Islami Bank launches Shari’ah based dual currency cards

Islami Bank Bangladesh Limited (IBBL) has launched Shari'ah based dual currency Mastercard Titanium, gold debit, world and gold credit and prepaid cards in Bangladesh.

The IBBL and Mastercard, a global pioneer in payment innovation and technology, today launched the dual currency cards, featuring contactless capabilities which will allow cardholders to more conveniently transact domestically and internationally.

Planning Minister MA Mannan inaugurated the cards as the chief guest at the virtual inauguration ceremony.

Addressing the programme, the planning minister said this kind of comedy has high demand all over the world. "This joint effort by the Mastercard and Islami Bank will benefit all of us," he added.

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 IBBL said.

The cards can also be used to withdraw cash 24 hours per day, 7 days a week at ATMs nationwide and internationally, it said.

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, it added.

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, it further said.