Small businesses in Malaysia now have access to a debit card built around Shariah principles, following a launch by Bank Muamalat and Mastercard.
The Bank Muamalat SME Debit Card-i offers up to 4% cashback for the first six months.
This applies to spending on online travel agencies, e-commerce platforms such as Shopee and Lazada, and digital advertising on Google and Meta.
Cardholders also receive two monthly waivers on international ATM withdrawal fees and access to Mastercard programmes like Easy Savings, Priceless Specials and merchant offers.
The card is linked to a current account rather than a credit line, in line with Islamic banking rules.
Bank Muamalat said it provides tools for expense tracking and categorised spending, allowing businesses to manage costs with greater transparency and without reliance on credit-based facilities.
Applications for the SME Debit Card-i opened on 15 August at all Bank Muamalat branches and via the bank’s website.
“SMEs contribute significantly to the country’s GDP and are central to Malaysia’s economic resilience.
This SME Debit Card-i is a testament to our vision of supporting the business community through products that reflect both Shariah principles and modern business needs.”
said Khairul Kamarudin, President and Chief Executive Officer, Bank Muamalat.
“This collaboration with Bank Muamalat brings to life a Shariah-compliant SME Debit Card that empowers entrepreneurs with everyday business benefits—without the need for credit-based facilities.
It is designed to meet the real-world needs of SMEs while supporting their journey toward digital and financial inclusion. This is a powerful example of how Islamic finance and digital payments can come together to unlock new possibilities for Malaysia’s vibrant SME community.”
said Beena Pothen, Country Manager, Malaysia and Brunei, Mastercard.
Featured image: Edited by Fintech News Malaysia, based on image by nisara_t via Freepik
