Bank Islam Malaysia Berhad (Bank Islam), Malaysia’s leading Islamic Bank, and Mastercard, a global technology company in the payments industry, have joined forces to unveil the Bank Islam Mastercard Pay with Rewards program, an innovative, first-of-its-kind rewards program designed to elevate the consumer loyalty experience. 

This launch with Bank Islam marks the first Mastercard Pay with Rewards program in Malaysia. In addition, Bank Islam will be the first Islamic Bank in Asia Pacific to offer Pay with Rewards to its cardholders. 

The program, available to Mastercard Bank Islam Credit Card-i cardholders, integrates Mastercard’s Pay with Rewards with Bank Islam’s reward points system, TruPoints, and revolutionizes the redemption experience. Cardholders will be able to use accumulated TruPoints on any type of purchase instantly and effortlessly, at any Mastercard-accepting merchants in Malaysia and around the world.  

Mizan Masram, Group Chief Business Officer, Retail Banking, Bank Islam, said, “Bank Islam’s partnership with Mastercard signals a significant milestone, marking a first-in-market debut of Pay with Rewards and a first for Islamic finance in the Asia Pacific region. The commitment to serving the needs of the growing sector and widening opportunities to deliver exceptional value to customers through timely partnerships has always been a key priority for the Bank. Alongside Mastercard, Bank Islam Mastercard Pay with Rewards program seeks to redefine the customer experience by offering a one-stop, streamlined solution for customers to access rewards when using their Mastercard Bank Islam Credit Card-i, domestically or internationally. Through this first-of-its-kind program, Bank Islam reaffirms its position as a forward-thinking Islamic financial institution dedicated to meeting the evolving needs of its customers while staying true to Islamic banking principles.”

Beena Pothen, Country Manager, Malaysia and Brunei, Mastercard, said, “Mastercard is proud to partner with Bank Islam to launch the Bank Islam Mastercard Pay with Rewards program and achieve these firsts in the market. This significant collaboration underlines the importance of Islamic finance to Mastercard, and its focus to expand its reach and offerings in this thriving sector. Mastercard has always been committed to developing and introducing locally relevant solutions that contribute to building inclusive digital ecosystems, while adhering to the beliefs and principles dear to customers and consumers. Leveraging Mastercard’s in-depth understanding of consumer preferences, Pay with Rewards was designed to give Mastercard Bank Islam Credit Card-i cardholders the freedom to earn and spend their points – like cash – on any type of purchase instantly and seamlessly, at over 100 million Mastercard acceptance locations in Malaysia and worldwide.”

Bank Islam Mastercard Pay with Rewards program comes with a user-friendly app for tracking rewards and managing preferences with ease. Cardholders can activate redemption either before or after purchase by selecting from the list of transactions that are eligible for redemption. Additionally, consumers can enjoy interactive features such as in-app redemption reminders after an eligible purchase, keeping them up to date on their total TruPoints and how they can use them for purchases in real-time. 

Pay with Rewards Your Points Your Way launch campaign

In conjunction with the launch of the new program, Bank Islam and Mastercard are rolling out the Pay with Rewards Your Points Your Way campaign*, offering attractive prizes for new and existing cardholders across a myriad of categories. 

Consumers who apply and activate the Mastercard Bank Islam Credit Card-i between 1st and 31st August 2024 will stand the chance to win 10,000 TruPoints (limited to the first 160 winners). 

Cardholders who make at least five purchases on their new card within 30 days of activation will also stand a chance to win 10,000 TruPoints (limited to 80 winners) and earn lucky draw entries to win the Samsung Galaxy Watch 6 smartwatch.

Gadget lovers can look forward to the Balance Transfer with Gift option, where they can get the latest iPad Air 11-inch or Nintendo Switch with a minimum transfer amount of RM10,000 up to 24 or 36 months until 31st August 2024. 

Avid travelers can receive up to 10,000 TruPoints when they spend using their Mastercard Bank Islam Credit Card-i for overseas transactions up until 31st October 2024. In addition, for every retail spend of RM200 from August to November 2024, cardholders will earn entries to win a trip for two to Istanbul, Türkiye. Cardholders can earn double entries when they spend on travel-related purchases.

For more information on the Bank Islam Mastercard Pay with Rewards program, visit www.bankislam.com. 

*Terms and conditions apply. 

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