New Shariah business card from Bank Muamalat and CGC offers SMEs 2% cashback and working capital
BANK Muamalat Malaysia Berhad has partnered with Credit Guarantee Corporation Malaysia Berhad (CGC) to launch the Muamalat CGC Visa Business Platinum-i, a Shariah-compliant business credit card designed to empower small and medium enterprises (SMEs) and micro, small and medium enterprises (MSMEs) across Malaysia.
The card was unveiled on Wednesday, marking a significant milestone in the long-standing partnership between the two institutions aimed at widening financing access for Malaysian businesses.
Building on Previous Success
The launch builds on last year’s successful introduction of the First Halal Portfolio Guarantee-i Scheme, which provided RM70 million in funding support. This year’s initiative reinforces both organisations’ commitment to advancing inclusive economic growth and strengthening Malaysia’s SME and MSME ecosystem.
Bank Muamalat President and Chief Executive Officer Datuk Khairul Kamarudin said the new card addresses the evolving needs of SMEs and MSMEs, particularly in managing working capital and optimising cash flow.
“SMEs and MSMEs are the backbone of Malaysia’s economy, yet many still face challenges in accessing tailored financial solutions. With this card, backed by CGC’s portfolio guarantee, we are providing SMEs and MSMEs with greater flexibility, security and value in their financial management,” he said.
The bank targets issuing approximately 2,000 cards within the first year, underscoring its commitment to supporting business owners with practical and Shariah-compliant solutions.
Exclusive Features and Benefits
The Muamalat CGC Visa Business Platinum-i comes with several exclusive features designed to maximise business value:
- First-year annual fee waiver
- Up to two percent cashback on all spending, capped at RM300 per month (exclusions apply to selected merchant categories)
- Profit-free grace period of up to 59 days on retail transactions when balances are paid in full by the due date
- Access to Visa Global Commercial Offers globally, providing international privileges and opportunities
CGC President and Chief Executive Officer Datuk Mohd Zamree Mohd Ishak emphasised the significance of the guarantee backing the card.
“At the heart of this initiative lies the CGC guarantee which is more than protection — it is a signal of trust in the capability, ambition, and resilience of Malaysian entrepreneurs. For entrepreneurs, it means confidence to grow. For financial partners, it enables inclusive and responsible credit expansion,” he said.
Supporting Digital Transformation
Visa Country Manager for Malaysia Previn Pillay highlighted the card’s role in supporting SME digitalisation and financial inclusion.
“SMEs and MSMEs are the backbone of Malaysia’s economy, and Visa is committed to including and uplifting them with secure, digital ways to pay and be paid. Our collaboration with Bank Muamalat and CGC enables us to provide a solution that helps underserved SMEs and MSMEs gain responsible access to working capital, while digitising how they operate from streamlined reconciliation to better spend control and operational efficiency,” he said.
Aligned with National Goals
The launch aligns with the 13th Malaysia Plan, which emphasises strengthening the SME and MSME ecosystem to enhance competitiveness, productivity, and resilience. It also reflects Bank Muamalat’s broader strategy of offering innovative, Shariah-compliant solutions that meet the diverse needs of businesses and individuals while contributing to the national economy.
CGC’s Track Record
Since its establishment on July 5, 1972, CGC has been instrumental in supporting MSMEs with inadequate or no collateral to obtain credit facilities from financial institutions. The corporation is 78.65 percent owned by Bank Negara Malaysia and 21.35 percent by commercial banks in Malaysia.
As of September 2025, CGC has provided over 540,000 guarantees and financing to MSMEs valued at more than RM101 billion. Its imSME platform, Malaysia’s first MSME online financing and loan referral platform launched in February 2018, has received more than 3.03 million visits with over 92,931 registered MSMEs.
For more information about the Muamalat CGC Visa Business Platinum-i, customers can visit www.muamalat.com.my or contact Bank Muamalat Customer Service Centre at 03-2600 5500.
