Bank Islam and Mastercard Launch Malaysia’s First Islamic Pay with Rewards Program

Bank Islam has partnered with Mastercard to launch Malaysia’s first Islamic Pay with Rewards program, allowing cardholders to redeem points for purchases globally. The program is accompanied by a promotional campaign offering various rewards, including TruPoints, gadgets, and a trip to Istanbul.


14 August 2024 – Bank Islam Malaysia Berhad, the nation’s leading Islamic bank, has partnered with Mastercard to introduce the Bank Islam Mastercard Pay with Rewards program, a groundbreaking initiative aimed at enhancing consumer loyalty. This program marks a significant milestone as the first of its kind in Malaysia and the Asia Pacific region, specifically within the Islamic banking sector.

The innovative program is available to Bank Islam Mastercard Credit Card-i holders and seamlessly integrates Mastercard’s Pay with Rewards feature with Bank Islam’s existing reward points system, TruPoints. This integration allows cardholders to instantly and effortlessly redeem their accumulated TruPoints for purchases at any Mastercard-accepting merchant, both locally and globally.

Mizan Masram, Group Chief Business Officer of Group Retail Banking at Bank Islam, emphasized the importance of this collaboration, noting that it represents a pivotal moment for the bank. He stated, “Our partnership with Mastercard marks a first-in-market debut for the Pay with Rewards program, positioning Bank Islam as a leader in the Islamic banking sector in Asia Pacific. This initiative is part of our commitment to delivering exceptional value and enhancing the customer experience by offering a streamlined solution for rewards redemption, aligned with Islamic banking principles.”

Beena Pothen, Country Manager for Malaysia and Brunei at Mastercard, highlighted Mastercard’s dedication to Islamic finance and the importance of developing locally relevant solutions. “Mastercard is proud to collaborate with Bank Islam on this pioneering program, which allows cardholders to use their TruPoints like cash for instant purchases at over 100 million locations worldwide. This partnership reflects our commitment to creating inclusive digital ecosystems that resonate with consumer preferences and values,” she said.

The Bank Islam Mastercard Pay with Rewards program also includes a user-friendly mobile app that enables cardholders to track their rewards and manage preferences easily. Redemption can be activated either before or after a purchase, with interactive in-app features providing reminders and updates on TruPoints balances in real-time.

Pay with Rewards Your Points Your Way Campaign

To celebrate the launch of this new program, Bank Islam and Mastercard have introduced the “Pay with Rewards™ Your Points Your Way” campaign, offering enticing rewards for both new and existing cardholders.

From August 1 to 31, 2024, new applicants of the Bank Islam Mastercard Credit Card-i can win 10,000 TruPoints, with the first 160 winners being eligible. Additionally, cardholders who make five purchases within 30 days of activation can win another 10,000 TruPoints, with 80 winners selected, and entries to win a Samsung Galaxy Watch 6.

The campaign also offers a Balance Transfer with Gift option, where customers transferring a minimum of RM10,000 can receive a new iPad Air 11-inch or Nintendo Switch. For frequent travelers, up to 10,000 TruPoints can be earned for overseas spending until October 31, 2024. Furthermore, for every RM200 spent from August to November 2024, cardholders will have the chance to win a trip for two to Istanbul, Türkiye, with double entries awarded for travel-related expenses.

Author: Terry KS

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