Photo - Matthew Driver, President, South East Asia, MasterCard
Malaysian prime minister YAB Dato' Sri Mohd Najib Tun Razak officiated during the launch in Malaysia of the world's first non banking Islamic debit card, said the partners Malaysian statutory body Lembaga Tabung Haji [TH] and MasterCard.
During the unveiling of the Sharia-compliant Tabung Haji Debit-i MasterCard, MasterCard's Southeast Asia president Matthew Driver said that Malaysian Muslims will be able to use it not only for their pilgrimage in Makkah and Madinah but also for everyday convenience.
Driver said the card will allow cardholders to pay for purchases at more than 38 million merchant locations around the world including in Saudi Arabia. They will also benefit from the convenience of accessing cash at more than 2.5 million ATMs worldwide. Cardholders' purchases are automatically deducted from their accounts without incurring interest charges, or creating monthly bill payments.
"MasterCard is deeply committed to working with Tabung Haji to deliver a comprehensive range of innovative and tailored Shariah-compliant payment solutions to its depositors," he said. "With this collaboration, Tabung Haji depositors will enjoy the convenience of a globally accepted MasterCard Debit card and give them access to their accounts whether at home in Malaysia, travelling to Makkah or Madinah as part of their pilgrimage or other locations."
This collaboration is significant in support of Malaysia as a key hub for Islamic Finance and its aspirations to have an innovative, competitive and thriving financial services industry as a key component of the economy, said Driver. "The launch also accelerates the country's migration to electronic payments."
"We are honoured to be able to enable this important product with the safety, security and convenience of the global MasterCard network and look forward to a fruitful partnership with this respected institution," he said.
Statutory body Tabung Haji, which assists Hajj pilgrims, currently has 8.4 million depositors and a network of 120 branches with more than 6,000 touch-points nationwide.
For more information on Tabung Haji Debit-i MasterCard, visit tabunghaji.gov.my
Sign up for CIO Asia eNewsletters.