Bank Rakyat unveils first Islamic debit card

Orchid Card can be used with Mastercard Worldwide network for retail purchases, withdrawals and online transactions.

Bank Kerjasama Rakyat Malaysia Bhd Tuesday launched its first debit card called "Orchid card" and set a target of securing 75,000 holders by year end.

Orchid stands for One Retail Cash Islamic Debit. The card uses the syariah concepts of Wakalah and Ujrah at each transaction. It is accepted at merchant counters categorised as halal only.

Bank Rakyat managing director Datuk Kamaruzaman Che Mat said the card was introduced through a collaboration between the bank and MasterCard.

There was no membership fee and users would only need to pay the RM8 annual fee from the second year onwards, he said the launch of the card here.

Present was Domestic Trade, Cooperatives and Consumerism Minister Datuk Seri Ismail Sabri Yaakob.

Mastercard Worldwide vice president and senior country manager for Malaysia Jim Cheah said the card can be used worldwide with the Mastercard Worldwide network for retail purchases, online transactions or even cash withdrawals.

View the full story in Bernama.