Maybank Islamic Bhd has introduced a new credit card product featuring a fixed profit rate of 14% per annum, aiming to provide customers with greater transparency and predictability in their financing costs.
The launch marks a strategic move by the Malaysian lender to simplify its retail credit offerings while adhering to Islamic banking principles.
The fixed-rate structure is designed to appeal to consumers seeking certainty in their monthly repayments, contrasting with variable-rate products that can fluctuate with market conditions.
By locking in the profit rate, Maybank Islamic positions the card as a stable financing tool for everyday spending and cash flow management.
This development follows a wider trend among financial institutions to expand their Shariah-compliant product suites.
Recent moves by peers, including Standard Bank’s introduction of a Shariah-compliant floorplan product for automotive dealerships, highlight the growing demand for ethical and religiously compliant financial solutions across different sectors.