Islami Bank Bangladesh yesterday launched Shariah-based dual currency Mastercard Titanium and Gold debit, World and Gold credit and prepaid cards.

The cards come with a two-factor authentication facility, with cardholders receiving a one-time password to verify their online transactions, helping to reduce incidences of fraud, said the bank.

The contactless cards are embedded with an EMV (Europay, Mastercard, and Visa)-enabled chip enabling use at payment terminals or point-of-sale machines, it added. The EMV cards store data on integrated circuits every time a cardholder processes a transaction, making it nearly impossible for fraudsters to duplicate or clone the card, it said.

Making the inauguration as chief guest through a virtual ceremony, Planning Minister MA Mannan said such cards have been high in demand all over the world.

"This joint effort by Mastercard and Islami Bank will benefit all of us," he added.