MasterCard and Lembaga Tabung Haji today unveiled the innovative and first-of-its-kind, Tabung Haji Debit-i MasterCard. The card allows Malaysian Muslims to not only enjoy the convenience that a globally accepted MasterCard card gives them, but also provides them access to their accounts whether at home in Malaysia, travelling to Mecca or Medina as part of their pilgrimage, or in other locations around the world. Cardholders’ purchases are automatically deducted from their accounts without incurring any interest charges or creating the need for monthly bill payments. Read the full press release.
The strategic partnership to launch the Shariah-compliant card which will be given out to a depositor base of over 8.4 million is in line with MasterCard’s commitment to greater financial inclusion across all segments of society and to accelerate global migration to electronic payments. Tabung Haji serves all Malaysian Muslims and will also be serving rural customers who today may not have a debit card.
Read a blog post by Matthew Driver, President, South East Asia, MasterCard, on meeting the needs of Islamic banking in South East Asia.