In a significant move for Malaysia’s small business community, Bank Muamalat and Mastercard have jointly unveiled a new Shariah-compliant debit card designed specifically for small and medium-sized enterprises (SMEs).
Dubbed the Bank Muamalat SME Debit Card-i, this new financial tool provides a credit-free payment solution aligned with Islamic finance principles. Instead of drawing from a credit line, the card is directly linked to the business’s current account.
A standout feature of the card is an attractive introductory offer of up to 4% cashback for the first six months. This reward applies to essential business expenditures, including:
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Purchases on major e-commerce platforms like Shopee and Lazada.
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Bookings made through online travel agencies.
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Digital advertising spends on platforms such as Google and Meta.
Beyond cashback, cardholders benefit from practical perks like two waived international ATM withdrawal fees each month. They also gain exclusive access to Mastercard’s value-added programmes, including Easy Savings, Priceless Specials, and special merchant offers.
The card is equipped with sophisticated financial management tools, enabling business owners to track, categorise, and manage their expenses with greater transparency and control, all without relying on conventional credit facilities.
Applications for the SME Debit Card-i officially opened on August 15th and are available at all Bank Muamalat branches nationwide as well as through the bank’s official website.
Executive Insights:
Khairul Kamarudin, President and Chief Executive Officer of Bank Muamalat, stated, “SMEs are a fundamental driver of Malaysia’s GDP and crucial to our economic resilience. This card is a testament to our commitment to supporting this vital sector with innovative products that harmonize Shariah principles with the demands of modern business.”
Beena Pothen, Country Manager for Malaysia and Brunei at Mastercard, added, “Our collaboration with Bank Muamalat brings to life a powerful tool that empowers entrepreneurs with everyday benefits. Designed for real-world needs, this card supports the SME journey toward greater digital and financial inclusion, demonstrating how Islamic finance and digital payments can unite to create new possibilities for Malaysia’s vibrant business community.”