 50 and USD 5,000 per transaction, ensuring the service is accessible for both small personal transfers and larger financial obligations, provided they adhere to applicable regulatory guidelines. Speed and transparency are central to the platform's design. Most transactions are expected to be credited near-instantly or within the same business day, although some may take up to two days depending on the receiving institution and destination regulations. To prevent unexpected costs, the platform provides full visibility of transaction fees, live exchange rates, and the final payout amount before the sender confirms the transfer. The service currently supports corridors to Australia, Bangladesh, China, India, Indonesia, Malaysia, Nepal, Pakistan, the Philippines, Singapore, Sri Lanka, Thailand, the United Kingdom, the United States, and Vietnam. MIB stated that available destinations and payout methods will be updated in real-time based on operational availability. This launch marks a significant step in MIB’s strategy to expand its digital banking ecosystem, catering to the needs of the Maldivian diaspora and expatriate community. By migrating these services online, the bank aims to reduce congestion at branches and provide users with greater control over their international financial movements.