On the 1st November 2024, the Maldives Islamic Bank (MIB) introduced a series of new banking products at an event in Hulhumale s Central Park. The line-up included FaisaWear, a payment ring designed to be used as a contactless payment option. The rings, available in four styles black with a diamond cut, plain black, foral black and foral white provide an alternative to traditional bank cards and will be available at MIB branches across the Maldives starting Sunday, the 3rd November 2024.
Financial instability has been a recurrent phenomenon in contemporary economic history, affecting countries with varying intensity and resulting in massive unemployment and lost economic output. The financial crisis that broke out in August 2007 crippled the financial system of many advanced countries, and claimed as victims long-established banking and investment banking institutions that were deemed “too big too fail.” Capital markets were frozen, leading to stock market crashes worldwide, wiping out trillions of dollars in share values and in retirement investment accounts, and resulting in massive and persistent unemployment.
