Bank Islam Card (“BIC”) is the first purely Shariah contract based credit card to be offered to Muslims and non-Muslims in Malaysia. This card is completely free from any "riba" or "gharar".

"Riba" is usually translated as "interest" which means an extra amount charged in transactions dealing with silver, gold or money. "Gharar" is defined as uncertainty or ambiguity, which has been removed from BIC since the maximum profit earned has been declared upfront.

BIC is also the first credit card in Malaysia using the SMART chip technology which adopts high security level in a credit card. There are 3 main Shariah contracts being used in the operations of BIC, namely:

• Bai Inah
• Wadiah
• Qardhul Hassan

Bai Inah comprises of two agreements (aqad). In the first agreement, the bank sells a piece of land to the customer at an agreed price. While in the second agreement, the Bank re-purchases the land from the customer at a lower price. The difference in the price is therefore the Bank's maximum profit, which is determined in advance, unlike the conventional credit card whereby the interest charged is undetermined and it may further increase.

The Bank will then disburse the cash proceeds of the second agreement into the customer's Wadiah BIC account created and maintained by the bank. Subsequently, the customer can use his/her BIC for retail purchases and cash withdrawals just like the conventional credit card, except that each transaction will be backed by the cash held in his/her Wadiah BIC account.

Qardhul Hassan is a facility granted during an emergency situation, which allows the cardholder to utilise higher than the available financing limit, subject to approval. The Qardhul Hasan amount would not be levied with any charges or fees. However the sum needs to be settled in full within a specified period.

Bank Islam Card Milestones

• Awarded the Platinum Award for Best E-Commerce Related Initiative under MasterCard Asia/Pacific Marketing Leadership Award (2006)
• Awarded as the First Islamic Platinum MasterCard issued in Southeast Asia (2006)
• Awarded as the First Card Issuer & Acquirer in Southeast Asia to implement MasterCard SecureCode (2005)
• Awarded as the First Islamic Visa SmartChip Credit Card in Asia Pacific (2003)
• Awarded as the First Card issuer to implement the Global Clearing Management System (2002)
• Awarded as the First Card that is EMV 2000 compliant by MasterCard International (2002)

Bank Islam Card Centre (“BICC”) is proud to introduce multiple repayment channels and various types of services to its cardholders. Cardholders can now make payment via;

• Auto-Debit from Bank Islam’s savings / current account
• Internet Banking Facilities via our website
• Payment via SMS Banking
• Cash Deposit Machine at Bank Islam's branches nationwide
• Mail your cheque to Bank Islam Card Centre
• Cash or cheque deposit at Bank Islam branches
• Interbank GIRO facilities through other banks’ deposits accounts

Cardholders can now enjoy tranquility and peace of mind with the FREE Group Family Takaful Coverage Plan and Benevolence. This coverage guarantees settlement of outstanding debts and also relieves your next of kin from any financial burden. In addition, Bank Islam card offers you the advantages, benefits as well as competitive charges as compared to other conventional credit cards.

Apply now, the card that’s based on trust and responsibility.
BANK ISLAM CARD, the card for all…..