KUALA LUMPUR (March 3): CIMB Group Holdings Bhd has unveiled a new credit card that offers its preferred customers additional benefits of an Islamic credit card designed for the needs of affluent individuals.

Called the CIMB Preferred Visa Infinite-i Credit Card, it includes “distinct benefits that are aligned to positive values, centred around the three main pillars of protection, conservation and rewards, the banking group said in a statement.

In line with its focus on protection, the card offers premium takaful protection including coverage of RM1 million for travel, RM100,000 for personal accidents and up to RM10,000 for outstanding card balances.

“On top of that, CIMB is the first to introduce extended protection of RM100 per day in hospital allowance, a Badal Haji benefit of RM3,000 and Qurban contribution of RM750,” said CIMB.

As for rewards, the group said the CIMB Preferred Visa Infinite-i Credit Card offers eight times bonus points for contributions to zakat and selected charitable causes, which can be redeemed for family holidays or umrah packages.

“Cardholders can also make a difference by converting their bonus points into donations to new charities and waqf,” it said.

As for its conservation pillar, the Islamic credit card is made from materials derived from renewable resources that are eco-friendly and biodegradable, said CIMB.

“These benefits and features demonstrate a sense of care and conservation for both community and environment while providing customers with rewards linked to their card usage,” it said.

CIMB Group Islamic banking CEO Ahmad Shahriman Mohd Shariff said the group is committed to providing shariah-compliant financial solutions
that are tailored to its customers’ beliefs and values.

“Above and beyond the elite privileges catering to personal banking and lifestyle experience, the CIMB Preferred Visa Infinite-i Credit Card will also provide our customers with an opportunity to understand the importance of an Islamic credit card and its positive and meaningful impact on their wealth planning as well as social philanthropy.

“We anticipate considerable growth in demand and will strive to effectively meet the needs of this market segment that aligns with moral principles while making Shariah-compliant transactions easy, secure, and rewarding for our cardholders,” he added.

Meanwhile, Visa Malaysia country manager Ng Kong Boon noted that Malaysia is one of the key markets for Islamic banking.

“We are proud to be working with valued partners such as CIMB to provide innovative digital payment solutions for everyone, everywhere.

“According to the Visa Consumer Payment Attitudes Study, 85% of consumers are satisfied with their Islamic banking experience. We are excited to be a part of this launch, marking yet another milestone in Malaysia’s thriving financial landscape,” Ng said.