What is Petronas Ikhwan Visa?
It is a joint-venture between Maybank Islamic Berhad and Petronas Dagangan Berhad. It is a card based on Islamic Law and the Shariah principle of Bay' Al' Inah (sales with immediate repurchase) which governs instalment payments over a fixed period. It works the same as any credit card and is accepted worldwide.
What is the difference between Petronas Ikhwan Visa and a conventional credit card?
The Petronas Ikwan Visa is formulated on Shariah principles:
- In Islamic Banking, the profit rate is non-compounding as compared to a conventional credit card
- The Petronas Ikhwan Visa is based on Shariah principles, and so it cannot be used for transactions prohibited by Shariah such as gambling, liquor, etc.
- It is governed by the concept of economic justice and card holders avoid interest or riba in their banking transactions.
What are the Islamic values or features of this card?
The Petronas Ikhwan Visa incorporates 5 Islamic values:
- Charity (Sadaqah) - Donate through your Petronas Ikhwan Visa card or by TreatsPoints to selected charitable organisations
- Travel (Ziarah) - Tour programmes to Islamic historical places, Middle Eastern countries
- Protection (Takaful) - Special Takaful insurance packages
- Savings (Al-Tawfir) - Balance transfer and special EzyPay deals all year round
- Sharing (Musharakah) - Earn TreatsPoints with Ikhwan and enjoy privileges and redeem products for you, your friends and family