KUALA LUMPUR: Bank Islam Malaysia Berhad (Bank Islam) and Mastercard, a leading payment technology company, today announced the launch of Shariah-compliant Bank Islam Mastercard Debit Card-i. This new offer provides cardholders with exclusive benefits and rewards.
As part of a 4-day event at MyTOWN Shopping Centre to celebrate the launch, Bank Islam Mastercard Debit Card-i and Al-Awfar investment account holders can enjoy 1% cashback on eligible purchases until 31 August 2025, mainly on health and wellness. Along with getting access to Al-Awfar’s prize pool of over RM18 million a year, including RM1 million in cash, luxury vehicles such as the BMW 320i M Sport and Honda HRV, a Harley Davidson Road Glide Special motorcycle, a 1kg gold bar and additional cash prizes. Winners will be selected through regular lucky draws.
Exclusive to Bank Islam, the Al-Awfar program is more than just an investment account. Built on the Mudarabah (profit-sharing) concept, this Shariah-compliant model allows customers to earn returns based on shared profits from the bank’s investments, rather than receiving fixed interest. This structure ensures ethical financial growth while offering customers a meaningful and spiritually aligned way to invest.
This collaboration reflects Bank Islam and Mastercard’s shared commitment to providing faith- compliant financial products tailored to the evolving needs of Malaysians. The Bank Islam Mastercard Debit Card-i offers online and contactless payments, with robust security and global acceptance at more than 100 million locations.
To make a positive impact on the community, Bank Islam will also donate RM2 to Sadaqa House for every Bank Islam Mastercard Debit Card-i issued from 13 February 2025. Sadaqa House, a globally recognized social platform, mobilizes philanthropic funds from sadaqah (voluntary charity), waqf (endowment), and zakat (tithe) to support meaningful initiatives within Malaysia’s inclusive Islamic economic ecosystem.
Mizan Masram, Group Chief Business Officer, Group Retail Banking of Bank Islam, expressed the significance of this milestone,
“The Al-Awfar program embodies Bank Islam’s vision of empowering customers to achieve their aspirations while promoting 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.”
Beena Pothen, Country Manager, Malaysia and Brunei, Mastercard, said:
“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.”
During the launch, new customers who open an Al-Awfar account, deposit a minimum of RM1,000 in new funds, and apply for a Bank Islam Mastercard Debit Card-i will receive a mystery gift.
For more information on Bank Islam’s Al-Awfar investment program, visit here. Terms and conditions apply.
