13th February 2025 - 3 min read
Bank Islam has partnered with Mastercard to introduce the Shariah-compliant Bank Islam Mastercard Debit Card-i, offering cardholders exclusive benefits and rewards. The collaboration reflects both organisations’ commitment to providing faith-compliant financial products tailored to the evolving needs of Malaysians.
As part of its strategic growth plans, Bank Islam is targeting a 10% increase in Al-Awfar investment account deposits by the end of 2025. This goal is supported by the introduction of the Bank Islam Mastercard Debit Card-i, alongside various new offerings and promotional campaigns aimed at strengthening the bank’s position in Islamic banking.
Bank Islam Mastercard Debit Card-i and Al-Awfar investment account holders can enjoy 1% cashback on eligible purchases until 31 August 2025, primarily on health and wellness categories. In addition to cashback rewards, cardholders will gain access to Al-Awfar’s prize pool, which exceeds RM18 million annually. This includes a grand cash prize of RM1 million, luxury vehicles such as the BMW 320i M Sport and Honda HR-V, a Harley-Davidson Road Glide Special motorcycle, a 1kg gold bar, and additional cash prizes. Winners will be selected through regular lucky draws.
Al-Awfar, exclusive to Bank Islam, is an investment account built on the Mudarabah (profit-sharing) concept. This Shariah-compliant structure allows customers to earn returns based on shared profits from the bank’s investments, rather than receiving fixed interest. By adopting this model, Bank Islam aims to ensure ethical financial growth while offering customers a meaningful and spiritually aligned way to invest.
The new Bank Islam Mastercard Debit Card-i facilitates online and contactless payments with security features and global acceptance at more than 100 million locations. It further strengthens Bank Islam’s and Mastercard’s shared vision of delivering financial solutions that integrate convenience with customer-centric rewards.
Bank Islam is also using this initiative to contribute to social causes, committing RM2 to Sadaqa House for every Bank Islam Mastercard Debit Card-i issued from 13 February 2025. Sadaqa House, a globally recognised social platform, mobilises philanthropic funds from sadaqah (voluntary charity), waqf (endowment), and zakat (tithe) to support initiatives within Malaysia’s inclusive Islamic economic ecosystem.
Mizan Masram, Group Chief Business Officer, Group Retail Banking of Bank Islam, emphasised that the Al-Awfar programme aligns with the bank’s mission to empower customers while fostering financial inclusivity.
“By partnering with Mastercard, we are able to offer innovative solutions that blend rewards with convenience. The introduction of the Bank Islam Mastercard Debit Card-i is another step forward in providing our customers with exceptional benefits, a secure payment experience, and opportunities to contribute to sustainability initiatives.”
Similarly, Beena Pothen, Country Manager for Malaysia and Brunei at Mastercard, highlighted the company’s dedication to enhancing banking experiences through Shariah-compliant solutions.
“The launch of the Bank Islam Mastercard Debit Card-i reflects Mastercard’s commitment to providing Shariah-compliant payment solutions that enhance banking experiences for Malaysians. It also demonstrates a shared vision with Bank Islam to co-create meaningful banking products that align with consumer values and needs, reinforcing a collective aim to drive innovation and make a positive contribution to the community.”
For more details on the Al-Awfar investment programme, visit here.
Samuel writes about personal finance and financial news, focusing on how banking updates, policies, and promotions affect everyday money decisions. He enjoys making complicated financial topics easier to follow. Outside of writing, he spends his time watching TV shows and occasionally convincing himself he will only watch one episode.
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