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. At the event, Chief Retail Banking Officer of MIB, Dr Hussain Aleem Shakoor, noted that Maldivian businesses have long faced challenges in repatriating funds after selling products abroad, largely due to high remittance fees and charges.

To ease this burden, MIB has established a cost-effective channel that allows 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 initiative is expected to simplify financial transactions for Maldivian businesses engaged with China, improve access to international revenue, and strengthen their competitiveness. MIB has also pledged to expand similar facilities to support businesses operating in other markets beyond China.