BANK MUAMALAT, POS MALAYSIA EYE 30,000 SIGN-UPS FOR CO-BRANDED VISA CREDIT CARDS

KUALA LUMPUR, Feb 21 (Bernama) -- Bank Muamalat Malaysia Bhd and Pos Malaysia Bhd are targeting to achieve 30,000 sign-ups across the country for their newly launched co-branded credit cards, Visa Infinite-i and Visa Platinum-i, by the end of this year.

The co-branded credit cards offer benefits such as cash rebates, discounts for selected Pos Malaysia products and services, as well as zero per cent profit rate instalment payment plans.

Bank Muamalat chief operating officer Zury Rahimee Zainal Abiden said the credit cards aim to cater to the needs of individuals, especially customers who frequently transact at over 700 post offices and Pos Laju branches nationwide.

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“Tapping into the growth potential of Pos Malaysia's substantial customer base, which currently accounts for over 350,000 credit card transactions at their terminals per year, we are targeting over 30,000 sign-ups of the new cards across the country by the end of this year,” he said at the cards’ launching ceremony here today.

He added that the strategic initiative positions the co-branded Visa Credit Card-i as the preferred choice for customers, aligning seamlessly with Bank Muamalat’s “Go-to-Market” strategy within the consumer segment.

It aims not only to bolster revenue and accelerate business growth in Islamic banking but also strives to make Islamic banking a tool of financial inclusion for all Malaysians, reflecting the bank’s commitment to providing a “Better Lives, Together” financial landscape, he said. 

“This includes catering to the needs of individuals seeking shariah-compliant financial solutions while also extending the benefits of the co-branded Credit Card-i to a diverse range of customers,” he said.

Additionally, the cardholder could enjoy 8 per cent cashback for all transactions at Pos Malaysia counter terminals, capped at RM100 per month.

The Visa Infinite-i and Visa Platinum-i also offer unlimited 1 per cent cash back for overseas spending; zero per cent profit rate installment payment plans; and complimentary access to the Plaza Premium Lounge for Infinite cardholders.

Customers can also enjoy a zero per cent balance transfer plan for six months and complimentary travel accident takaful coverage as well as complimentary takaful coverage for outstanding balances. 

Zury Rahimee said the collaboration signified a groundbreaking milestone for the Islamic banking industry as Bank Muamalat has become the first bank to work with a logistics provider in Malaysia, aligning with shariah principles and redefining credit card solutions. He expressed hope that the strategic alliance could benefit both companies' value propositions and improve their customers' experience as a whole. 

Meanwhile, Pos Malaysia group chief executive officer Charles Brewer said that through this cooperation, the company aims to provide a versatile payment solution for its customers. He noted the card could be utilised at Pos Shop convenience stores and further enhance customers' convenience and experience across the nine current locations.

“This partnership represents a fantastic opportunity to strengthen our service portfolio, delight our customers and capitalise on our extensive and unrivalled nationwide network of over 3,500 touchpoints,” he added. 

-- BERNAMA