IBBL, Mastercard launch Shariah-based dual currency cards
To celebrate, IBBL and Mastercard are offering exclusive benefits and discounts on their card purchases
Islami Bank Bangladesh Limited (IBBL) and global payment innovation pioneer Mastercard have introduced Shariah-based dual-currency debit, credit, and prepaid cards to advance the cross-border capabilities of the financial ecosystem of Bangladesh.
The dual currency cards allow cardholders to avail more secure online payment facilities through two-factor authentication where cardholders will receive a onetime password or OTP to verify their online transaction, helping to reduce incidences of fraud.
At the virtual launching program on Sunday, Planning Minister MA Mannan said as chief guest, "This is one of the high demand products (cross-border transaction) in the banking industry, as we know the world is moving towards a cashless society rapidly."
The cards can also be used to withdraw cash 24 hours a day, 7 days a week at ATMs nationwide and internationally.
To enjoy all the benefits of the new cards, cardholders should visit their 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, or prepaid cards issued by the bank.
To celebrate the launch, IBBL 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. The discounts are on dining, lifestyle products, travel, and stays at hotels and resorts.
Deputy Governor of Bangladesh Bank, Ahmed Jamal, said, "Many Bangladeshi clients try to avoid bank earnings in the form of interest. That is why Islamic banking in Bangladesh is increasing day by day. But the Islamic banking sector was a little slow in moving towards Shariah-based cross-border transactions. Now they will enjoy this facility and it is a piece of good news for the banking industry."
MD and CEO of IBBL, Mohammad Monirul Moula, said, "With this collaboration, we aim to accelerate digital banking through technology-based payment services and further financial inclusion by reaching the masses across the country."