Al Rajhi Bank launches Islamic debit card with takaful cover

The bank started operations in 2006 and is the first and largest operation outside Saudi Arabia for the Al Rajhi banking group.

KUALA LUMPUR: Al Rajhi Bank Malaysia is offering Rafahia Debit Card-i, Malaysia's first Islamic debit card with Takaful protection of up to RM1 million.

The product is for Muslims looking to perform the haj or umrah within the next 12 months.

Al Rajhi Bank Malaysia is a wholly-owned subsidiary of the world's largest Islamic Bank, Al-Rajhi Bank, Saudi Arabia.

Chief executive officer Steve Chen said that customers are entitled to an annual worldwide coverage of up to RM500,000 which doubles up to RM1 million during the customers' haj or umrah pilgrimage.

"On top of that customers will be able to enjoy the lowest withdrawal fee of RM6 at all Al-Rajhi Bank ATM machines in Saudi Arabia.

"With that we are confident of achieving 20,000 Rafahia Debit card-i holders by year-end," he told a press conference after the launch of the new product in Kuala Lumpur on Thursday.

"Customers stand to receive reimbursement of up to RM60,000 for transportation to the nearest hospital and repatriation to Malaysia under medical supervision in the event of any accident during travel," he said.

Chen added that customers will also receive a lump sum payment for hajj badal of up to RM8,000 in the event of accidental death/total permanent disability and up to RM1,500 in the event of loss of luggage during travel.

Al Rajhi Bank Malaysia board member Datuk Dr Nik Norzrul Thani Nik Hassan said the Rafahia Debit-i is also part of the bank's continuous efforts to honour modern financial demands through the development of innovative products which appeal to their target market.

From its first and main branch in Jalan Ampang that opened in October 2006, Al Rajhi currently has 24 branches nationwide - 17 in the Klang Valley, while the others in Johor, Malacca, Penang, Ipoh, Kota Baru, Kuantan, Kuching, Sungai Petani and Kota Kinabalu. - Bernama