Islami Bank Bangladesh Limited (IBBL) launched the Sharia-based Mastercard Titanium and Gold debit, World and Gold credit and prepaid cards with two currencies in Bangladesh on Sunday.
The cards have contactless functions that allow cardholders to make transactions more conveniently – both domestically and internationally.
Planning Minister MA Mannan was the main guest of the virtual inauguration program.
Special guests were the Deputy Governor of the Bangladesh Bank, Ahmed Jamal, and Professor Dr. Mohammad Gias Uddin Talukder, Chairman of the Central Shari’ah Board for Islamic Banks of Bangladesh, in attendance.
Mohammed Monirul Moula, Managing Director and CEO of IBBL, chaired the event.
The introduction is intended to encourage cross-border transactions by giving cardholders who shop, dine and transact abroad greater purchasing flexibility, eliminating the need to carry foreign currency with them when traveling abroad.
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The dual currency cards allow cardholders to use more secure online payment features through two-factor authentication where they are given a one-time password (OTP) to verify their online transaction.
The cards can also be used to withdraw cash 24 hours a day, seven days a week from ATMs in Switzerland and abroad.
The contactless cards are equipped with a secure EMV-capable chip, which enables a secure, contactless transaction at any activated payment terminal or point-of-sale (POS) machine.
EMV cards store data on integrated circuits that generate dynamic data every time a cardholder processes a transaction, making it nearly impossible for fraudsters to duplicate or clone the card.
In order to take full advantage of the new cards, cardholders must go to the nearest IBBL branch to confirm their passport for entitlement to the travel allotment. Thereafter, transactions in two currencies will be activated on all existing Mastercard debit, credit and prepaid cards of the bank, according to a press release.
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“With this collaboration, we aim to accelerate digital banking through technology-based payment services and further financial integration by reaching masses across the country. Mastercard’s latest contactless technology will ensure a more secure transaction system for our customers, â€said Monirul Moula.
The collaboration with IBBL is an exciting milestone for Mastercard to offer world-class products that offer cardholders flexibility, convenience and security, said Mastercard Country Manager Syed Mohammad Kamal.
