KUALA LUMPUR, In a milestone initiative to strengthen Malaysia’s Islamic business ecosystem and enhance financial access for small businesses, Bank Muamalat Malaysia Berhad (Bank Muamalat), in partnership with Mastercard, has introduced the nation’s first Shariah-compliant SME Debit Card – the Bank Muamalat SME Debit Card-i.
Designed specifically for Small and Medium Enterprises (SMEs), the card is packed with tailored benefits to help business owners manage operations more efficiently while staying aligned with Islamic banking principles.
This launch underscores the importance of values-based finance in supporting the SME sector, which represents more than 97% of businesses in Malaysia and contributes 38% to the country’s GDP. The Bank Muamalat SME Debit Card-i reflects a shared commitment to inclusive growth, digital adoption, and ethical finance.
As part of a limited-time launch campaign, cardholders can enjoy up to 4% cashback on key business expenses for the first six months. Eligible spending categories include online travel agencies, leading e-commerce platforms such as Shopee and Lazada, and digital advertising with providers like Google and Meta.
Additional benefits include:
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2x monthly waivers on international ATM withdrawal fees
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Access to Mastercard Easy Savings®, Priceless Specials, and a curated range of merchant offers
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Expense tracking and categorized spending insights for better financial management
Built around the needs of modern SMEs, the debit card operates via a Current Account, ensuring full spending transparency and avoiding reliance on credit facilities—making it fully Shariah-compliant.
“We are committed to providing ethical, accessible, and rewarding financial solutions that empower Malaysian businesses to grow with confidence,” said Khairul Kamarudin, President and Chief Executive Officer of Bank Muamalat. “SMEs are vital to the nation’s economy, and this SME Debit Card-i is a reflection of our vision to support them with solutions that merge Shariah values with practical business tools.”
The launch also aligns with Mastercard’s broader strategy to drive inclusive growth across Malaysia and Southeast Asia, supporting national priorities under the MyDIGITAL Blueprint and Bank Negara Malaysia’s Financial Sector Blueprint, which highlight financial inclusion, digital readiness, and ethical finance.
“Small businesses are the backbone of Malaysia’s economy, and their success depends on financial solutions that are practical and values-driven,” said Beena Pothen, Country Manager, Malaysia and Brunei, Mastercard. “Through this collaboration with Bank Muamalat, we are proud to introduce a Shariah-compliant debit card that equips SMEs with tangible benefits while advancing their digital and financial inclusion journey.”
With Islamic finance continuing to gain traction—Malaysia’s Islamic banking assets surpassed RM1 trillion in 2024—the Bank Muamalat SME Debit Card-i arrives at a pivotal time for the sector.
The card will be available starting 15 August 2025 at all Bank Muamalat branches and via the Bank’s official website. For more details, please visit www.muamalat.com.my or contact the Customer Centre at +603 2600 5500.
