Vice President - Debit Cards

alrajhi bank Malaysia; Kuala Lumpur; On-site; MYR 80,000 - 120,000; Full time

Job summary

A leading financial institution in Kuala Lumpur is seeking a Product Manager for its Shariah-compliant debit card portfolio. Responsibilities include managing the product lifecycle, compliance with Islamic finance and regulatory standards, and driving debit card growth. The ideal candidate will have significant experience in product management within the financial services industry, especially focusing on debit cards. This role offers an opportunity to make a substantial impact on the Bank's objectives.

Qualifications

• Minimum of 5 years' working experience in product management, with 3 years managing debit cards or payment products.
• Strong understanding of Shariah contracts and their application in banking products.
• Familiarity with Bank Negara Malaysia (BNM) regulations.

Responsibilities

• Develop and execute the strategic roadmap for the debit card portfolio.
• Lead the conceptualization, development, and launch of new debit card products.
• Drive debit card acquisition targets and analyze KPIs.

Skills

Product management

Islamic finance principles

Analytical skills

Communication skills

Stakeholder management

Education

Bachelor’s degree in Business Administration, Marketing, Finance, Islamic Finance or related field

Job description

About the Role:

Responsible for the end-to-end product lifecycle management, strategic development, and commercial performance of the Bank's Shariah-compliant debit card portfolio. This role requires a deep understanding of payment systems, card schemes, market trends, customer behavior, and critically, the principles of Islamic finance to ensure all product offerings and related activities adhere strictly to Shariah guidelines and Bank Negara Malaysia (BNM) regulations. The incumbent will drive growth in debit card acquisition, usage, and revenue, contributing significantly to the Bank's retail banking objectives.

What will you do:

• Develop and execute the strategic roadmap for the debit card portfolio, identifying growth opportunities in line with the Bank's overall retail banking and digital transformation strategies, while ensuring strict adherence to Shariah principles.
• Lead the conceptualization, development, and launch of new Shariah-compliant debit card products, features, and enhancements, from ideation through to post-launch review.
• Conduct thorough market research and competitor to identify emerging trends, customer needs, and best practices in debit card products and payment solutions.
• Ensure all new and existing debit card products and features are fully compliant with Shariah requirements, working closely with the internal Shariah Division for approvals and guidance.
• Prepare detailed product specifications, business requirements documents, and functional specifications, ensuring Shariah compliance is integrated from the outset.
• Drive debit card acquisition targets by developing and implementing effective sales and marketing strategies, campaigns, and partnerships.
• Monitor and analyze key performance indicators (KPIs) such as card acquisition, activation, usage volume, transaction value, interchange revenue, and profitability.
• Identify opportunities to enhance debit card usage and engagement through targeted campaigns, digital channels, and customer segmentation strategies.
• Manage the debit card P&L, including budget allocation, revenue forecasting, and expense management, ensuring optimal financial performance.
• Collaborate with the analytics team to extract insights from transaction data to inform product enhancements and marketing efforts.
• Work closely with internal stakeholders to ensure seamless product development, launch, and ongoing management.
• Manage relationships with external partners, including card schemes payment processors, network partner and technology vendors
• Liaise with the Legal and Compliance departments to ensure all debit card-related agreements, terms and conditions, and marketing materials are compliant with BNM regulations and other relevant laws.
• Ensure rigorous adherence to all relevant Bank Negara Malaysia (BNM) guidelines, circulars, and regulations pertaining to debit cards and electronic payments.
• Implement robust risk management frameworks for debit card operations, including fraud prevention, transaction security, and data privacy.
• Actively monitor and mitigate Shariah non-compliance risk in all debit card product features, processes, and promotional activities, seeking regular Shariah review and approval.
• Stay abreast of changes in regulatory requirements and industry standards, proactively adapting product strategies and operational processes.
• Champion a customer-centric approach in all debit card initiatives, aiming to deliver a superior customer experience.
• Work with the Operations team to optimize processes related to card issuance, activation, maintenance, and dispute resolution.
• Address customer feedback and complaints related to debit card products, ensuring timely resolution and continuous improvement.
• The particular duties and responsibilities attached to posts may vary from time to time without changing the general character of the duties or the level of responsibility entailed.
• In addition to the responsibilities listed above, the job holder may be required to perform other duties as assigned by the Head of Department from time to time.

Skills and experience you possess:

• Bachelor’s degree or equivalent in Business Administration, Marketing, Finance, Islamic Finance, or any related field.
• Minimum of 5 years' working experience in product management, with at least 3 years specifically managing debit cards or payment products within the financial services industry.
• Strong understanding of Islamic finance principles, Shariah contracts (e.g., Ujrah, Ju'alah, Wakalah), and their application in banking products is essential. Experience working in an Islamic bank or unit is highly preferred.
• Familiarity with Bank Negara Malaysia (BNM) regulations, especially those related to payment systems and Islamic banking
• Possess in-depth knowledge of card scheme rules and regulations
• Proven track record of successful product development, launch, and management in a fast-paced environment.
• Strong analytical skills with the ability to interpret data, identify trends, and make data-driven decisions.
• Excellent communication, interpersonal, and stakeholder management skills.
• Ability to work independently and as part of a cross-functional team.