The all-new Bank Muamalat Shariah-compliant credit cards collaborated with Visa International have now been released as Bank Muamalat Visa Platinum-i and Visa Infinite-i. These credit cards enable cardholders to be entitled to receive cash back for any purchases made with the first metal Islamic credit card in Malaysia. The initiative by Bank Muamalat catered to cardholder’s needs as the country is on its way to the transition to the endemic phase.
The cashback system allows cardholders to receive 1% cashback for all face-to-face overseas spending, 1% on e-commerce spending and up to 0.5% for contactless spending. As an additional feature, Bank Muamalat Infinite-i cardholders will be offering a lifetime annual waiver whereas Bank Muamalat Platinum-i cardholders will only be entitled to the one-year fee waiver.
President and Chief Executive Officer of Bank Muamalat, Khairul Kamarudin, stated, “Bank Muamalat is committed to addressing customers’ needs for Shariah-compliant financial solutions. We believe the Bank Muamalat Visa Platinum-i and Visa Infinite-i cards will serve the needs of this target market, thus allowing cardholders to perform Shariah-compliant transactions with ease.”
“The cashback rewards form an integral part of our card’s value proposition by giving back to cardholders in the form of savings for purchases using the cards. For the first 12 months, we are targeting 20,000 new cardholders focusing primarily on our internal customer base,” added Khairul.
A six-month-long 0% Balance Transfer programme from 1 April until 30 September, was offered to Bank Muamalat cardholders where they could reduce the outstanding balance on their existing cards as they create a new Bank Muamalat Credit Card-i for free.
Country Manager for Malaysia, Visa International, Ng Kong Boon, showed her excitement with the collaboration by stating, “Contactless payment has been growing steadily and currently embraced as a popular mode of payment by Malaysian consumers. In the last 18 months, we have seen rapid adoption of digital payments and digital commerce among Malaysians while believing that this product caters to the current needs of our Malaysian cardholders. We also foresee many Visa cardholders who were previously inactive on e-commerce now shopping online for the first time. This initiative shows that Malaysian consumers are open and receptive towards the adoption of digital payments and affirms Bank Muamalat’s move to launch their credit card in this period.”