Islami Bank Bangladesh and Mastercard Launch Shari’ah Based Dual Currency Debit, Credit and Prepaid Cards in Bangladesh

Islami Bank Bangladesh Limited today 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 & CEO of Islami Bank Bangladesh Limited presided 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 & 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.”