Bank Islam Malaysia, a wholly-owned subsidiary of BIMB, has rolled out its first syariah-compliant business credit card, targeted at large businesses and small medium enterprises.

Dubbed the Bank Islam Visa Infinite Business Cart-i, the new offering is available without any compounding finance charges, and provides 20-day profit charge-free period, life-time annual fee waived, and financing limit up to MYR250,000 ($60,628).

Touted to be the Asia Pacific's first, the new syariah-compliant business credit card is based on Visa platform.

Cardholders will also enjoy complimentary access to plaza premium lounges at airports in Malaysia and Singapore, free Takaful travel protection coverage up to MYR2m ($485,024), and free Takaful protection up to MYR10,000 ($2,405).

Bank Islam Malaysia managing director Datuk Seri Zukri Samat said: “We believe the multiple benefits of this product make it especially attractive in the current environment, where businesses demand greater convenience to support their operations.

"The business card-i enables business to separate and consolidate business related spending in one card and the detailed monthly statement eases the tracking of these spending.”

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By GlobalData