Maldives Islamic Bank (MIB) has introduced the ‘FaisaaWear’ tag, a new alternative to cash cards, marking another step forward in the modernisation of the country’s banking system.

The tag is designed for convenience, allowing users to attach it to their phone or keychain to facilitate financial transactions. Compatible with POS machines, it functions similarly to a cash card and supports both domestic and international payments. Transactions of up to MVR 750 can be made without a PIN, while users can manage their PIN settings via the FaisaaNet and FaisaaMobile platforms. The tag remains valid for three years from activation.

Customers can apply for the FaisaaWear tag through MIB’s ‘ApplyNow’ portal or by visiting branches in Malé, Hulhumalé, and other MIB locations.

The launch follows the recent introduction of the FaisaaWear ring, which has been met with strong customer interest. MIB has announced plans to release new designs of the ring as part of its ongoing efforts to enhance digital banking services and improve customer convenience.