Bank Islam Malaysia Bhd has launched Asia Pacific's first shariah-compliant business credit card, targeted at large corporations and small medium enterprises.
Its managing director Datuk Seri Zukri Samat said the new initiative, with support from Visa, is aimed at increasing its portfolio and product mix to better serve the needs of its clients.
“We believe the multiple benefits of this product make it attractive in the current environment where businesses demand greater convenience to support their operations.
“With this business card, we hope to reach 10 per cent of our business customer base in the first three years of the launch," he said at the launch ceremony of its Visa Infinite business credit card-i.
The privileges of the business card-i include being fully shariah-compliant, having no compounding finance charges, 20-days profit charge free period and an annual fee waiver.
Others include financing limit of up to RM250,000, complimentary access to Plaza Premium Lounges at airports in Malaysia and Singapore, free Takaful travel protection coverage up to RM2 million.
no interest !! but has late payment charges...which is ..the same thing.
Malaysia launched "Shariah compliant credit card"