Visa Platinum Credit Card-i

What makes this card Islamic

Public Islamic Bank builds this card on a Tawarruq contract. The bank sells you a commodity on credit at a marked-up price, you sell that commodity to somebody else for cash, and the cash becomes your spending limit.

Commodity Murabahah via Tawarruq arrangement, supported by Murabahah (cost-plus sale), Wakalah (dual agency: Bank acts as Cardmember's Purchase Agent and Sale Agent) and Wa'd (purchase undertaking). MIGRATION: this card ran on Ujrah + Qard until late 2025. Public Islamic Bank announced the 'Conversion Exercise for Public Islamic Bank Credit Card-i from Shariah concept of Ujrah to Commodity Murabahah (via Tawarruq Arrangement)' in an announcement dated 26 November 2025; the announcement states no explicit effective date and gives cardholders the option to accept via an Acceptance Form or cancel the card. The superseded PDS dated 20 March 2025 named Ujrah + Qard; the current PDS (ref IPD083/REV310726, valid as at 31 July 2026) names Tawarruq. No evidence of Bai' al-Inah was found for this bank.

Approved by Public Islamic Bank Shariah Committee, under the supervision of Bank Negara Malaysia.

What it costs

Every figure below comes from Public Islamic Bank’s own published documents. Where the bank does not publish a number we say so rather than estimate it.

Annual fee

RM 333First year waived; subsequent years waived on a minimum of 12 transactions over the preceding 12 months.source

Supplementary card

RM 150Same Free-For-Life waiver applies to supplementary cards.source

Profit rate

15% a yearCEILING PROFIT RATE = 18% p.a. — the Cardmember Agreement defines 'Ceiling Profit Rate' as 'the rate used for calculation of the margin of profit under the Murabahah Sale Contract which is equivalent to 18% per annum'. EFFECTIVE PROFIT RATE is tiered on retail purchases: 15% p.a. with prompt payments for 12 consecutive months; 17% p.a. with 10 or 11 prompt payments in the last 12 months; 18% p.a. with 9 or fewer prompt payments in the last 12 months. Cash advance is a flat 18% p.a. Balance transfer overdue/outstanding attracts the tiered 15%-18% p.a. The value in profit_rate_annual_pct is the BEST-CASE effective rate (15%); the worst case is 18%. Ibra' (rebate) is granted as the difference between total profit at the Ceiling Profit Rate and total profit charges accrued at the Effective Profit Rate. Bank markets this as 'Non-compounding of profit rate'.source

Cash withdrawal

Visa cash withdrawal fee — Local: RM4.90 + 0.39%; Overseas: RM5.10 + 0.65%. (Mastercard variants differ.)

Late payment

RM 10Ta'widh (compensation): minimum RM10 or 1% of total outstanding balance (retail transactions and cash withdrawal only) as at statement date, whichever is higher, capped at a maximum of RM100. Ta'widh charges are not compounded.

Foreign currency spend

1.25% on top of the exchange rate

What you get back

• 2% Cash Back on Online and Overseas transactions
• Capped at RM15 per monthly statement cycle (cash back payout is combined between Principal and Supplementary accounts)

Other benefits

• Waqaf donation: 0.1% of total dining (MCC 5812 & 5814) transactions donated by the bank to Yayasan Waqaf every month, capped at RM100 per monthly statement cycle
• 35% discount on Will and Wasiat writing service (PB Trustee Services Berhad)
• 0% Flexipay Plan for 6 months on purchases of RM1,000 and above
• 20-day grace period on retail purchases when the previous month's balance is settled in full by the due date
• Non-compounding profit charges

Before you apply

• Government service tax of RM25 per annum is charged on the Principal Card and RM25 per annum on EACH Supplementary Card — the bank passes this on, it is not absorbed.
• The RM15 monthly cashback cap is low: 2% is reached at only RM750 of qualifying spend per statement cycle.
• Cashback exclusions are extensive: petrol, insurance/takaful, recurring payments, cash advances, quasi-cash, balance transfer, government-related payments, charity payments, Flexipay instalments, PB Easy Cash, direct debit, and payments made via Public Bank online/mobile banking or ATM.
• The tiered profit rate means a single missed payment can push the effective rate from 15% to 17% or 18% p.a.
• Annual fee waiver is conditional on at least 12 transactions in the preceding 12 months — light users will be charged RM333.
• Cardholders were required to respond to the Ujrah-to-Tawarruq conversion exercise (accept via Acceptance Form or cancel the card).

Can you get it?

Age

21 to 70

Other conditions

Bank states an ANNUAL income figure, not a monthly one: 'Minimum income requirement: RM40,000 per annum'. Age: 'Principal Card Age: 21 – 70 years old'; 'Supplementary Card Age: 18 – 65 years old'. Bank Negara Malaysia's national floor for credit card eligibility is RM24,000 per annum, so this card sits well above the regulatory minimum.

What to have ready

• Copy of IC (both sides), or Passport for non-Malaysians

Where these figures come from

Last checked against Public Islamic Bank’s published documents on 2026-08-17. Banks change fees without notice, so treat the bank’s own document as the final word, not this page.

• “The Shariah principles applicable for this product are: Tawarruq (Commodity Murabahah): Commodity Murabahah via Tawarruq arrangement involves two sale and purchase contracts; the first involves the sale of Shariah compliant Commodity by the Bank to the Cardmember at a mark-up sale price (Bank's Sale Price) on a deferred payment basis. — Product Disclosure Sheet IPD083/REV310726, s.1(ii)”
• “"Ceiling Profit Rate" shall mean the rate used for calculation of the margin of profit under the Murabahah Sale Contract which is equivalent to 18% per annum; — Public Islamic Bank Visa/Mastercard Credit Card-i Cardmember Agreement, definition 11”
• “Effective Profit Rate: Retail Purchase* 15% per annum With prompt payments for 12 consecutive months; 17% per annum Make 10/11 times prompt payments in the last 12 months; 18% per annum Make 9 or less prompt payments in the last 12 months; Cash Advance 18% per annum Effective Profit Rate for Cash Withdrawal — Product Disclosure Sheet IPD083/REV310726, s.3(iii)”
• “Free-For-Life (Principal and Supplementary Cards) - First year annual fee waived and subsequent years' annual fee waiver is based on a minimum of 12 transactions over the preceding 12 months. Card Type: Public Islamic Bank Visa/Mastercard Platinum — Principal RM333, Supplementary RM150. — Product Disclosure Sheet IPD083/REV310726, s.4(i)”
• “Credit Card Service Tax: RM25 per annum on the Principal Card; and RM25 per annum on each Supplementary Card — Product Disclosure Sheet IPD083/REV310726, s.4(ii)”
• “you will also have to pay foreign exchange spread of 1.25% of the converted Ringgit Malaysia amount for the conversion of the transactions made in foreign currency. — Product Disclosure Sheet IPD083/REV310726, s.4(ii)”
• “Ta'widh (Compensation): Failure to make the Minimum Payment by the Due Date, a further charge of a minimum of RM10 or 1% of total outstanding balance (retail transactions and cash withdrawal only) as at statement date, whichever is higher, capped to a maximum of RM100, shall be debited to the Card Account. — Product Disclosure Sheet IPD083/REV310726, s.5(i)”
• “Cash Withdrawal Fee: Visa — Local: RM4.90 + 0.39%; Overseas: RM5.10 + 0.65%. Mastercard — Local: RM1.20 + 0.01%; Overseas: RM3.80 + 0.29% — Product Disclosure Sheet IPD083/REV310726, s.4(ii)”
• “Minimum income requirement: RM40,000 per annum — Public Islamic Bank Visa Platinum Credit Card-i product page”
• “Principal Card Age: 21 – 70 years old — Public Islamic Bank Visa Platinum Credit Card-i product page”
• “This is an Islamic Visa/Mastercard Credit Card ("Credit Card-i") which is based on the Shariah concept of Ujrah (fees are imposed for services). — SUPERSEDED Product Disclosure Sheet dated 20 March 2025 (evidence of the pre-migration structure)”
• “we intend to convert your Credit Card-i account(s) (including all supplementary card(s) issued under the account) from the existing Ujrah arrangement to a Commodity Murabahah via Tawarruq arrangement — Announcement dated 26 November 2025”

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