Banking

MIB introduced three new products making banking even easier

The event, which was hosted at Hulhumale’ Central Park saw the launch of the Faisa Mobile X mobile app, Bingaa Accounts, as well as Faisa Wear Rings.

The Edition

The Edition

During an event hosted on 1st November 2024, Maldives Islamic Bank (MIB) launched three exciting new products that will elevate how the banking system is seen throughout the Maldives. The event, which was hosted at Hulhumale’ Central Park saw the launch of the Faisa Mobile X mobile app, Bingaa Accounts, as well as Faisa Wear Rings.

The first product, the Faisa Mobile X mobile app is an upgraded version of the current mobile application, FaisaNet. In addition to having all the features that are available on the current MIB app, the Faisa Mobile X mobile app allows access via biometric credentials such as face ID instead of the current password feature. Additionally, the upgraded version of the app also allows for instant money transfers to any bank accounts that are saved on the users’ app. While MIB has stated that the app will continue to see much-needed upgrades in the future, this is a step forward in making MIB’s internet baking more accessible to its customers. 

The second product which was introduced was the Bingaa Account, which is a feature designed for children. In a move towards making children more financially literate as well as teaching them financial management early on, Bingaa accounts include three different options:

  • Bingaa TRX: Accounts that can be opened by parents for children over the age of seven in a move towards giving pocket money to children for their day-to-day use. 
  • Bingaa Savings: In order to teach children to start saving, the Bingaa savings accounts allow children to set small targets that they can save for. Things such as special treats and birthdays can be set as targets, allowing children to put money into their Bingaa Savings accounts.
  • Bingaa Invest: Moving from small-term savings to long-term savings, Bingaa Invest allows children to save for their future. These accounts, which can be accessed once the children turn 18 allow for children to invest in their future as well.

Last but not least, MIB also introduced the revolutionary Faisa Wear Rings. These specialised rings will allow customers to easily tap their ring to pay at MIB POS systems instead of Internet banking or even using their card. This is the first time this product has been introduced in the Maldives. 

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