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Bank Islam Card (BIC) is the first credit card, which is purely based on Shariah contract, to be offered to Muslims and non-Muslims. BIC 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.
In the operations of BIC, there are 3 main Shariah contracts being used, namely:
- Bai Inah
- Wadiah
- Qardhul Hassan
Bai Inah comprises of two agreements (akad). 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. Then after, 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 emergency situation, which allows the cardholder to utilize above the available financing limit upon approval. The Qardhul Hasan amount would not be levied with any charges or fees, where the sum needs to be settled in full within a specified period.
Achievements
- 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 payment 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 www.bankislam.biz
- Payment via SMS Banking
- Cash Deposit Machine at Bank Islam's branches nationwide
- Mail your cheque to Bank Islam Card Centre
- Cash or cheque at Bank Islam Malaysia Berhad branches
- Interbank GIRO facilities through other banks’ deposits accounts
Cardholders can now enjoy tranquility and peacefulness 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. Bank Islam card is perfect choice that leads you to a balance life.
Furthermore, Bank Islam card offers you the advantages, benefits as well as competitive charges as compared to other conventional credit cards.
Read more at : www.bankislam.com.my
