Maybank Islamic Launches First Islamic Corporate Card With Charity Feature

Jacie Tan

18th December 2020 - 3 min read

Maybank Islamic Berhad has launched the new Islamic Corporate Card, the first in the market with a feature that channels a percentage of customer spending to charitable causes. Maybank Islamic will contribute 0.1% of all customer spending using the Maybank Islamic Corporate Card on overseas merchants to selected charity bodies.

The overseas merchants include stores like eBay US, Amazon US, and Apple Store US. Besides the charity element, the Maybank Islamic Corporate Card offers 0.3% cashback for local spend and 0.7% cashback on overseas spend, for both retail and online purchases. The card also provides a digital Shariah-compliant payment platform to assist businesses with the management and planning of their operations.

According to Dato’ Mohamed Rafique Merican, CEO of Maybank Islamic, the new Maybank Islamic Corporate Card embodies the Islamic finance values of equitability and social well-being, and is aimed at meeting the increasing demand by Shariah compliant and halal-conscious businesses. “Maybank Islamic is committed to provide Shariah-compliant financial solutions that meet the needs of our customers and create a positive impact to the community,” he said.

(Image: Bernama)

Datuk Hamirullah Boorhan, Head of Community Financial Services Malaysia of Maybank said, “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.” He added that having Visa and Mastercard as partners would assure customers of a safe and smooth card experience either locally or overseas.

The Maybank Islamic Corporate Card is the first Islamic corporate card in Malaysia to be offered in both Visa and Mastercard. However, it is not the first time that Maybank Islamic has embedded a charity element in one of its cards, as the Maybank Islamic Mastercard Ikhwan Card also comes with a charity feature. By contributing 0.1% of all consumer expenditure using the Maybank Islamic Mastercard Ikhwan, 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.

Maybank Islamic expects to issue about 45,000 of the new Maybank Islamic Corporate Card within the next five years. It is available to both existing and new customers of Maybank and you can visit the Maybank2u website for more information or get in touch with your corporate account relationship manager.

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