KUALA LUMPUR: Bank Islam Malaysia Bhd, in collaboration with Mastercard, has launched the Bank Islam Mastercard Debit Card-i.
Bank Islam Group chief business officer Mizan Masram highlighted that this new product is part of the bank’s broader strategy to strengthen its position in the Islamic banking sector.
“With multiple new offerings and strategic campaigns in place, the bank is targeting double-digit growth in 2025, with expectations of at least a 10% increase in its financial portfolio by the end of the year,” he said in a press conference at the launch recently.
The Mastercard Debit Card-i is designed not only to provide seamless global transactions but also to reinforce the bank’s commitment to ethical and socially responsible banking, Mizan said.
“For every card issued, RM2 will be contributed to Sadaqa House, Bank Islam’s social finance initiative that supports zakat and waqf programmes, further enhancing the card’s value proposition.”
The new debit card, which adheres to Islamic banking principles, offers customers global acceptance at more than 100 million merchants while ensuring top-tier security and ethical financial transactions.
In conjunction with the launch, Bank Islam introduced promotional campaigns to encourage adoption of the new card.
The Mastercard Debit Card-i Cashback Campaign runs from Feb 13 to Aug 31, allowing customers to earn 1% cashback on transactions made at selected merchants.
In addition, Mizan reiterated the bank’s commitment to reward customers through its Al-Awfar Investment Account, a transactional investment account that has produced 46 millionaires since its inception.
“With more than RM80 million in prizes available, customers have the opportunity to win through monthly, quarterly, half-yearly, and yearly draws,” he said.
At the same time, Mizan warned customers about fraudulent activities and scams that misuse the Al-Awfar brand.
“Customers are reminded that Bank Islam never requests personal information through external links and are advised to only open accounts via official branches, the bank’s website, or its mobile app,” he added.
Mizan said the Al-Awfar programme is more than just an investment account.
“Built on the mudarabah (profit-sharing) concept, this syariah-compliant model allows customers to earn returns based on shared profits from the bank’s investments, rather than receiving fixed interest. This structure ensures ethical financial growth while offering customers a meaningful and spiritually aligned way to invest.”
Mizan emphasised the importance of zakat contributions, aligning with its goal of promoting financial literacy and responsible banking within the community.
Mastercard Malaysia and Brunei country manager Beena Pothen said the launch of the Bank Islam Mastercard Debit Card-i reflects Mastercard’s commitment to provide syariah-compliant payment solutions that enhance banking experiences for Malaysians.
“It also demonstrates a shared vision with Bank Islam to co-create meaningful banking products that align with consumer values and needs, reinforcing a collective aim to drive innovation and make a positive contribution to the community,” he added.
With the launch of the Mastercard Debit Card-i and continued investments in digital banking solutions, Bank Islam is confident in achieving its 10% growth target for 2025. It remains committed to expanding its footprint in the Islamic banking industry, enhancing customer experience and maintaining its leadership in syariah-compliant financial services.
