23 August 2017
visit www.avoka.com

Tabung Haji and MasterCard team on Shariah-compliant debit card

05 June 2014  |  2239 views  |  0 Source: MasterCard

MasterCard and Lembaga Tabung Haji today unveiled the innovative Tabung Haji Debit-i MasterCard that will allow Malaysian Muslims to use it not only for their pilgrimage in Makkah and Madinah but also for everyday convenience.

The launch of the Shariah-compliant card was proudly officiated by the Prime Minister, YAB Dato' Sri Mohd Najib Tun Razak.

The Tabung Haji Debit-i MasterCard will enable cardholders to pay for purchases at over 38 million merchant locations around the world including in Saudi Arabia. They will also benefit from the convenience of accessing cash at more than 2.5 million ATMs worldwide. Cardholders' purchases are automatically deducted from their accounts without incurring interest charges, or creating monthly bill payments.

"MasterCard is deeply committed to working with Tabung Haji to deliver a comprehensive range of innovative and tailored Shariah-compliant payment solutions to its depositors. With this collaboration, Tabung Haji depositors will enjoy the convenience of a globally accepted MasterCard Debit card and give them access to their accounts whether at home in Malaysia, travelling to Makkah or Madinah as part of their pilgrimage or other locations," said Matthew Driver, President, South East Asia, MasterCard.

This collaboration is significant in support of Malaysia as a key hub for Islamic Finance and its aspirations to have an innovative, competitive and thriving financial services industry as a key component of the economy. The launch also accelerates the country's migration to electronic payments.

"We are honoured to be able to enable this important product with the safety, security and convenience of the global MasterCard network and look forward to a fruitful partnership with this respected institution," Matthew Driver added.

Tabung Haji currently has 8.4 million depositors and a network of 120 branches with more than 6,000 touch-points nationwide which makes it one of the largest Islamic Financial Institutions in Malaysia. With this launch, Tabung Haji provides its depositors with an innovative, integrated payment tool where they can confidently access and manage their funds via POS, ATMs locally and abroad and for e-Commerce in a highly secured and convenient manner.

The event also saw Tabung Haji launching its Islamic Financial Service Centre (IFiC) and Coffee Table Book in conjunction with its Golden Jubilee Celebration.

IFIC is an Islamic One-stop-center which houses four (4) agencies providing various Islamic services for the convenience of TH depositors and Muslims in general. The Coffee Table Book, published in collaboration with BERNAMA, documents TH's 50 years success story in various aspects, including its Shariah-compliant economic activities for the benefit and interest of Muslims worldwide.

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.vasco.comvisit www.abe-eba.eudownload the paper now

Top topics

Most viewed Most shared
Rabobank constructs physical model to understand IT architectureRabobank constructs physical model to unde...
15445 views comments | 39 tweets | 74 linkedin
Mobile contactless spending accelerating in UKMobile contactless spending accelerating i...
13059 views comments | 28 tweets | 23 linkedin
Barclays pairs banking data with third party apps for SmartBusiness DashboardBarclays pairs banking data with third par...
11711 views comments | 22 tweets | 34 linkedin
Australia regulates digital currenciesAustralia regulates digital currencies
10901 views comments | 21 tweets | 35 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
10794 views comments | 10 tweets | 8 linkedin

Featured job

Competitive
London, UK (or flexible)

Find your next job