How to process salary

How to process salary

The following are the methods through which you can process salary distribution.

1. Cheque Deposit

      Documents required if depositing a cheque: 

  1. Company’s cheque addressed to Maldives Islamic Bank 
  2. Cover letter 
  3. Salary Sheet (Both Soft & Hard Copy)

2. Debit from Account 

    Documents required if debiting from the company account:

  1. Cover letter stating the following: (sample letter attached herewith)
  2. Debit authorization to debit the company’s account and credit the staff accounts.
  3. Debit authorization to debit all the salary transfer charges from the company’s account 
  4. Salary sheet (Both Soft and Hard copy)
  5. The letter should be in company’s letterhead and signed by the authorized signatories. 

3. Clearing Cheque (Other bank cheques)

Documents required if depositing other bank cheques: 

  1. Clearing Cheque addressed to Maldives Islamic Bank
  2. Cover Letter
  3. Salary sheet (Both Soft and Hard copy)

Important: Clearing Cheques must be deposited before 12PM, and please note that other bank cheques will be cleared on the following day


4. Sending Salary to accounts at other banks

Documents required if crediting salary payments to accounts held with other banks

  1. Cover letter
  2. Salary sheet (Hard copy upon Request)

How to send application and documents

You can submit the request and the salary sheet through ApplyNow Portal


Please refer to List of Bank Charges for charges that may apply for these services

If you require assistance please send us an email to customercare@mib.com.mv with you details and requirements.

 


SAMPLE COVER LETTER


Company ref:

Date

 

Manager,

Maldives Islamic Bank

Male’, Rep. of Maldives

 

Dear Sir/Madam,

 

We request to transfer the salary of our staffs for the month of March 2019, accordingly as per the list attached herewith.

Kindly debit MVR XXX and the relevant charges from the below mentioned account.

 

Account number: XXXX XXXXXXXX XXX

Account name: XXX Company Pvt Ltd

 

Authorised by:

(Signed by authorised signatory/ries)

 

SAMPLE SALARY SHEET

 

No.

Account Name

Account number 

Passport/ ID card number

Amount (MVR)

1

Ahmed Ali

901-03-1xxxxxxx8-100

A01xxx5

5,000.00

2

Mohamed Ahmed

901-01-1xxxxxxx7-100

E021532153

1,000.00

3

Ali Ibrahim

901-03-1xxxxxxx9-100

A253x12

20.63

4

Mohamed

9901-03-1xxxxx57-100

A2531x5

21,512.54

5

Aminath Ali

9901-01-1xxxxx57-101

A256x23

10,023.00

MVR 5 per person

Commission

25.00

 

TOTAL

37,581.17

 

**Please ensure to state the currency

**Please ensure to state the Bank name (if transferring to another bank)

**If the salary sheet is separately attached with the cover letter, it should be stamped and signed by the authorised signatories

 


IMPORTANT:

5.       Please take note of the cut-off times for RTGS and clearing cheques payments (Cut-off time is 12pm)

6.       Please email the Excel soft copy of the salary sheet before submitting the salary request to the bank.

7.       Salary commission charges should be stated specifically in the salary sheet.

8.       Cheques and cover letter should be signed by the authorised signatories.

9.       For Company accounts: The cover letter should be on company’s letterhead and all the attached sheets should be signed and stamped.