Maybank Group, through its Islamic banking arm, Maybank Islamic Berhad, today launched a new Islamic corporate card, the first in the market that channels a percentage of customer spending to charity.
The bank will contribute 0.1% of all customer spending on overseas merchants, such as eBay, Amazon and Apple, to selected charity bodies.
Based on Shariah principles, the Maybank Islamic Corporate Card also provides a digital Shariah-compliant payment platform to assist businesses in the management and planning of their operations.
Tapping into the rising trend of digital payments, the Maybank Islamic Corporate Card offers card members both rewards and convenience in a single package in the form cashback for retail and online purchases - 0.3% cashback for local spend and 0.7% cashback on overseas spend.
It is also the first Islamic corporate card in Malaysia offered in both Visa and Mastercard. Maybank Islamic expects to issue about 45,000 new Maybank Islamic Corporate Cards within the next five years.
“Embodying the Islamic finance values of equitability and social well-being, this new Maybank Islamic Corporate Card aims to meet the increasing demand by Shariah-compliant and halal conscious businesses,” said Dato’ Mohamed Rafique Merican, Chief Executive Officer of Maybank Islamic.
“The current pandemic has made it more important than ever for banks to play a role in addressing the challenges within the communities they serve. Maybank Islamic is committed to providing Shariah-compliant financial solutions that meet the needs of our customers and create a positive impact on the community,” he said.
From left: Ng Kong Boon, Visa Country Manager for Malaysia; B. Ravintharan, Senior Executive Vice President & Head, Cards, Maybank; Datuk Hamirullah Boorhan, Head, Community Financial Services Malaysia, Maybank; Dato’ John Chong, Group Chief Executive Officer, Community Financial Services, Maybank; Dato’ Mohamed Rafique Merican, Chief Executive Officer, Maybank Islamic; Perry Ong, Country Manager for Malaysia and Brunei, Mastercard
“As the market leader in cards, we are constantly looking for new value-adding offerings for our customers. The new Maybank Islamic Corporate Card caters to an increasingly conscious corporate customer segment by providing an alternative which they feel is better suited to their beliefs and values,” said Datuk Hamirullah Boorhan, Head, Community Financial Services Malaysia of Maybank.
“With this new addition, which complements our conventional commercial cards range, we now offer a holistic suite of cards for our corporate, as well as individual customers. Having Visa and Mastercard, two of the world’s biggest payment network providers as our partners, our customers can be assured that their card experience will be a smooth and safe one, locally or overseas.”
Ng Kong Boon, the Visa Country Manager for Malaysia also expressed delight at launching the first fully Shariah-compliant corporate card in Malaysia, emphasising the significant contributions of both large corporations and small and medium enterprises (SMEs) to the country’s growth.
“The corporate card business is an important segment for us, given that large corporations and Small and Medium Enterprises (SMEs) make up more than one-third of Malaysia’s Gross Domestic Product (GDP). By using business payment cards, corporations will be able to better manage their expenses,” he said.
Related: SME Landscape of Malaysia
On top of their collaboration with Maybank, Ng said Visa has also created a halal lifestyle eCommerce platform called “Myhalalstop.com,” in collaboration with their global network of halal and Muslim-friendly merchant partners. The platform allows cardholders to enjoy rewarding dining and shopping experiences when spending with their Visa cards.
Perry Ong, the Country Manager for Malaysia and Brunei, Mastercard echoed the same sentiment. “Mastercard is proud to partner with Maybank Islamic on this Islamic corporate card offering with a ‘charity-focused’ key feature. The card is a welcome addition for Malaysia as the economy strives to emerge from the pandemic and ready itself for a digital new normal,” he said.
“By leveraging Maybank Islamic’s strong customer base in Islamic financing and Mastercard's payments technology, the new offering supports the rising demands of corporates and SMEs while ensuring payment transactions are easy, safe and secure. Most importantly, it allows businesses to expand their social responsibility by giving back to the community," he said
However, Maybank Islamic is no stranger to embedding a charity element in its cards. Its consumer card, Maybank Islamic’s MasterCard Ikhwan Card-i, also has similar features. Under the card’s charity element, Maybank Islamic has allocated more than RM3 million in charity funds based on total customers’ transactions since the launch of the card in June 2014.
“This year, we continue to positively impact the community through our Maybank Islamic Mastercard Ikhwan, which disbursed more than RM750,000 to 19,150 beneficiaries who were impacted by the COVID-19 pandemic,” Mohamed Rafique said.
What is an Islamic credit card?
An Islamic credit card has similar functions to a conventional credit card, but with some slight differences in the offered features. Below is a comparison of the features between a conventional credit card and an Islamic credit card.
|Conventional Credit Card||Islamic Credit Card|
|Compounding Factor||Yes||No, and total liability is known upfront|
|Early Repayment Rebate||No||Yes|
|Non-Permissible Transaction Filtering||No||Yes|
|Takaful Coverage||No, but conventional insurance is offered||Yes|
Related: How Islamic Credit Cards Work
Another Maybank corporate card that businesses get to opt for is the Maybank Visa Corporate Card, an ideal card for a company's business travel, entertainment and business expenses. Among its key highlights include unlimited cash rebates 0.5% on a company's retail transaction and complimentary personal travel accident insurance of up to RM700,000, among other things. Find out more here.
For more information on the Maybank Islamic Corporate Card, customers can visit the Maybank2u website or get in touch with their corporate account relationship manager.