Bank Muamalat will launch a new Islamic credit card with profit rates starting from 14% per year and no annual fee.
The Awwal Credit Card-i will apply profit on a non-compounding basis and carry no hidden charges.
Customers who settle their full outstanding balance before the payment deadline will not incur any profit charges.
The card will also include free takaful protection for outstanding balances at no additional cost.
Bank Muamalat President and Chief Executive Officer Datuk Khairul Kamarudin said,
“The Awwal Credit Card-i was developed based on the principle that credit facilities should be a tool to strengthen financial well-being, rather than a driver of excessive indebtedness.
As a fully Islamic bank, we believe that every product should provide real value to customers, in line with the principles of fairness, transparency and responsibility that are at the core of Islamic finance.”
Unlike cards centred on lifestyle rewards, the Awwal Credit Card-i will prioritise lower financing costs and a simpler charge structure.
It is expected to become available to the public in October 2026.
Featured image: Edited by Fintech News Malaysia, based on image by topntp26 via Magnific
