MasterCard launches world’s first non-banking Islamic debit card
Friday, 20 June 2014 00:00
MasterCard and Malaysia’s Lembaga Tabung Haji have unveiled the innovative Tabung Haji Debit-i MasterCard that will allow Malaysian Muslims to use it not only for their pilgrimage in Makkah and Madinah but also for everyday convenience.
The launch of the Shariah-compliant card was officiated by the Prime Minister Mohd Najib Tun Razak recently.
The Tabung Haji Debit-i MasterCard will enable cardholders to pay for purchases at over 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. 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,” said Matthew Driver, President, South East Asia, MasterCard.
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. 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,” Matthew Driver added.
Tabung Haji currently has 8.4 million depositors and a network of 120 branches with more than 6,000 touch-points nationwide which makes it one of the largest Islamic Financial Institutions in Malaysia. With this launch, Tabung Haji provides its depositors with an innovative, integrated payment tool where they can confidently access and manage their funds via POS, ATMs locally and abroad and for e-Commerce in a highly secured and convenient manner.
The event also saw Tabung Haji launching its Islamic Financial Service Centre (IFiC) and Coffee Table Book in conjunction with its Golden Jubilee Celebration.
IFiC is an Islamic One-stop-center which houses four (4) agencies providing various Islamic services for the convenience of TH depositors and Muslims in general. The Coffee Table Book, published in collaboration with BERNAMA, documents TH’s 50 years success story in various aspects, including its Shariah-compliant economic activities for the benefit and interest of Muslims worldwide. For more information on Tabung Haji Debit-i MasterCard, visit www.tabunghaji.gov.my.