OVER the past weekend, a viral social media post on a circular about a local bank’s credit card service triggered Malaysians in its incredulity. The only difference is whether Malaysians thought the content was incredulous or the post itself.

The post was regarding restrictions to Islamic credit card products of this bank, prohibiting among others, gambling and alcohol purchase using that card. This was interpreted as an infringement of rights and moral policing.

To one side of Malaysians, this was incomprehensible and an unacceptable curtailment of their personal freedom. The money is theirs to do as they please. Why should they be restricted? It was never an issue before, as someone aptly put, “something new to be outraged about”.

They’re missing the point – Islamic banking products target Muslims who prefer their spending to be in line with Sharia principles, the key differentiator with conventional products. For both Muslims and non-Muslims who don’t want to be limited this way, they have conventional banking to choose from.

Islamic banking is simply a banking product range, encompassing not only credit cards, but loans, savings, investment and insurance.

Locally, this segment has seen a steady increase since it was introduced in the ‘60s. Most banks in Malaysia have an Islamic arm, totalling 18, two of which does not have a conventional arm.

There has been an uptick in Islamic banking products, and in many cases, is the most aggressively growing segment in local banks, recording mostly double-digit growths since the mid-2000s.

Globally, it is growing. Apart from the Middle Eastern players, global banks like Standard Chartered, HSBC and CitiGroup have also jumped on the bandwagon, with sukuk financing being issued out of places like London. The sukuk market itself for 2019 stood at US$179 billion (RM723.7 billion).

Islamic consumerism is a global phenomenon, similar to Islamic fashion, which saw the likes of Tommy Hilfiger, DKNY, Uniqlo and H&M launch product lines targeted at these 2 billion-strong segments, as early as 20 years ago.

Malaysia’s unique status as a Muslim-majority but largely moderate and mainstream country, positions it to benefit from this trend, especially in Southeast Asia, where it leads this segment, ahead of fellow Muslim countries Indonesia and Brunei.

The uptake among non-Muslims too are encouraging – over 30% of all housing loans were Islamic by 2019, perhaps due to its unique loan structure, and this trend is increasing. To promote this segment makes much economic sense.

Attacking something trivial and irrelevant like this, and exerting unnecessary consumer pressure would likely backfire on the “moderate” and liberal cause. It makes the questioner appear anti-Islamic and unable to tolerate anything with the word Islamic in it, and makes it easier for their detractors to paint them as belligerent and intolerant Islamophobes.

It also takes away from causes worth fighting and that truly deserve attention. For example, still on banking, the service charges, withdrawal fees, unethical marketing or need to keep minimum amounts in accounts.

Or actual religious oppression like the shutting down of temples and removal of Thaipusam from the holiday calendar.

Another cliché would be muddling racial and cultural practises, ironically which is what moderates often accuse their opponents of doing, such as promotion of Jawi as a writing form for Malay, which is the antithesis of sorts to promoting Tamil or Chinese.

Much of this stems from ignorance of cultural, historical and economic realities, cherry-picking and romanticising things they prefer, but leaving out whichever does not fit the context of their narrative. This does not promote understanding, but only drifts us further apart.

If moderation and mutual respect is truly the goal, it begins with respecting others’ right to be, before expecting them to respect ours, and that begins with keeping an open mind on things we do not understand, before asking people to understand us. – January 27, 2021.

* Emmanuel Joseph firmly believes that Klang is the best place on Earth, and that motivated people can do far more good than any leader with motive.