Ithmaar Bank, a Bahrain-based Islamic retail bank, announced today (ed note: 02/12/17) the launch of a prestigious new Sharia-compliant contactless credit card with Mastercard, a leading technology company in the global payments industry.
The pioneering new Ithmaar Bank World credit card, the country’s first contactless offering, is a result of the Bank’s continuous commitment to listening to, and delivering on, customer expectations.
“Ithmaar Bank is determined to become the region’s premier Islamic retail bank,” said Ithmaar Bank Chief Executive Officer 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.
“We are pleased to have worked with our partners at Mastercard to introduce Bahrain’s first contactless World credit card, and we are delighted to now make it available to our customers,” said Abdul Rahim. “I am confident that the new card will go a long way towards making payments faster, easier and more convenient for 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,” said Abdul Rahim. “The Ithmaar Bank World credit 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 worldwide – catering to the specific needs of the affluent traveller segment.”
“We are pleased to collaborate with Ithmaar Bank to launch Bahrain’s first contactless World Mastercard credit card. 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. “At Mastercard, we have always been at the forefront of introducing bespoke products that provide frequent and discerning travellers convenient payment methods to make their journeys even more comfortable, and our World portfolio complements their lifestyle through a host of exclusive benefits and rewards.”
“The innovative 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.
The card also offers access to a unique collection of experiences and 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 percent of the ending balance within 25 days from the statement date, immediate access to Mastercard- enabled Automated Teller Machines (ATMs) around the world. In addition, Ithmaar Bank will also provide free supplementary cards to immediately family members of the primary cardholder as well.
An additional layer of security is embedded in the new contactless Ithmaar World 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 look forward to earning one Ithmaar Rewards loyalty point for every BD0.750 spent on purchases while using their card.