IBBL, Mastercard Launch Shari’ah Based Dual Currency Cards

Collage - Event - IBBL and Mastercard

Dhaka, Bangladesh – August 22, 2021 – Islami Bank Bangladesh Limited Sunday announced the launch of Shari’ah 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.

Honorable Planning Minister, Ministry of Planning, Government of the People’s Republic of Bangladesh M. A. Mannan MP was present as the chief guest at the virtual inauguration ceremony. Honorable Deputy Governor, Bangladesh Bank, Ahmed Jamal and Professor Dr. Mohammad Gias Uddin Talukder, the Chairman of Central Shari’ah Board for Islamic Banks of Bangladesh, were present as special guests.

Mohammed Monirul Moula, Managing Director and CEO of Islami Bank Bangladesh Limited presided over the event. Vikas Varma, Chief Operating Officer, South Asia Mastercard; Syed Mohammad Kamal, Country Manager, Bangladesh, Mastercard; Muhammad Qaisar Ali and Md. Omar Faruk Khan, Additional Managing Directors; Taher Ahmed Chowdhury, Deputy Managing Director and A F M Kamaluddin, Senior Executive Vice President of Islami Bank Bangladesh Limited were also present.

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.

Mohammed Monirul Moula, Managing Director and CEO of Islami Bank Bangladesh Limited said, ‘Islami Bank Bangladesh Limited - the largest private sector bank in Bangladesh takes pride in collaborating with Mastercard to bring the EMV-enabled Mastercard Titanium and Gold debit cards, World and Gold credit Cards’ prepaid cards to its valued customers. 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. We believe this endeavor, jointly initiated by Islami Bank Bangladesh Limited and Mastercard, will facilitate convenience for valued cardholders with the transactional efficiency.’

Syed Mohammad Kamal, Country Manager, Bangladesh, Mastercard said, “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. The launch of the dual-currency Mastercard Titanium and Gold debit, World and Gold credit and prepaid cards is in line with Mastercard’s efforts to ease cross-border connectivity and provide safer, faster and simpler cashless payment options for consumers in Bangladesh.” – Press release