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ISLAMIC PAYMENT SWITCH

Islamic Banking Hub

In March 2007 IPS Sdn Bhd obtained the approval of Bank Negara Malaysia for the expansion of its payment system network to establish an Islamic Payment Switch (IPS).

The main objective of the IPS is the setting of Malaysia as the Islamic Banking Hub of the world that is Syariah compliant, supporting the electronic banking and financial services of Islamic Banks carrying on Islamic banking and finance, both domestically and globally.

Membership of the IPS

IPS member participation is equally opened to Domestic and Foreign Islamic Banks, within and outside Malaysia that will provide access to the banking network in their respective countries.

To provide secure and efficient payment infrastructure and related services of the world that is Syariah compliant, both domestically and globally.

Services Connected to the IPS

Prepaid Traveler Card

  • The consumer buys a Traveler Card from the bank or its agents with face value in foreign currency
  • The consumer can withdraw the prepaid value in foreign currency at the ATMs of the corresponding country/bank
  • Does not require the opening of a savings/current account with the bank
  • The ATM Acquirer Host sends request message to IPS Card Management System for authorization of the withdrawal transaction.

ATM Card

  • ATM cardholders bearing the logo of IPS are able to withdraw funds at the ATMs belonging to participating member banks
  • The consumer is required to have a savings/current account with the bank
  • The ATM Acquirer Host sends request message to IPS for authorization & currency conversion of the withdrawal transaction and subsequently debiting of the ATM cardholder’s savings/current account.

Is available in the Prepaid Traveler Cards and ATM Cards of the following Banks:

[*logo alrajhi]

POS

The purchase transactions at merchants equipped with EDC terminals and using either the Traveler Card or ATM Card are routed to the IPS for authorization and subsequent deduction of the amount from the IPS Card Management System or savings/current account at the bank’s ATM system.