Page 62 - Bank-Muamalat_Annual-Report-2023

BANK MUAMALAT MALAYSIA BERHAD

RETAIL
BANKING

Credit Cards

FY2023 Financing Assets: Financing Income: Net Impairment:
RM58.62 RM5.83 3.43%

(FY2022: 0%)
million million
(354.5% YoY) (1,309.1% YoY)

Application Approval Activation
(No of Card) (No of Card) (No of Card)
12,978 18,820 10,701 16,658 2,436 4,919

2022 2023 2022 2023 2022 2023

In 2023, Bank Muamalat’s credit card business demonstrated Strategic collaborations with POS outlets and e-voucher
robust growth despite a fiercely competitive industry partnerships expanded market reach and enhanced customer
landscape. The Bank experienced a significant 55.7% engagement. The deployment of 2,520 terminals across
increase in its credit card base and a substantial 354.5% POS Malaysia outlets facilitated cashless transactions,
rise in credit card receivables, driven by the country’s supporting the Bank’s commitment to digital innovation.
economic recovery, expanded marketing efforts, and a Additionally, integrating credit card cross-selling with
growing merchant network. This success was underpinned financing applications at branches via MAP and offering
by effective customer acquisition strategies, including instant approvals streamlined service offerings throughout
targeted cross-selling and retention initiatives. the year.

Recognising the evolving landscape of e-commerce and To address profitability challenges within this segment,
emerging payment technologies, the Bank is committed to the Bank is focusing on leveraging advanced analytics,
continuous evolution and introduced innovative products like investing in financing origination systems, and enhancing
Co-Brand Credit Cards, the Ultimate Card, and Corporate loyalty programmes to drive sustained profitability. Continuous
Credit Cards tailored for specific organisations and improvement and innovation, including exploring digital/
cooperatives, with a total of 18,820 cards approved for the virtual credit card solutions, are strengthening the Bank’s
year. market position and poised to deliver exceptional value
to our customers and stakeholders.

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