PETALING JAYA: Malayan Banking Bhd (Maybank) has unveiled its new Islamic corporate card, the first in the market that channels a percentage of customer spending to charity via Maybank Islamic and expects to issue 45,000 of the cards within the next five years.
It explained that the bank will contribute 0.1% of all customers spending on overseas merchants to selected charity bodies.
The group highlighted the corporate card provides a digital syariah-compliant payment platform to assist it customer’s businesses in the management and planning of their operations.
It said that card members will receive cashback for retail and online purchases - 0.3% cashback for local spend and 0.7% cashback on overseas spend.
Maybank stated that the Islamic corporate card will be offered in both Visa and Mastercard.
Maybank Islamic CEO Datuk Mohamed Rafique Merican, commented that the card is aimed at meeting the increasing demand by syariah-compliant and halal conscious businesses.
“Maybank Islamic is committed to provide syariah-compliant financial solutions that meet the needs of our customers and create a positive impact to the community,” he said in a statement.
The group’s head of community financial services Datuk Hamirullah Boorhan added that as a market leader in cards, the bank is constantly looking for new value-adding offerings for its customers.
He stated that this new addition complements its conventional commercial cards range, as it now offers a holistic suite of cards for its corporate, as well as individual customers.
“The corporate card business is an important segment for us, given that large corporations and SMEs make up more than one third of Malaysia’s GDP. By using business payment cards, corporations will be able to better manage their expenses,” said Visa Malaysia country manager Ng Kong Boon.
In addition, he also stated that the clearing house has specially created a halal lifestyle e-commerce platform “Myhalalstop.com” in collaboration with its global network of halal and Muslim-friendly merchant partners so that its cardholders can enjoy rewarding dining and shopping experiences when they spend using their Visa cards.
Meanwhile, Mastercard Malaysia and Brunei country manager Perry Ong commented that the Maybank Islamic corporate card is a welcome addition for Malaysia as the economy strives to emerge from the pandemic and ready itself for a digital new normal.
“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.” he said.
Previously, Maybank has embedded charity elements to its consumer card, Maybank Islamic’s MasterCard Ikhwan Card-i, which has garnered over RM3 million in charity funds based on total customers’ transactions since the launch of the card in June 2014.
