KUALA LUMPUR (Sept 13): Bank Islam Malaysia Bhd, a wholly-owned subsidiary of BIMB Holdings Bhd, is collaborating with Visa Inc to offer Asia Pacific's first syariah-compliant business credit card.

"We believe the multiple benefits of this product make it especially attractive in the current environment, where businesses demand greater convenience to support their operations," Bank Islam managing director Datuk Seri Zukri Samat said during the card's launch today.

Called the Bank Islam Visa Infinite Business Cart-i, its privileges include no compounding finance charges, 20-day profit charge-free period, life-time annual fee waived, and financing limit up to RM250,000.

"The Business card-i enables business to separate and consolidate business related spending in one card and the detailed monthly statement eases the tracking of these spending," Zukri said.

He added that with this new offering, Bank Islam hopes to reach 10% of its current corporate and commercial customer base of about 200,000 clients in the first three years.

BIMB's share price closed unchanged at RM4.02 today, valuing the banking group at RM6.39 billion.