Bank Islam Card (“BIC”) which are the debit card offerings from Bank Islam are one of the first pure Shariah contract credit cards that both available for Muslim and non-Muslims customers alike, in Malaysia. ‘Riba’ which means interest is not required or charged for this card. Gharar, which is sort of a processing fee under Shariah laws is also not charge for this card, making it as a debit card.
Types of Bank Islam Debit Cards
- Bank Islam Visa Debit Card-i
- Bank Islam Team Harimau Visa Debit Card-i
Features and Benefits of Bank Islam Debit Cards
These cards feature the Tawarruq concept. However, this does not mean that they don’t have the regular features that other cards have. Here are the major features and benefits of the Bank Islam Visa Debit Card-i and Bank Islam Team Harimau Visa Debit Card-I:
- The Annual fee is waived off, however the customer has to conduct a minimum of 12 transactions per annum to make sure of the annual fee not being charged.
- The cards are completely Shariah based.
- Compounding finance charges are waived off for this product.
- You also get to enjoy finance charge-free period for 20 days.
- The cards come with Free Takaful coverage for the outstanding balance, so that the amount is paid off easily.
- The balance transfer rate is also said to be low.
- The cash withdrawal fee is also low comparatively.
- These cards come with 40% discount on fee for will writing.
- Cardholders has the option to create their own PIN through PINPAD along with the PIN is for using the card at an ATM.
- The minimum balance may not be less than RM 200.
FAQs on Bank Islam Debit Cards
Q) Are there any charges for a withdrawal transaction at an ATM?
A) Bank Islam does not charge the customer for any transactions at an ATM for cash withdrawal.
Q) Do the enquiries at the Bank Islam ATMs via MEP get charged?
A) The bank does not charge the customer for any enquiries at their bank ATMs via EMP.
Q) What is the minimum balance in the deposit account required to maintain this debit card?
A) An account holder needs to maintain a minimum of RM 20 to be able to use their Bank Islam debit card.
Q) What happens if I close my deposit accounts?
A) If you close your deposit account or do not maintain it, the membership for the debit card will also be terminated.
Q) Where can I not use the Bank Islam debit card and why?
A) You cannot use the Bank Islam debit cards in certain places, where they sell non-halal goods. Here is a list of some of the most important ones:
- Package Stores, Beer, Wine, Liquor
- Religious Goods Stores
- Massage Parlours
- Funeral Services and Crematories
- Dating, Escort Services
- Gambling which includes but is not restricted to Horse Racing, State Lotteries and Dog Racing.
- Betting which is including but not restricted to:
- lottery tickets
- chips and gaming casinos
- off-track betting and wagers
- online gaming