Government Policy

IBBL launches Shariah-based dual currency cards

Islami Bank Bangladesh Limited (IBBL) Sunday launched Shari’ah-based dual currency Mastercard Titanium and Gold debit, World and Gold credit and prepaid cards in Bangladesh.

The cards feature contactless capabilities that will allow cardholders to transact more conveniently – both domestically and internationally.

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

Bangladesh Bank Deputy Governor Ahmed Jamal and Professor Dr Mohammad Gias Uddin Talukder, chairman of Central Shari’ah Board for Islamic Banks of Bangladesh, were present as special guests.

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

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

The dual currency cards allow cardholders to avail more secure online payment facilities through two-factor authentication where they will receive 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 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 point-of-sale (POS) 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 will have to visit the nearest IBBL 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, according to a press release.

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

The collaboration with IBBL is an exciting milestone for Mastercard in bringing best-in-class products that provide flexibility, convenience and security to cardholders, Mastercard Country Manager Syed Mohammad Kamal said.

Source: United News of Bangladesh