Financial institution Bank Muamalat partners with Mastercard to introduce a debit card adhering to Islamic law, catering to small and medium enterprises.
Bank Muamalat and Mastercard Launch SME Debit Card-i in Malaysia
Small and Medium Enterprises (SMEs) in Malaysia now have a new financial tool at their disposal, as Bank Muamalat and Mastercard have launched the SME Debit Card-i. This debit card is designed to support the digital and financial inclusion of SMEs, and it is a Shariah-compliant card tailored to meet their real-world needs.
The SME Debit Card-i was officially unveiled on 15 August, with applications available at all Bank Muamalat branches and on the bank's website. Amin Hassan, the founder and CEO of Bank Muamalat, stated that the launch of the SME Debit Card-i is a testament to their vision of supporting the business community.
The SME Debit Card-i offers several benefits to cardholders. For the first six months, cardholders can enjoy up to 4% cashback on spending with online travel agencies, e-commerce platforms such as Shopee and Lazada, and digital advertising on Google and Meta. Additionally, cardholders receive two monthly waivers on international ATM withdrawal fees and access to Mastercard programs like Easy Savings, Priceless Specials, and merchant offers.
The card also comes with tools for expense tracking and categorized spending, allowing businesses to manage costs with greater transparency and without reliance on credit-based facilities. Beena Pothen, Country Manager of Mastercard Malaysia and Brunei, stated that the card empowers entrepreneurs with everyday business benefits without the need for credit-based facilities.
Khairul Kamarudin, President and Chief Executive Officer of Bank Muamalat, emphasised the importance of SMEs to Malaysia's economy. SMEs contribute significantly to the country's GDP and are central to its economic resilience. The SME Debit Card-i is a collaboration between Bank Muamalat and Mastercard, and it is an example of how Islamic finance and digital payments can come together to unlock new possibilities for Malaysia's SME community.
In conclusion, the SME Debit Card-i is a valuable addition to the financial tools available to SMEs in Malaysia. By offering cashback on specific spending categories, expense tracking tools, and access to Mastercard programs, the card is designed to help SMEs manage their finances more effectively and grow their businesses. Applications for the SME Debit Card-i are now open at all Bank Muamalat branches and on the bank's website.
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