After months of beta testing, KAF Digital Bank is now open for the general public. KAF is Malaysia’s second Islamic Digital Bank and is one of the five digital bank licence applicants under Bank Negara Malaysia. This new digital bank is a consortium led by KAF Investment Bank, Carsome, Jirnexu, MoneyMatch and Storehub.
KAF Digital Bank has officially gone live for everyone on 8th August 2025 and Malaysians can sign up for a Shariah-complaint Savings Account-i through their app which is available on both the Apple App Store and Google Play Store.
According to their device compatibility list, the KAF Digital Bank app requires Android 13 and above, as well as iPhone running on iOS 16 and above.
KAF Digital Bank promos
To entice users to register, KAF is running a Register and Win promo with prizes worth over RM500,000. This includes two Proton e.MAS EVs and a Custom Overlander 4×4.
In addition, KAF is running a Financial Literacy campaign with POD called “Jom CelikWang Bersama Pod” where users can stand a chance to win prizes including Umrah packages for two, vouchers for U Mobile and Setel, and MyRapid 50 pass. For this campaign, users are required to download a separate Pod Savings app which is available on Apple App Store and Google Play Store.
On top of that, KAF is also running a Scan & Collect campaign with POD where you can earn and redeem POD Points for making DuitNow QR transactions. Users can earn 10 points with a minimum spend of RM5 in a single receipt via DuitNow QR. With the collected POD points, users can redeem them for items or vouchers listed on the POD Points market.
KAF Digital Bank’s current offering
KAF Digital Bank in its current state is rather basic and the sign up process could have been simplified. During the sign up process, new users would need to sign up with a temporary username and password which is sent to your email, and then you’ll need to register using your IC number as your actual username.
After completing the details including your full address as per IC, employment and income level, you’ll then need to activate your KAF Digital Bank account using a new temporary password that’s sent to your email.
As part of the verification process, you’ll need to deposit a minimum of RM10 from another bank account that’s registered under your name. Take note that transfers from other digital banks and eWallets are not accepted for this process. You’ll need to make the transfer from other traditional banks (e.g. Maybank, CIMB, RHB, etc).
The good thing is that the app is available in both English and Bahasa Melayu from day one, and it supports bio-metric authentication for easy login in the future.
The KAF Digital Banking app looks very barebones and the main feature is their Savings Account. There’s also the option to apply for a Visa debit card and to pay using DuitNow QR, but these features are disabled during the cooling-off period after you sign up.
According to the Product Disclosure Sheet, a normal Savings Account-i has a daily transaction limit of RM5,000 and a monthly transaction limit of RM20,000. If you upgrade to the Premium Savings Account-i, the daily transaction limit will be increased to RM50,000 per day along with a higher monthly limit of RM200,000.
At the moment, there are no fees to sign up but there’s a RM20 early closure fee if you intend to close your account within 3 months after opening. If you apply for the physical Debit Card-i, there’s an annual fee of RM12 which is currently waived for Premium Savings Account-i users. The card has an ATM withdrawal fee of up to RM5 via Visa Network ATMs, and there’s an overseas transaction fee of up to 1.2% for overseas transactions.
KAF Digital Savings Account-i offers Hibah
Unlike other digital banks which advertises or declares its interest rate or profit-rate for savings accounts, KAF Digital Bank provides Hibah instead.
According to the FAQ, Hibah is a gift given freely and unlike your typical interest or profit rate, it isn’t guaranteed or part of any contract. In short, Hibah cannot be promised or guaranteed, and it is given as a discretionary gift from a financial institution to a customer. The practice of Hibah is also practiced in several Islamic financial services by other banks.
Based on their historical data, KAF Digital Bank has provided Hibah of 5.00% per annum for the first RM2,000, and 3.00% per annum for RM2,001 and above. The shown Hibah for KAF is for the weekly periods from 3rd June until 5th August 2025.
Similar to other licensed digital banks in Malaysia, KAF Digital Bank is also a member of PIDM for greater peace of mind. This means savings accounts under KAF are also protected up to RM250,000 for each depositor.
KAF Digital Bank, Malaysia’s second islamic digital bank is now live
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