Maldives Islamic Bank (MIB) has reduced the commission for issuance of Bank Guarantees. MIB said in a press release Monday that their revised flat commission is MVR 500 (USD 32.5). P reviously, customers were charged commissions that were calculated based on the value of their Bank Guarantee. MIB has also waived the fee for cancellation of Bank Guarantee, which was a fixed amount of MVR 50 (USD 3). With these revisions, customers will receive commissions for issuance of Bank Guarantee within the same day of application. The bank said the changes were brought about in recognition of their customers' needs and support, as well as to minimise customers' costs.