Islami Bank Bangladesh Limited (IBBL) on Sunday announced the launch of Shariah based dual currency Mastercard Titanium and Gold debit, World and Gold credit and prepaid cards in Bangladesh.

The dual currency cards feature contactless capabilities which will allow cardholders to more conveniently transact domestically and internationally, said a press release.

Planning Minister MA Mannan was chief guest at the virtual inauguration ceremony.

Deputy Governor of Bangladesh Bank Ahmed Jamal and Prof Mohammad Gias Uddin Talukder, chairman of Central Shariah Board for Islamic Banks of Bangladesh, were also present as special guests.

Mohammed Monirul Moula, managing director and CEO of IBBL, presided the event.

The launch is aimed at further boosting cross-border transactions by enabling greater purchase flexibility for cardholders that shop, dine and transact while overseas, eliminating the need to carry foreign currency while traveling abroad.

The dual currency cards allow cardholders to avail more secure online payment facilities through two-factor authentication where cardholders will receive an OTP (One Time Password) to verify their online transaction, helping to reduce incidences of fraud. The cards can also be used to withdraw cash 24 hours per day, 7 days a week at ATMs nationwide and internationally.

The contactless cards are embedded with a secure EMV-enabled chip that allows for a safe, touchless transaction at any enabled payment terminal or POS (point-of-sale) machine. EMV cards store data on integrated circuits that create dynamic data every time a cardholder processes a transaction, making it nearly impossible for fraudsters to duplicate or clone the card.

To enjoy all the benefits of the new cards, cardholders should visit their nearest Islami Bank Bangladesh branch to endorse their passport for travel quota entitlement, after which dual currency transactions will be enabled on any existing Mastercard debit, credit and prepaid cards issued by the bank.

To celebrate the launch, Islami Bank Bangladesh Limited and Mastercard are offering exclusive benefits and discounts on purchases made with Mastercard Titanium and Gold debit, World and Gold credit or prepaid cards at Mastercard’s network of more than 5,500 partner outlets nationwide. These will include discounts on dining, lifestyle products, travel and stays at hotels and resorts.

"With this collaboration, we aim to accelerate digital banking through technology-based payment services and further the financial inclusion by reaching masses across the country. The latest contactless technology from Mastercard will ensure a more secure transaction system for our customers," said Mohammed Monirul Moula, managing director and CEO of IBBL.

The collaboration with Islami Bank Bangladesh is an exciting milestone for Mastercard in bringing best-in-class products that provide flexibility, convenience and security to cardholders, said Syed Mohammad Kamal, country manager, Bangladesh, Mastercard.

https://www.dhakatribune.com/business/banks/2021/08/22/ibbl-mastercard-launch-shariah-based-cards