Malaysia-based Bank Muamalat has rolled out its latest sharia-compliant debit card in the country.
Dubbed ‘Aisya’, the new card comes with a unique feature of waqf. The bank will contribute certain part of interchange fees collected from merchants to waqf so that the collection can be expanded.
Bank Muamalat chairman Y Bhg Tan Sri Munir Abdul Majid said if customers use the debit card at any of the merchants, it enables the bank to contribute to the waqf by putting aside 20% of the interchange fee income without deducting or imposing any fee for the waqf to the customer.
Y Bhg Tan Sri Munir added: “It is a first of its kind in Malaysia and perhaps the world as it incorporates spending with social responsibility features of waqf. It also complies with the responsible banking requirements as strongly advocated by our Central Bank.”
The bank said that all existing cardholders and new customers of the bank will be issued the new debit card if they own a current or savings accounts with the bank.
Cardholder can do normal cash withdrawals at the ATM’s. It is equipped with Debit MasterCard and MyDebit features. They can also use the card for shopping at participating merchants and making online purchases, within Malaysia and globally.