Maldives Islamic Bank (MIB) has announced the digitization of its business banking services, along with the introduction of an overdraft facility.

The new services were launched at a ceremony titled "Breaking Barriers” in Meeruma Hall on Friday night. 

With these enhancements, MIB has made the business account opening process fully digital and secure, streamlining operations for business customers. Additionally, the bank now offers Sharia-compliant overdraft facilities to its business banking clients.

MIB has introduced several new services to support business banking, including:

1. Business Expense Card: A convenient tool for managing petty cash, with the ability to top up easily.

2. Bulk Transfer Services: Initiation of bulk transfers using MMA's "Favara" system for businesses.

3. Scheduled Transactions: Allowing businesses to schedule future transactions.

4. Salary Code Deposits: Enabling businesses to deposit salaries to any bank using a salary code.

5. Interbank Payments: Businesses can now make payments to all banks via the "Favara" system.

Moreover, the opening hours of the Business Bank have been extended, now operating from 8:30 am to 4:00 pm, providing more flexibility for business customers.

These new services are designed to enhance the efficiency and convenience of business banking with MIB.