@ Halal | March-April . 2021
Maybank Islamic launches
Islamic Corporate Card
( From left ) Ng , B Ravintharan ( Senior Executive Vice-President & Head , Cards , Maybank ), Hamirullah , Dato ’ John Chong ( Group Chief Executive Officer , Community Financial Services , Maybank ), Rafique and Ong
Maybank Group , through Maybank Islamic Berhad recently launched a new Islamic Corporate Card , the first in the market that channels a percentage of customer spending to charity .
The Bank will contribute 0.1 per cent of all customer spending on overseas merchants such as eBay , Agoda , Booking . com , Amazon and Apple Store to selected charity bodies .
The Maybank Islamic Corporate Card also provides digital monitoring and reporting tools to assist businesses in the management and planning their operations .
Tapping into the rising trend of digital payments , the Maybank Islamic Corporate Card offers both rewards and convenience in a single package . Cardmembers will receive cashback for retail and online purchases - 0.3 per cent cashback for local spend and 0.7 per cent cashback on overseas spend .
It is also the first Islamic Corporate Card in Malaysia to be offered in both Visa and Mastercard . The Bank expects to issue about 45,000 of the new Maybank Islamic Corporate Cards within the next five years .
Dato ’ Mohamed Rafique Merican , Chief Executive Officer of Maybank Islamic , said that by embodying the Islamic finance values of equitability and social well-being , the new Maybank Islamic Corporate Card aimed to meet the increasing demand by Shariah-compliant and halal-conscious businesses .
“ The current pandemic has made it more important than ever for banks to play a role in addressing the challenges within the communities they serve . Maybank Islamic is committed to providing Shariah-compliant financial solutions that meet the needs of our customers and create a positive impact on the community ,” said Rafique .
Datuk Hamirullah Boorhan , Head , Community Financial Services Malaysia of Maybank , added as the market leader in cards , they constantly looked for new value-adding offerings for our customers .
The new Maybank Islamic Corporate Card catered to an increasingly conscious corporate customer segment by providing an alternative that they feel was better suited to their beliefs and values .
“ With this new addition which complements our conventional commercial cards range , we now offer a holistic suite of cards for our corporate , as well as individual customers ,” said Hamirullah .
“ Having Visa and Mastercard , two of the world ’ s biggest payment network providers as our partners , our customers can be assured that their card experience will be a smooth and safe one , locally or overseas .”
Ng Kong Boon , Visa Country Manager for Malaysia , added they were pleased to partner with Maybank Islamic to launch the first fully Shariah-compliant Corporate Card in Malaysia with a charity element .
The Corporate Card business was an impor-
The first-in-market includes charity element through its Islamic banking arm
Maybank Islamic Berhad has introduced a funding facility for Small and Medium Enterprises ( SMEs ) to assist their cash flows during the current pandemic .
The facility is under a scheme called Skim Cakna and is part of Maybank ’ s ongoing commitment to support customers overcome the financial challenges during these unprecedented times and provide them with speedy access to funding .
This scheme is open to companies awarded or to be awarded supply and services contracts by the government in 2021 . The contracts should be restricted to those awarded via the government ’ s e-procurement system .
Applications can also be made for ongoing contracts if those contracts are
tant segment for them . Large corporations and Small and Medium Enterprises ( SMEs ) make up more than one-third of Malaysia ’ s Gross Domestic Product ( GDP ).
“ By using business payment cards , cor-
Maybank Islamic offers cash flow assistance to SMEs
free from encumbrances and not been assigned to other financial institutions . This programme will serve as an alternative source of funding to support SMEs ’ cash flow needs and their working capital by receiving early payment of their receivables without waiting for payment from the government .
Maybank Islamic is one of the four participating Islamic banks selected to participate in this programme where banks make early payments to the companies based on the government ’ s creditworthiness . The companies will enjoy competitive pricing based on the credit standing of the government , with no requirement for credit assessment on their part .
They may apply for the funding against the approved invoices at a porations will be able to better manage their expenses . We specially created a halal lifestyle eCommerce platform ‘ Myhalalstop . com ’ in collaboration with our global network of halal and Muslim-friendly merchant partners . This will allow our cardholders to enjoy rewarding dining and shopping experiences when they spend using their Visa cards ,” said Ng .
Perry Ong , Country Manager for Malaysia and Brunei , Mastercard , pointed out Mastercard was proud to partner with Maybank Islamic on this Islamic Corporate Card offering with a ‘ charity-focused key feature .
The Maybank Islamic Corporate Card was a welcome addition for Malaysia as the economy strived to emerge from the pandemic and readied itself for a digital new normal .
“ By leveraging Maybank Islamic ’ s strong customer base in Islamic financing and Mastercard ’ s payments technology , the new offering supports the rising demands of corporates and SMEs while ensuring payment transactions are easy , safe and secure ,” said Ong .
“ Most importantly , it allows businesses to expand their social responsibility by giving back to the community .”
Maybank is no stranger to embedding a charity element in its cards , which it did for its consumer card , Maybank Islamic ’ s MasterCard Ikhwan Card-i . Under the charity element , Maybank Islamic has allocated more than RM3 million in charity funds based on total customers ’ transactions since the card ’ s launch in June 2014 .
“ This year , we continue to positively impact the community through our Maybank Islamic Mastercard Ikhwan , which disbursed more than RM750,000 to 19,150 beneficiaries who were impacted by the Covid-19 pandemic ,” Rafique added .
The Maybank Islamic Corporate Card is available to both existing and new customers of Maybank . For more information on the card , customers can visit the Maybank2u website at www . maybank2u . com . my or get in touch with their corporate account relationship manager .
discount pending payment from the government . In principle , the programme involves the transfer of rights , title and interest , of receivables over specific invoices on a limited recourse basis .
The funding margin will be up to 100 per cent of the invoice ’ s confirmed value to be paid by the government , and no collateral is required . The scheme was launched on Mar 1 , 2021 , and will be available for one year .
Eligible companies can expect approval within 10 working days from the date of submission of complete documents to the Bank . Applications can be made at 13 Maybank ’ s Transaction Banking Centres nationwide or via emailing to cakna @ maybank . com .