MIB Eases Fund Transfers for Maldivian Businesses Trading with China

Business

Maldives Islamic Bank (MIB) has introduced a new mechanism enabling Maldivian businesses to transfer their earnings from China directly into their accounts in the Maldives as US dollars, addressing a longstanding concern for local manufacturers and traders.

The announcement was made at a workshop organised in collaboration with Alibaba. Speaking at the event, MIB’s Chief Retail Banking Officer, Dr Hussain Aleem Shakoor, highlighted that businesses had long faced difficulties in repatriating funds due to high remittance fees and charges.

To ease this burden, MIB has established a cost-effective channel that enables businesses to transfer payments from China seamlessly, whether received in yuan or US dollars, with funds credited in USD to their accounts in the Maldives.

The bank stated that the initiative will simplify financial transactions for Maldivian businesses engaged with China, improve access to international revenue, and strengthen their competitiveness. MIB also pledged to expand similar facilities to support businesses operating in other international markets.