Islamic Debit Cards in Malaysia

Similar to conventional debit cards, Islamic debit cards are Shariah-compliant with features identical to conventional cards. The banking system is based on an asset-based financing method. These cards can only be used for “Halal” transactions..

Islamic Debit Cards in Malaysia

Bank Name Cards offered by the bank Cashback Annual Fees
CIMB CIMB Debit Mastercard No From the second year onwards.
BSN Malaysia Bhd BSN Debit Card-i No From the second year onwards.
Hong Leong Bank Hong Leong Debit Card-i No. No annual fees.
Alliance Bank Alliance Hybrid PB Platinum Debit Card-i Yes. Yes.
HSBC Amanah HSBC Amanah Debit Card-i No. No annual fees.
Bank Rakyat Bank Rakyat Debit Card-i No. From the second year onwards.
Bank Islam Bank Islam Debit Card-i No. Yes.
AFFINBANK AFFINBANK Debit Visa Card-i No. From the second year onwards.
RHB Islamic RHB Premier Banking Platinum Debit Card-i Yes. From the second year onwards.

How do Islamic Debit Cards Work?

You can get an Islamic debit card only when you have an Islamic savings or current account. These cards are based on the Shariah concept of banking, and includes mudarabah (profit-sharing and loss-bearing), wadiah (safekeeping), and ijara (leasing). Unlike conventional cards, these cards can be used only at Shariah-compliant merchants. Merchant categories which are not Shariah-compliant are given below.

  • Gambling transactions.
  • Bars, discotheques, cocktail lounges, nightclubs, and taverns.
  • Horse-racing, dog-racing, non-sports intrastate internet gambling transactions.
  • Cigar stores and stands.
  • Dating and escort services.
  • Wine, beer, and liquor shops.

Features & Benefits of Islamic Debit Cards

  • Get reward points and cashback for transactions as applicable on the card.
  • Set standing instructions for your monthly utility bills and save on late payment charges.
  • Make secure payments with the 3D Secure facility, Chip & PIN Pay facility, and also One-Time Password (OTP) authentication for making purchases.
  • Pay without swiping your card at all enabled merchants in Malaysia  with the contactless functionality available in some Islamic cards.
  • Keep a track of all your expenses 24 x 7 available through internet banking.
  • Control your spending with purchase limits available on the card.
  • Use the pre-authorisation facility for utility bill and fuel payments, along with hotel accommodation.
  • Activate the Card-not-Present functionality and forget about carrying the card.
  • Get access to rewards programmes with the card.

Eligibility Criteria for Islamic Debit Cards

  • You should be a minimum of 18 years of age.
  • You must have an existing Islamic savings or current account with the bank. In some banks, conventional savings and current accounts can be added to the card with the Islamic account as the primary account.
  • Minimum balance to be maintained is the same as of the savings/current account which should be available at the time of application.

Documents Required

  • MyKad or any other identification document.
  • Income related documents as requested.

Banks Providing Islamic Debit Cards in Malaysia

  • CIMB: There is one debit card which provides special rewards, offers, and privileges. Pay utility bills, retail expenses and others with the card. Enjoy the benefits of Mastercard when you use the card.
  • BSN: It offers one debit card which lets you make cashless payments. Enjoy Visa benefits when using the card. You can also make contactless payments when using this card.
  • Alliance Bank: You get five debit cards with the bank, including a junior card. These cards provide you cashback on transactions. You can also keep a check on your expenses with the ATM withdrawal and transaction limits offered by the banks with the card.
  • HSBC Amanah: There is one Islamic debit card offered by the bank. Get the recognition of a world known brand along with Visa functionality available with the card for various banks. Multiple accounts can be added to the card for ATM withdrawals.
  • Bank Rakyat: It offers one debit card based on the Shariah concept, and there is no minimum income required for the card.
  • Bank Islam: With these cards, you can get co-branded cards for a number of football teams. The bank also allows minors to apply for and use the card.
  • AFFINBANK: The bank provides one Islamic debit card. The card is valid for Shariah-compliant merchants. Enjoy the rewards provided by Visa on transactions made with the card.
  • RHB: The bank provides special branded and corporate Islamic debit cards among others. It comes with the MyDebit payment platform which can be used throughout Malaysia. Most cards provided here also have the contactless functionality, allowing you to wave your card and pay.

How to Apply?

Online
  • Log in to the bank website.
  • Fill in the details of the application form for your selected debit card.
  • A bank representative shall get in touch with you and further the application process for the card.
Offline
  • Visit any branch of the bank or call the bank’s phone-banking number.
  • A bank representative shall help you with the application process.
  • Fill out the application form and attach the required documents.
  • Submit the form and documents.

Compare all the cards and choose the one that suits your lifestyle.

FAQs

Q. What are the different payment platforms accepted for Islamic debit cards?

A. Most cards in Malaysia have the MyDebit payment platform, and it can only be used within the country. Some cards are enabled with Visa or Mastercard payment platforms which allows you to make overseas payments.

Q. What should I do when my card is stolen?

A. In case your card is stolen, please inform the bank immediately. You can request for a replacement card. Do make sure that your stolen card is blocked before more transactions are undertaken on the card.

Q. Can I change the limit of the contactless transactions available on the card?

A. Yes. Banks would allow you to change the daily and total transaction limits for the card.

Q. Can I deactivate the Card-not-Present functionality for the card?

A. Yes. You can contact the bank in order to stop the Card-not-Present functionality of the card. Do read the product disclosure sheet for the card in order to know more details.

Q. What are the different charges which are applicable on the card?

A. The various fees which are applicable on debit cards are annual fees, issuance fees, overseas transaction charges, and card replacement charges.

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