Bank Muamalat And Mastercard Launch Shariah-Compliant SME Debit Card

Samuel Chua

3rd September 2025 - 2 min read

Small and medium-sized enterprises in Malaysia now have access to a Shariah-compliant debit card, following the launch of the Bank Muamalat SME Debit Card-i in partnership with Mastercard.

Cashback for Business Spending

The SME Debit Card-i offers up to 4% cashback during the first six months after activation. Eligible categories include spending on online travel agencies, major e-commerce platforms such as Shopee and Lazada, and digital advertising on platforms like Google and Meta.

The cashback feature is aimed at reducing operating costs for SMEs that rely heavily on online services and digital marketing.

Additional Cardholder Benefits

Cardholders are entitled to two monthly waivers on international ATM withdrawal fees. They will also gain access to Mastercard’s global programmes, including Easy Savings, Priceless Specials, and a range of merchant offers.

Linked to Current Accounts

In line with Islamic banking principles, the SME Debit Card-i is linked to a current account rather than a credit facility. This ensures that businesses can manage payments and expenses without depending on credit-based structures.

Bank Muamalat explained that the card comes with tools for expense tracking and categorised spending. These features aim to give businesses greater transparency and control over financial management.

Application Process

Applications for the SME Debit Card-i opened on 15 August 2025. Businesses can apply at any Bank Muamalat branch nationwide or through the bank’s official website.

Supporting SME Growth

Highlighting the importance of SMEs to the national economy, Bank Muamalat President and Chief Executive Officer, Khairul Kamarudin, said the launch reflects the bank’s commitment to supporting the business community with products that combine Shariah compliance and modern business needs.

“SMEs contribute significantly to the country’s GDP and are central to Malaysia’s economic resilience. This SME Debit Card-i is a testament to our vision of supporting the business community through products that reflect both Shariah principles and modern business needs,” he said.

Samuel Chua

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.

0 0 votes

Article Rating