Bank Islam Malaysia Bhd. and Universiti Teknologi Mara formed a strategic partnership in Malaysia to offer the Bank Islam-Alumni UiTM platinum MasterCard.

When used, the card will help fund an initiative that supports higher education for the poor. The card launched Aug. 3.

“The card is aimed at collecting money for the Mengubah Destini Anak Bangsa fund,” an official from the bank tells PaymentsSource.

The university set up the fund to help children from poor families pursue its pre-diploma program and then proceed to the diploma level, the official says.

“On every new card, Bank Islam will contribute 60 ringgits (US$19 or 14 euros) to the fund,” he adds. The issuer also will contribute 0.3% of each sale initiated with the card.

Some 5,000 students of the university are pursuing the program, and the school plans to take another in 5,000 students from poor families in December.

The bank hopes to secure 30,000 cardholders during the first 12 months, according to the official. The issuer first is offering the card to its staff and to the university’s more than 400,000 alumni.

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