Bank Muamalat Unveils Awwal Credit Card-i To Expand Access To Responsible Financing
KUALA LUMPUR, July 28 (Bernama) -- Bank Muamalat Malaysia Bhd has introduced the Awwal Credit Card-i, a Shariah-compliant credit card designed to provide consumers with more transparent, affordable and responsible financing.
The bank said the launch reflects its continued commitment to offering financial solutions that meet the needs of Malaysians, particularly as the rising cost of living and global economic uncertainty continue to weigh on households and businesses.
"The Awwal Credit Card-i is built on the principle of responsible financing, offering a profit rate from as low as 14 per cent per annum, with no annual fee, no hidden charges and a non-compounding profit structure," it said in a statement.
The bank said the card also incorporates features that encourage prudent financial management, helping customers avoid excessive debt commitments.
In addition, it comes with complimentary takaful protection for outstanding balances, providing customers with added financial protection at no extra cost.
Bank Muamalat president and chief executive officer Datuk Khairul Kamarudin said the Awwal Credit Card-i forms part of the bank's aspiration to expand access to fairer, more transparent and responsible financing.
"Amid an economic environment that continues to be shaped by global challenges, Malaysians need more than access to credit. They need financial solutions that help them manage their spending more wisely without adding to their financial burden.
"The Awwal Credit Card-i was developed on the principle that credit facilities should strengthen financial well-being rather than encourage excessive indebtedness," he said.
Khairul said that, as a full-fledged Islamic bank, every product it offers must deliver genuine value to customers while upholding the principles of fairness, transparency and responsibility that underpin Islamic finance.
He added that the Awwal Credit Card-i focuses on lower financing costs, a straightforward fee structure and features that promote prudent financial management, setting it apart from many conventional credit cards that place greater emphasis on lifestyle rewards and exclusive privileges.
The bank said customers will not be charged any profit if they settle their outstanding balance in full before the payment due date, in line with its non-compounding profit concept.
Bank Muamalat said the launch complements its existing customer-focused initiatives, including the abolition of the RM1 fee for interbank cash withdrawals at automated teller machines, the implementation of its financing rescheduling and restructuring programme, and the provision of the small and medium enterprise stabilisation relief facility.
The Awwal Credit Card-i is expected to be available to the public from October 2026. Further information is available on Bank Muamalat's website and at its branches nationwide.
-- BERNAMA