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Malaysia-based Maybank Islamic Bhd., the Islamic-banking subsidiary of Maybank, has launched an Islamic credit card series under the brand name of Ikhwan Card. Customers can choose cards with either the American Express or Visa brand, with the Visa-branded cards carrying the Visa payWave contactless application. To comply with Islamic law, the cards charge customers fees instead of interest rates when making purchases. Unlike similar cards, though, these will enable customers to make non-Islamic, regular purchases, the bank says. The bank hopes to attract Muslim and non-Muslim cardholders.
