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Bank Islam Malaysia Bhd, in collaboration with Mastercard, has introduced the Bank Islam Mastercard Debit Card-i as part of its broader strategy to enhance its presence in the Islamic banking sector.
Strategic Growth and Ethical Banking
Bank Islam Group Chief Business Officer Mizan Masram stated that the bank aims for double-digit growth in 2025, targeting at least a 10% increase in its financial portfolio by year-end.
The Mastercard Debit Card-i is designed to facilitate seamless global transactions while reinforcing ethical and socially responsible banking.
“For every card issued, RM2 will be contributed to Sadaqa House, Bank Islam’s social finance initiative supporting zakat and waqf programmes, enhancing the card’s value proposition,” Mizan highlighted.
The Islamic banking-compliant debit card offers global acceptance at over 100 million merchants, ensuring top-tier security and ethical financial transactions.
Promotional Campaigns and Customer Rewards
To encourage adoption, Bank Islam launched promotional campaigns, including the Mastercard Debit Card-i Cashback Campaign, running from Feb 13 to Aug 31, offering 1% cashback on selected merchant transactions.
Additionally, the bank continues to reward customers through its Al-Awfar Investment Account, which has produced 46 millionaires since inception. With more than RM18 million in prizes, customers can win through monthly, quarterly, half-yearly, and yearly draws.
Fraud Awareness and Ethical Investments
Mizan cautioned customers against fraudulent activities misusing the Al-Awfar brand.
“Bank Islam never requests personal information through external links. Customers should only open accounts via official branches, the bank’s website, or mobile app,” he advised.
The Al-Awfar programme is built on the mudarabah (profit-sharing) concept, allowing customers to earn returns based on shared profits from the bank’s investments while ensuring ethical financial growth.
Mizan also emphasized the importance of zakat contributions, aligning with the bank’s goal of promoting financial literacy and responsible banking.
Mastercard’s Commitment to Syariah-Compliant Solutions
Mastercard Malaysia and Brunei Country Manager Beena Pothen noted that the launch reflects Mastercard’s commitment to syariah-compliant payment solutions, enhancing banking experiences for Malaysians.
“This initiative demonstrates a shared vision with Bank Islam to co-create meaningful banking products that align with consumer values and needs, driving innovation while making a positive community impact,” Pothen said.
Future Growth and Digital Investments
With the launch of the Mastercard Debit Card-i and ongoing investments in digital banking solutions, Bank Islam is confident in achieving its 10% growth target for 2025. The bank remains committed to expanding its footprint in Islamic banking, enhancing customer experience, and maintaining its leadership in syariah-compliant financial services.