Bank Islam Credit Card Malaysia

By: EconomyWatch   Date: 6 October 2010

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Bank Islam Credit Card Malaysia is the first card in the country with SMART Chip Technology. It was launched in 1992. Bank Islam Malaysia, in partnership with Tabung Baitulmal Sarawak (TBS), offers the Zakat payment facility with its credit cards.

History of Bank Islam Malaysia

Established on July 1, 1983, the Bank Islam Malaysia is the nation’s first Islamic bank. It has been listed on the Bursa Malaysia (formerly known as the Kuala Lumpur Stock Exchange) since January 1992. Bank Islam Malaysia launched its internet banking facility in 2003.

Types of Bank Islam Malaysia Credit Cards

Bank Islam credit cards are offered under the MasterCard and Visa brands. They are offered in the following versions:

Classic and Gold Card

The features of this card include:

Waiver of annual fee.

  • Low cash withdrawal fee at RM 12 per RM1,000
  • Family Takaful (insurance) coverage of up to RM50,000
  • Contract period of 3 years
  • No fee on joining

Platinum Card

The basic features of this card:

  • Annual fee of RM388.
  • High credit limit of up to three times the monthly salary.
  • Balance transfer rate of 0% for the initial six months.
  • Family Takaful (insurance) coverage of up to RM100,000.
  • Free travel accident insurance of up to RM1000,000.
  • Complementary purchase protection and flight inconvenience benefits.
  • Access to personal concierge and customer service, 24/7.

Co-branded Cards

The cards usually feature:

  • Waiver of annual fee for the first year.
  • Cash withdrawal facility of up to 50% of the credit limit.
  • Zakat payments through auto-debit, standing instructions or internet.
  • Special privileges and discounts with the Bank’s Mail Order Telephone Order (MOTO) program and Easy Payment Program.
  • Free profit charge period up to 20 days.

Bank Islam credit card Malaysia is issued on the concepts of Shariah (Islamic body of religious law), based on:

Bai Inah – The bank sells land on a deferred payment basis to a customer and later buys it back with cash at a discounted rate.

Wadiah - Assured safe-keeping of cash of the credit card holder through a Wadiah account controlled by the bank. The funds of the account can be used for purchases and withdrawals.

Qardhul Hassan - This implies the overdraft facility offered during emergencies. This offer is not subject to any extra fee or charge. However, timely re-payment on is mandatory.

Bank Islam credit card Malaysia is also free from ‘riba’ or interest.
‘MasterCard’ is a trademark of the MasterCard Company, who can be found at www.mastercard.com/sea/
‘Visa’ and ‘Visa Cards’ are trademarks of the Visa Company, who can be found at www.visa-asia.com/ap/sea/
‘Bank Islam credit cards’ are trademarks of the Bank Islam Malaysia Berhad, who can be found at www.bankislam.com.my/

Find out more on Malaysia's Top 10 Credit Cards according to EconomyWatch users below.


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Most Popular in Malaysia Credit Cards

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