KUALA LUMPUR: Bank Muamalat Malaysia Bhd has launched its first syariah-compliant debit card, “Aisya”, equipped with the 'wave' facility for its current 500,000 customer base.
The debit card was named after the Prophet Muhammad’s wife, Saidatina Aisya, whose intelligence provided the inspiration for the bank to develop the card which comes with a waqf feature.
To expand the collection of waqf, the bank has decided that a portion of the interchange fee that the bank receives from its merchants would be contributed to waqf.
Its chairman Tan Sri Mohd 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 per cent of the interchange fee income without deducting or imposing any fee for the waqf to the customer.
Mohd Munir was speaking at the launch of the debit card and Hari Raya open house organised by the bank.
The bank aims to increase its customer base to 1 million within two years of the card's introduction, banking on the cashless and syariah-compliant facility it provides.