Maldives Islamic Bank (MIB) has introduced new restrictions on the use of its foreign currency spending allowance, limiting customers to a maximum of 10 online transactions per month under the existing USD 250 monthly allowance.
The bank has also blocked the use of the allowance on a number of commercial e-commerce platforms, although it has not disclosed which websites are affected.
According to MIB, the measures were introduced in response to what it described as misuse of the foreign spending facility by some customers. However, the bank has not provided details regarding the nature of the misuse or the criteria used to restrict certain websites.
The changes mean customers who frequently make smaller online purchases could exhaust their monthly transaction quota before fully utilizing their USD 250 spending limit.
MIB stated that several categories of transactions will continue to be permitted under the allowance, including subscription-based services, educational and medical payments, as well as overseas point-of-sale (POS) purchases.
The introduction of both a transaction cap and undisclosed website restrictions has raised concerns among some customers, who now face additional uncertainty when making online purchases. Users may only become aware of blocked platforms when a transaction is declined.
The bank has not indicated whether the restrictions will be reviewed in the future or provided a timeline for any potential changes.
