Bank Muamalat has joined other Malaysian banks in offering credit cards with annual rates capped at 14 percent.
Its new Shariah-compliant Awwal Credit Card-i carries an effective annual profit rate of 14 percent and no annual fee.
The card uses a non-compounding profit structure, meaning profit is not charged on previously accumulated profit.
Customers will also receive complimentary takaful protection for outstanding balances of up to RM20,000 as part of a limited-time promotion, subject to terms and conditions.
The launch follows the government’s push to introduce basic credit cards with annual financing rates capped at 14 percent, down from the industry’s existing maximum of 18 percent.
The Ministry of Finance announced the initiative in July in collaboration with Bank Negara Malaysia and the banking industry.
Alliance Bank, Maybank and CIMB have already introduced basic credit cards under the initiative.
Bank Muamalat officially launched the Awwal Credit Card-i on 20 October at the 21st Kuala Lumpur Islamic Finance Forum (KLIFF), with Deputy Prime Minister Datuk Amar Haji Fadillah Haji Yusof officiating the event.
Bank Muamalat President and CEO Datuk Khairul Kamarudin said,
“The Awwal Credit Card-i was developed taking into account customers’ needs to manage their spending more wisely, while ensuring that credit facilities are used responsibly.
It is in line with our aspiration to provide financial solutions that provide real value and support customers’ financial well-being,”
Applications opened on 20 October 2026 through Bank Muamalat’s website and its branches.
Featured image: YAB Datuk Amar Haji Fadillah Haji Yusof, Deputy Prime Minister of Malaysia, with Datuk Khairul Kamarudin, President and CEO of Bank Muamalat
