MANAMA: Ithmaar Bank has launched a new Sharia-compliant contactless credit card with Mastercard, a leading technology company in the global payments industry.
The pioneering Ithmaar Bank World Credit Card, the country’s first contactless offering, is a result of the bank’s continuous commitment to listen to, and deliver on, customer expectations, it said.
“Ithmaar Bank is determined to become the region’s premier Islamic retail bank,” said Ithmaar Bank chief executive Ahmed Abdul Rahim.
“To do so, we continue to invest heavily in developing our products and services while also working to be closer to our customers,” he said.
“The Ithmaar Bank World Credit Card allows customers to make quick, secure payments with just a tap of the card. The contactless feature currently works at regional and international points of sale, and will also be available in Bahrain shortly,” Mr Abdul Rahim said.
“The card also offers customers enhanced privileges, including for example, unlimited access to over 900 airport lounges in more than 450 cities across more than 135 countries – catering to the specific needs of the affluent traveller segment,” he said.
“The card reflects our commitment to creating tailored payment solutions that address the evolving needs of our cardholders in the market,” said Pankaj Kathuria, area business head, Northern Gulf, Mastercard.
“The card is powered by secure encryption technology that consists of an embedded computer chip with an antenna that sends the transaction signal wirelessly at a small distance without direct contact with the reader and the contactless device. Payments can be made anywhere a cardholder sees the contactless symbol on the terminal reader. This includes quick-service restaurants, convenience stores, movie theatres, and more,” he said.
It also offers access to exclusive discounts through the Mastercard Buy 1 Get 1 application that includes dining, spas, entertainment and more offers, free Life Takaful insurance from Solidarity General Takaful, a minimum repayment of only five per cent of the ending balance within 25 days from the statement date, and immediate access to Mastercard-enabled Automated Teller Machines (ATMs) around the world. In addition, Ithmaar Bank will also provide free supplementary cards to immediate family members of the primary cardholder.
An additional layer of security is embedded in the new credit card with the SecureCode authentication feature that protects the card against fraud using One-Time Password (OTP) for online payment transactions. The card also enables users to accumulate Ithmaar Rewards loyalty points with each transactions, which can be redeemed online on www.ithmaarbank.com/ithmaarrewards to 700 airlines, 150,000 hotels, car rental services, cash back or donations.
Customers can earn one Ithmaar Rewards loyalty point for every BD0.750 spent on purchases while using their card.