Fees applicable to the Card and its use are stated in the applicable Bank's list of bank charges.

You can search through the website www.loungekey.com/mib or via the LoungeKey mobile app.

Rate per visit would be charged USD 35 per person including the cardholder.

• Flexible limits for all cards and available for all business accounts

• Multiple cards can be requested for one account

• Lounge Key access to cards – available for USD cards only

• Discount Global offers by Visa  

• Visa Business MVR Card:

Offered for MVR accounts and can be used domestically.

• Visa Business USD Card:

Offered for USD accounts and can be used both domestic and internationally.

You can apply online via the ApplyNow portal.

All MIB Business Account holders can request a Visa Business Debit Card.

It is a card designed to meet the rewards and status preference that you expect as a business owner and is an ideal solution for expense management with flexible spending limits that you expect for your business.

If you have an existing Ujaalaa Financing Facility limit, you may request for an Ujaalaa Cash Financing through our ApplyNow portal.

Up to 30% of the approved Ujaalaa Financing Facility limit will be available as Ujaalaa Cash Financing. Should your cash requirement exceed 30%, then you will be required to submit relevant documents evidencing the purpose for which the cash is required and how much cash will be required to fulfill the purpose.  

To use Ujaalaa Cash Financing, you should be eligible for an Ujaalaa Financing Facility limit.

To utilize Ujaalaa Cash Financing, you should first request for an Ujaalaa Financing Facility limit. Once your limit is approved, you may request for Ujaalaa Cash Financing.

It is a type of financing which is based on the Shari’ah concept of Commodity Murabaha; that allows the customer to obtain liquidity through buying and selling of a commodity for the purpose of financing a dire need that cannot be fulfilled through the existing financing products of the Bank.

This is a sub-product of the Ujaalaa Financing Facility.

Submit a Ujaalaa Financing Limit Application to ApplyNow Portal.

Ujaalaa Financing Limit is your financing limit. We calculate this limit for each individual based on their income and other applicable variables. This limit that you receive can be used for all Ujaalaa Financing suite of facilities except for Ujaalaa Hiya.

Ujaalaa Financing Limit is your financing limit. We calculate this limit for each individual based on their income and other applicable variables. This limit that you receive can be used for all Ujaalaa Financing suite of facilities except for Ujaalaa Hiya.

Ujaalaa Financing Suite encompasses the following facilities

• Ujaalaa Dhiriulhun for LifeStyle Financing

• Ujaalaa Hiya for Home Financing

• Ujaalaa Ulhandhu for Vehicle Financing

• Ujaalaa Cash for Cash options

• More Coming Soon!

Ujaalaa Financing is the flagship personal financing suite of products that is curated to meet your every day financing needs

Rate per visit would be charged USD 32 per person including the card holder

A recall request can be made within 10 days from the transaction date.

Select incoming favara recall requests from the navigation menu and approve those requests to complete the recall process.

If you think you transferred the money to a  wrong person or if you have any other valid reason to recall the payment do as follows:

1. Press the edit button in the right corner towards each transaction.

2. Write the reason in the dialogue box.

3. Add a comment if required and press “confirm”.

An account alias is used to easily recognize you on favara. You can create an favara ID using your email address, mobile number, or ID card number that you have provided to the bank.

Limits

• Favara Transfer - upto mvr 50,000

• Favara Request - upto MVR 5,000

These limits may change at a later date

• Step 1: Select favara from Faisanet navigation.

• Step 2:  Select favara pay

• Step 3:  Add the account or favara ID of the payer

• Step 4: Add the account which you wish to receive the money.

• Step 5: Add the amount and reason and click review.

• Step 6: press confirm, and the request will be sent to the payer

You can check the requests from 'Outgoing favara request' section in the navigation menu.

You can check the requests you have received from 'Incoming favara request' section in the navigation menu.

You will always receive a payment slip and you can download the payment slip from MIB Internet banking or Mobile Banking app. Also, you will receive a SMS notification once the payment is deducted from your account.

You can always reject requests to pay if you receive a request to pay from an unknown person.

No, this service is free of charge.

Yes, once the request is accepted from the beneficiary, the funds will be transferred to the receiver account who initiated the request.

Favara request is a request to pay service where you can request another person to pay you a certain amount of money, once the beneficiary accepts the request, money will be transferred to the receiver account who initiated the request to pay.

Favara can be use domestically only.

There are NO charges for this.

You can also create an alias as a favara ID using the email address, phone number or ID card number. Please note that these details much match with your information given to the bank.

Once you enter the beneficiary account number or favara ID the name of the account will be visible. Please make sure all details match before sending the request.

You can send and receive payments instantly to and from your MIB account to other local bank accounts. The payment will be deposited to the beneficiary account instantly.

There are three main features of this service, which are:

• Instant Transfers to Participating Banks

• Request to Pay

• Request to Recall the payment.

As of August 2023, 3 Banks have participated in this Scheme which are.

• Maldives Islamic Bank

• Bank of Maldives

• State Bank of India (Maldives Branch)

Favara is a system managed by the Central bank of Maldives, The Maldives Monetary Authority to allow its users to transfer funds instantly within the participating local banks.

Yes. You can now do the following using Faisanet

1. Activate Card

2. Change PIN

3. Freeze Card

4. Block Card

Currently, only Maldivians are eligible for the MIB9 Club.

The membership is non-transferable and must be used only by the members only.

Any unused amount of this monthly limit will not be carried forward to the following month.

Visa Everyday Card is a debit card linked to customers MVR current or savings account. MIB9 Members can use up to USD 100 per month for cross border transactions. Any unused amount of this monthly limit will not be carried forward to the following month. The use of this limit is subject to bank and MMA cross border transaction terms and conditions. 

There are no fees associated with this membership. The Membership benefits are subject to change or modification at the Bank's discretion, and the Bank will inform members of any such changes in advance. All other terms and conditions of the Bank's products and services, including fees, remain applicable to the Member unless expressly stated otherwise.

The MIB9 Membership does not have a specific time frame and remains open-ended until cancelled by the member or revoked by the Bank.

1. Members should be 18 years of age.

2. Only Maldivian nationals are eligible for the membership and its benefits.

3. To be eligible for the Membership, the customer must credit their salary to Maldives Islamic Bank under MIB Payroll for at least one month.

Customers who continue to route their Salary through MIB will continue to get the club benefits.

MIB9 Club members are entitled for the following benefits!

1. A foreign transaction limit of USD100 per month will be allocated to MIB9 member’s Visa Everyday Card. Any unused amount of this monthly limit will not be carried forward to the following month.

2. Ujaalaa Dhiriulhun financing profit rate will be reduced to 13% p.a.

3. Ujaalaa Dhiriulhun processing fee will be reduced to 0.5% of financing amount (minimum of MVR 500 and amendment fee of MVR 250).

4. Joining fee of Visa Everyday card will be waived off.

5. Joining fee of 1 Visa Everyday Aailaa card will be waived off.

6. Fast track customer care channel to reach our call center. 

Start routing your salary to your MIB account and you are in the Club

MIB9 is a membership offered for our account holders who route their salary to their MIB account. Members of MIB9 will be eligible for exclusive benefits and rewards. Be sure to look out for added benefits from website.

We operate both MVR and USD accounts.

Yes you will be charged as per the List of Bank Charges.

An account where there is no transaction created by the customer for a period of more than 2 years. 

In addition to personal funds you can also collateralize your collateral pension fund balance. Please note that for personal funds you will need to do a Customer Due Diligence (CDD) to show the source of funding if requested.

You can deposit up to MVR 200,000 or USD 12,000 daily to individual accounts using the cash deposit machines.

In general you should be able to withdraw up to MVR 25,000. However if you had given a lower limit during card creation you will be restricted to that limit. You can change your limit easily by sending a request through FaisaNet/FaisaMobile messaging.

Customers will only be able to use their VISA Platinum card to withdraw up to USD 1000 per day and USD 5000 per month using our Self Service Banking centre.

If your transaction did not go through or your money is not deposited/withdrawn as expected you will need to file a dispute, for us to quickly get it rectified. You can contact our CustomerCare Contact Center either from email [email protected], send a message via FaisaNet or call to 3325555 and your report.

Yes, you can open both USD and MVR investment accounts accounts

You can refer the Monthly Profit Rates that are published by the bank every month which shows how much profit was earned by each type of deposit in the pervious month. You can download this report from our website.

We will provide you Financial Planning assistance on how to structure your Investment to ensure that you are able to maximise profits while having access to funds when you need them. Send an email to [email protected] with your requirements and our associates when assist you.

You can send a request to withdraw. Please note that based on the terms and conditions of GIA you maybe foregoing all profits by withdrawing before the maturity date. Please inquire within to find out how this affects your Investment Account.

The Profit Sharing Ratios with applicable tenures are published on the List of Bank Charges. You can download this document from our website.

We publish the profit rates for each month at the beginning of the subsequent month. It is updated regularly on our website.

If you are already an active MIB customer please submit an application through ApplyNow portal to open an investment account. The profit rates earned for each month is  published at the beginning of the subsequent month. You may refer to the List of Bank Charges to learn more about Profit Sharing Ratio offered to various type of accounts. 

Parents or Guardians with the mandate to operate the account can request to add the associated account to their profile in FaisaNet. Please submit your request through ApplyNow Portal.

The authorised person will need to visit the branch in order to withdraw from a kids account. You will not be able to do any transactions online for kids account

You can simply download a statement for the desired period using FaisaNet.

You can follow the process below to fetch your statement.

Accounts > Select account number > Choose the preferred date (From- To) 

No. We encourage you to use our online banking service FaisaNet and FaisaMobile to monitor your account and take statements.

We provide cheque books to the holders of current accounts only. Please note that there is a fee charged as per the List of Bank Charges for issuance of cheque books.

The same account can be transferred to the child once the child is 18 years old. Please visit the nearest branch to complete the formalities.

• Valid ID card of the Child 

• Valid ID card of the Parent/ Guardian who will operate the account 

• Birth Certificate will be required for children who are above 10 years. 

• For children under legal guardianship, official documents that show the guardianship is required 

• A valid ID card.

• If you are unable to sign we require a recent passport picture.

For Normal Savings and Current Accounts the following are the minimum deposit required to open the account

• MVR 1000 for MVR accounts

• USD 100 for USD accounts

• Transactions initiated by our customers before 1230PM, would be sent to the beneficiary bank on the same day.

• All funds received for the day before MMA cutoff will be credited on the same day

1. All applicable fees as defined in the List of Bank Charges

2. Takaful Premium for the entire duration of the tenure

The following persons are eligible to become a co-applicant.

1. Spouse

2. Parents

3. Own Children

The maximum tenure is 20 years. However this is on the precondition that the main and co-applicants of the facility are below 65 years of age at the end of the tenure period.

We do not require a guarantor for this facility.

• Age of all the applicants must be between 18 and 60

• Must employed in a permanent job or receive rental income regularly

• The monthly payments (inclusive of all other outstanding loans and facilities to all other financial institutions) should not exceed 50% of the gross monthly income

Financing rate for Ujaalaa Hiya is 9% to 11%

• A maximum of 3 months grace period is applicable for completed properties . The Rental (Profit) payments for the grace period will be spread across the approved tenure

• If the property is under construction, you will be only required to pay a % of the monthly payment based on the completion stage. Please inquire within for more details.

You can purchase the following types of houses / apartments

• Completed Apartments and Row House

• Apartments or Row House that are currently under construction. Please note that these should be under our Approved Projects list.

In addition to personal funds you can also collateralise your pension fund balance. Please note that for personal funds the bank may require information on the source of your funding for compliance purposes.

The customer must pay a minimum of 20% of the value of the property as equity payment.

• Make a booking with the Seller

• Submission of the application form

• Sign of the agreement once facility is approved

• Pay the equity component to the seller

• Receive the keys/access to the premises.

• Mortgage after completion of registration process

We no longer require a guarantor for Ujaalaa Dhiriulhun financing facility

• Must be a Maldivan Citizen

• Must be at least 18 years old and should not be more than 65 years old by the end of the tenure period

• Should be employed and living in the Maldives or should receive rental income from Maldives.

• Should be continuously employed for a minimum of 6 months and in the current job for a minimum of 3 months.

• Minimum salary of MVR 4,000 or rental income of minimum MVR 10,000 per month

Submit quotations for the required goods from any of our Dealer Network shops and you will be able to receive the goods on the same day¹. You can submit quotes through ApplyNow Portal.

¹Subject to cut off time of the bank.

No.

Processing fees will be charged as per the List of Bank Charges

You can submit your application online through ApplyNow Portal

You can submit for Ujaalaa Dhiriulhun and Account Opening online from ApplyNow Portal

• Salary deduction - Payments will be deducted from salary by employer.

• Salary Transfer – Once Salary is deposited to account at MIB, Bank will deduct the monthly payment.

• Rent Income - Once Rent is deposited to account at MIB, Bank will deduct the monthly payment.

Note:  It is the responsibility of the customer to check if the monthly payments are deducted for the facility regularly.

You can purchase almost all types of goods that are available through our Partner Dealer Network. The some of the popular categories include:-

1. Mobile Phone and Electronics

2. Computers and Laptops

3. Outboard Engines

4. Motorbikes

5. Jet Ski

6. Construction Material

7. Household items

8. Household electrical items

9. Rashu Pickup

10. Furniture

Documents required from the applicant

• Completely Filled Application Form

• Copy of National Identity Card

• Employment letter stating the type of employment (permanent or contractual), date of commencement, and salary details, including basic salary, fixed allowances, variable allowances, and deductions.

• Salary slips of last 6 months

• Bank statement for last 6 months 

Documents required from the guarantor

• Copy of National Identity Card

• Employment letter stating the type of employment (permanent or contractual), date of commencement, and salary details including basic salary, fixed allowances, variable allowances, and deductions.

Documents from Seller and details of the Car and Garage

• Seller's ID Copy

• Quotation of the vehicle from the seller

• Registration copy, if registered /  import documentation, if not registered

• Garage Permit

• No-objection letter from the garage owner

• Garage owner's ID card copy

There are no restriction on dealers as long as the vehicle is eligible under the requirements of this facility.

• Must be a Maldivian citizen

• Must be between 21 and 60 years old

• Must be employed and living in the Maldives

• Must earn a minimum of MVR 10,000 per month

• Must work at a MIB Partner Employer for the past 1 year or is a Salary Transfer customer continuously for the past 1 year.

• A citizen of Maldives

• Must be between the age of 21 and 60

• Must be employed and live in the Maldives.

• Should be employed with a MIB Partner Employer or a Salary Transfer customer of MIB with more than 1 year of continuous salary transfer.

• Minimum Salary of MVR 10,000 per month

• Your monthly payments should not be more than 50% of your total income. This includes all monthly payments owed for all outstanding loans, and facilities to any financial institute.

• Salary deduction by employer. This option is available only for those who are employed with Partner Employers.

• Salary transfer to MIB account.

The tenure for this financing facility is between 6 months to 5 years

• The vehicle should not have aged more than 2 years from the date of import to the Maldives.

If you would like to close an account, you are required to visit one of our branches with your NID and a signed letter stating the reason for closing the account.

You can open a GIA account if you have an active current/saving account at MIB, by submitting an Account opening application form along with your valid NID copy. Please note that an initial deposit of a minimum of MVR 5,000 is required to open a GIA account. 

You can submit your application through ApplyNow portal anytime.

For application processing it may take 3 -5 working days. Once the limit is approved and upon acceptance of the facility (by signing the agreements),  you will be able to purchase goods until your credit limit is reached or till the limit expires¹. During this stage customers will be able to submit quotes and get goods on the same day².

¹Limit will be expired within 6 months from the approval date

²Subject to daily cutoff time.

The facility limit details will be provided upon evaluation by the relevant department. You may use guidance from our broachers and/or website for calculation of the Ujaalaa Dhiriulhun Financing Limit.

To request USD purchase for medical purpose, you must send request ONE WEEK before the departure. Please also include the following. You can email your request to [email protected]  

• Aasandha approval letter OR specialist/doctor referral letter / medical documents 

• Patient passport copy 

• Confirmed ticket copy 

• ID card copy of person collecting the dollars (indicate relationship with the patient) 

• Contact number

• Required amount 

Please note it is a requirement to submit the original documents at the time of dollar sales. 

Record clearance form submission can only be made after requesting for an appointment via our Antqueue service application.  

Please take a token from MIB > Credit Admin and Trade Finance > Token for information, reference letters, statements & legal forms. Token no. can be taken from 09:30 to 12:00 on banking days 

If your income support for an additional facility, you may apply for another financing facility.

f you would like to cancel a transaction, kindly please forward us a message from FaisaNet requesting to cancel the transaction with a screenshot of the transfer slip with the reason stated.  

Or   

Send a email with the following information to [email protected]

• Transaction date  

• Amount  

• Reference Number  

• Reason to cancel the transaction  

You may take bank statements by logging in to FaisaNet.

Follow these steps below once logged in. 

• Accounts > Select account number > Choose the preferred date (From- To) 

• Kindly please fill in the requisition via ApplyNow portal to request for a reference letter. 

• Please note that as per bank's schedule of charges, an amount of MVR300 will be charged for the letter.  

Parents or Guardians with the mandate to operate the account can request to add the associated account to their profile in FaisaNet. Please submit your request through ApplyNow Portal or via messaging on FaisaNet/Faisamobile.

If you would like to change your OTP method to Authenticator App, you may login to internet banking via browser and follow the below steps.  

• Personal profile > Select your preferred channel to receive OTP > Authenticator App. 

• Once you choose authenticator app, we will send you an email with activation details. 

• Afterwards, you may download an Authenticator app from the appropriate store and activate it using the given information. 

• Apply online through ApplyNow Portal with the supporting documents. If you are not a customer you can submit to open account online as well.

• Application

• ID card copy 

• 6 month Bank Statement 

• 6 month Salary slip 

• Employment letter 

Once the application is submitted via ApplyNow Portal, we will process the application and inform to sign the agreement. After agreement signing you may submit Quotation and get the goods 

Please refer to the Bank's List of Charges available in the downloads section

MIB Global Pay uses 'Verified by Visa' and 'MasterCard Secure Code' two-factor authentication protocols as an additional layer of security to ensure secured payments.

MIB Global Pay uses world class information security ensuring processed data that is stored and transmitted guarantees confidentiality. Availability of tokenization allows merchant to conduct business without any major security compliance. MIB Global Pay uses 'Verified by Visa' and 'MasterCard Secure Code' two-factor authentication protocols as an additional layer of security to ensure secured payments.

MIB Global Pay is fully 'Payment Card Industry Data Security Standard (PCI DSS)' compliant.

All Visa and MasterCards will be accepted

Submit a fully filled application form and the Board Resolution to any Branch and Distribution Centre of the bank. 

No charge is applicable. 

Yes, it is

Yes, it does. You will need an OTP to perform transactions. 

No, you will be asked to set a 4-digit PIN at the initial login. You can use the same PIN to access your application

Your account number, passphrase, email address and phone number. If you require any assistance in obtaining the information, please get in touch with one of our customer care agents. 

FaisaMobile uses the same username and password required for FaisaNet. So, if you have already registered to FaisaNet, just download the application form and enter the same credentials. If you haven’t registered to FaisaNet, you may self-register in the mobile application. 

The login page on FaisaNet will allow you to reset your password on your own. If you have trouble resetting by yourself, please contact our agents who will assist you in resetting your password. 

Get in touch with us so we can help you retrieve your credentials. The easiest way is through chat or send a request through email and we will contact you.

You can fill the FaisaNet User application form and submit via our apply now portal or to any of our branch and distribution centre. 

You can add the profile to your FaisaNet account. Once the profile has been added, you can simply switch and operate the accounts as desired. 

Parents or Guardians with the mandate to operate the account can request to add the associated account to their profile in FaisaNet. Please submit your request through ApplyNow Portal or via messaging on FaisaNet/Faisamobile.

You can enjoy up to MVR 200,000 as a transaction limit per day. If your transaction limit has been set lower than MVR 200,000 and wish to change, please submit a request via the messaging platform on FaisaNet. Our agents will assist you to change it based on your requirement. 

You can choose between SMS, and an Authenticator Application. We recommend choosing Microsoft authenticator application to ensure the highest level of security.

Yes, it does. You will need an OTP to perform transactions and login. 

Your account number, passphrase, email address and phone number. If you require any assistance in obtaining the information, please get in touch with one of our customer care agents.

You can apply from the ApplyNow portal or submit an application form at one of our branch and distribution centres. You can also self-register after downloading the FaisaMobile Application from the relevant store. 

USD card comes with complementary membership to over 1,000 airport lounges world wide. In order to gain access you need to show your card at the reception counter of airport lounges that participate in this programme. Customer has to show the card and will be given the right to acquire the services available from the lounge 

The card can be used on all Visa accepted POS ATMs and e-commerce platforms. The MVR Card can be used locally on all Visa accepted POS ATMs and e-commerce platforms while the USD Card can be used globally at all VISA accepting terminals and payment gateways. 

Platinum Card can be used globally at all POS, ATM and payment gateways where Visa is accepted. 

Yes. You can fill the designated section of the application form with the details of the third party that you authorize for collection or send the details from your internet banking. 

• Only MVR savings and current account VISA Debit everyday Card

• Only USD savings and current account to Visa Debit Platinum Card

The card can be used on all Visa accepted local POS ATMs and e-commerce platforms. 

You can visit the nearest ATM and set your PIN to activate your card. You can set a PIN of your choice  

Any individual that the business nominates will be given a card  

You can apply the form with a signed Board Resolution as per the given format at one of our branch and distribution centres  

Send a request through internet banking. The bank will change the limit based on the customer request and information provided to the bank.

Platinum card will give access to over 1,000 lounges under the lounge key program all over the world. Customer has to show the card and will be provided access.

You can apply from the apply now portal or submit an application form at one of our branch and distribution centres  

Customers will be charged fees as per the List of Bank Charges

Send a request through your internet banking to change the PIN of your card. Our agents will contact you and set your card to PIN activation status. You can then go to the ATM and set a PIN of your choice.  

You can apply from the ApplyNow portal or submit an application form at one of our branch and distribution centres

You can give supplementary cards to your spouse, parents, and children. You can give up to 3 Aailaa cards.  

It is a supplementary card that you can issue to your loved ones. The card will be linked to your account at the bank with controlled limits.  

Yes. You can fill the designated section of the application form with the details of the third party that you authorize for collection or send the details from your internet banking.  

You can visit the nearest ATM and set your PIN to activate your card. You can set a PIN of your choice  

You can apply from the ApplyNow portal or submit an application form to one of our branches or distribution centres  

Your card is enabled to conduct contactless payments, power with VISA PayWave. You can pay up to USD150 through Plat Card and MVR 750 through everyday Card contactless payments.

We have placed high limits for usage of the Plat Cards. However if you feel that your limits are not suitable for you, you can send us a request through the internet banking or mobile banking platform and we can change the limits based on your needs. To check the default limits please check the product page. 

The bank has paid the subscription fee for the customer. Customer must pay USD 32 per person for the services obtained at the lounge.

Download the Loungekey app. You will be able to register for free as the bank has already paid for the registration. To check the validity of the card and for security reasons Loungkey will charge USD 1 to your account and reverse it.

MIB cards are equipped with VISA 3D secure services, which ensure that transactions proceed with proper authentication of the cardholder. (eg. OTP)

You can use this card to do transaction via any POS, ATM or Online Payments globally where visa is accepted. For MVR transactions we recommend getting a VISA everyday card which is linked to your MVR account. 

The Plat card that is connected to your USD account can be used globally where VISA is accepted. For domestic usage we recommend getting an everyday Card that is connected to your MVR account. 

Islamic Shariáh or the divine law of Islam is derived mainly from the following two primary sources:

• The Holy Quran

• The Sunnah of the Holy Prophet (Peace Be Upon Him)

And in the absence of absolute proofs from the above primary sources, Shariáh ruling is derived from the following secondary sources as well:

• Ijma' (consensus of the scholars)

• Qiyas (analogy)

• Istihsan (juristic preference)

• Maslahah Mursalah (unrestricted public interest)

• ‘Urf (recurring practices acceptable to people of sound nature)

• Istishab (presumption of existence or non- existence of facts

• Sadd Al-Dhara’i’ (blocking the means lead to evil)

• Fatwa of Sahabah (opinion of the Companions of The Prophet, Peace be upon Him)

The main difference between Shariáh compliant banking and conventional banking is that Islamic teachings says that money in itself has no intrinsic (fundamental) value and forbids people from profiting by lending it, without accepting a level of risk – in other words, interest (known as "Riba") cannot be charged on money.

 To generate money out of money is prohibited- wealth can only be generated through legitimate trade and investment. Any gain/profit related to this trade/investment is shared between the person providing the capital and the person providing the expertise (Mudaraba). At Maldives Islamic Bank, we generate all our profits through Shariah compliant trading and investment activities. We then share the profits with our customers at a pre-agreed ratio. In order to share profits you must hold one of our savings or investment accounts.

Islamic banking is a system of conducting trade and banking activities in line with the principles of Islamic Shariáh while avoiding all the prohibited activities such as interest or Riba, Gharar (uncertainty), financing of haram trade and businesses. It is not banking which is based on pricing money and earning interest as conventional interest-based banks do but it is a system of trade where goods and services are sold and capital is invested by taking risk to earn halal profits. It is also not just change of name as misunderstood by many people, but it is based on the Quranic injunction of 'Allah has permitted trade and forbidden Riba'. Interest free banking is a subset of Islamic banking concept.