Bank Islam Master Credit Cards

Bank Islam

Bank Islam

Bank Islam Card (“BIC”) is the first purely Shariah contract based credit card to be offered to Muslims and non-Muslims in Malaysia. This card is completely free from any “riba” or “gharar”.

“Riba” is usually translated as “interest” which means an extra amount charged in transactions dealing with silver, gold or money. “Gharar” is defined as uncertainty or ambiguity, which has been removed from BIC since the maximum profit earned has been declared upfront.

BIC is also the first credit card in Malaysia using the SMART chip technology which adopts high security level in a credit card. There are 3 main Shariah contracts being used in the operations of BIC, namely:

  • Bai Inah
  • Wadiah
  • Qardhul Hassan

Bai Inah comprises of two agreements (aqad). In the first agreement, the bank sells a piece of land to the customer at an agreed price. While in the second agreement, the Bank re-purchases the land from the customer at a lower price. The difference in the price is therefore the Bank’s maximum profit, which is determined in advance, unlike the conventional credit card whereby the interest charged is undetermined and it may further increase.

The Bank will then disburse the cash proceeds of the second agreement into the customer’s Wadiah BIC account created and maintained by the bank. Subsequently, the customer can use his/her BIC for retail purchases and cash withdrawals just like the conventional credit card, except that each transaction will be backed by the cash held in his/her Wadiah BIC account.

Qardhul Hassan is a facility granted during an emergency situation, which allows the cardholder to utilise higher than the available financing limit, subject to approval. The Qardhul Hasan amount would not be levied with any charges or fees. However the sum needs to be settled in full within a specified period.

Bank Islam Master Classic Card

Bank Islam Master Classic Card

Benefit

  • Based on the Shariah contract that is free from ‘Riba’ and ‘Gharar’
  • Profit margin is fixed for the whole tenure
  • Accept transactions from “HALAL” merchant only
  • Financing limit offered is at par with that offered by other card issuers
  • Latest SMART Chip Technology
  • No compounding elements
  • Zakat payments acceptance
  • Complimentary Group Family Takaful coverage (up to RM100,000) and funeral expenses of RM5,000 for principal cardholders for the whole period of contract.
  • Discounts on Mail Order Telephone Order (MOTO) Programme and Easy Payment Schemes

Annual Income – RM 18,000
Annual Fee – Annual fee is waived subject to a minimum of 12 transactions per annum. (Principle  RM 60 , Supplementary RM 30.)

Bank Islam Master Gold Card

Bank Islam Master Gold Card

Benefit

  • Based on the Shariah contract that is free from ‘Riba’ and ‘Gharar’
  • Profit margin is fixed for the whole tenure
  • Accept transactions from “HALAL” merchant only
  • Financing limit offered is at par with that offered by other card issuers
  • Latest SMART Chip Technology
  • No compounding elements
  • Zakat payments acceptance
  • Complimentary Group Family Takaful coverage (up to RM100,000) and funeral expenses of RM5,000 for principal cardholders for the whole period of contract.
  • Discounts on Mail Order Telephone Order (MOTO) Programme and Easy Payment Schemes

Annual Income – RM 36,000
Annual Fee – Annual fee is waived subject to a minimum of 12 transactions per annum. (Principle RM 130 , Supplementary RM 60.)

Bank Islam Master Platinum Card

Bank Islam Master Platinum Card

Benefit

  • Complimentary Group Family Takaful coverage of up to RM100,000 and benevolence expenses of RM5,000 for principal cardholders.
  • Zakat payments acceptance
  • Discounts on Mail Order Telephone Order (MOTO) Programme and Easy Payment Schemes
  • Complimentary Travel Personal Accident up to RM1Million when you charge your airticket by Bank Islam Master Platinum Card
  • Free Flight Travel Inconvenience Benefits when you charge your airticket by Bank Islam Master Platinum Card
  • Free Purchase Protection Insurance
  • 24 hours Personal Concierge Services by MasterCard International
  • 24 hours Dedicated Customer Service line
  • Special discounts and privileges by MasterCard Worldwide
  • Free subscription to MasterCard Platinum Collection

Annual Income – RM 84,000
Annual Fee – Annual fee is waived subject to a minimum of 12 transactions per annum. (Principle 388 , Supplementary RM 150.)


Contract – Bai-Inah
Contract Length – 3 years
Eligibility – Principle 21 years old, Supplementary 18 years old

Joining FeeFree
Cash Advance FeeMinimum RM 12 or 2.5% – Bank Islam ATM
Minimum RM 50 or 3% – Other ATMs
Minimum Monthly RepaymentMinimum RM 50 or 5%
Over-limit FeeUnknown
Late Payment ChargeMinimum RM 5 or 1%, capped RM 50
Interest Free Period20 days
Card Replacement FeeRM 50
Conversion For Overseas TransactionsDetermined by MasterCard International
Sales Draft RequestRM 5 – Copy
RM 20 – Original
Statement RequestRM 5

For more information, please visit http://www.bankislam.com.my/

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