In line with its commitment to introduce innovative products and services, Emirates Islamic Bank (EIB), in cooperation with MasterCard Worldwide, became the first Islamic bank in the country to introduce a MasterCard unembossed chip debit card. Chip technology is one of the latest innovations in the payments industry and offers cardholders an unparalleled level of security for their debit card transactions.
The new EIB MasterCard Unembossed chip debit card comes with a micro chip that stores all cardholder data. The microprocessor, embedded in the card, carries encrypted data ensuring increased security. The card has both a magnetic stripe as well as chip functionality. With the payment card being unembossed, the card can only be used at electronic points of interaction.
The card will offer EIB's MasterCard cardholders increased security and will mitigate fraudulent and disputed payments. When making a purchase with their card, MasterCard cardholders have the opportunity to key in their unique PIN, thereby validating their identity.
Speaking on the introduction of the new EIB MasterCard Unembossed chip debit card, Mr. Faisal Aqil, General Manager Retail Banking at Emirates Islamic Bank stated, "We have always been a customer focused bank, constantly looking for ways to provide even richer product and service experiences to our cardholders on an ongoing basis. Security is among the main concerns for many cardholders and now they can rest assured that they are transacting with the utmost safety by global standards when using EIB MasterCard Unembossed chip debit cards. This card is a welcome addition to the rapidly changing banking and card environment. Emirates Islamic Bank has introduced this card in line with our strategy of being at the forefront of ensuring customers' financial security and ensuring the ultimate customer experience".
Commenting on the introduction of the new EIB MasterCard Unembossed debit card, Mr. Eyad Al Kourdi, Country Manager UAE, MasterCard Worldwide said: "We are delighted to have cooperated with EIB, the first Islamic bank to offer MasterCard unembossed debit cards in the UAE. EIB MasterCard cardholders can now experience the ease and convenience of chip-enabled MasterCard debit cards. MasterCard is pleased that our global knowledge and expertise in advanced payment solutions has facilitated the development of this payment card. We are committed to bringing new initiatives to the region that deliver value to MasterCard cardholders."
The new MasterCard unembossed chip debit card is just one of the many innovative products that Emirates Islamic Bank has introduced to its customers and is the latest addition to a host of retail products currently on offer.
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About EIB
Emirates Islamic Bank opened its doors in October 2004 with a mission to provide consumers in the UAE with effective and innovative Shari'a-compliant financial solutions and total peace of mind. EIB is headquartered in Dubai offering retail, corporate and investment services throughout the UAE. The bank is driven by a vision to be the leading Islamic bank in the country and to consistently develop new solutions to meet the ever-evolving needs of all its customers.
About MasterCard Worldwide
MasterCard Worldwide advances global commerce by providing a critical economic link between financial institutions, businesses, cardholders and merchants worldwide. As a franchisor, processor and advisor, MasterCard develops and markets payment solutions, processes over 16 billion payments each year, and provides industry-leading analysis and consulting services to financial institution customers and merchants. Through its family of brands, including MasterCard®, Maestro® and Cirrus®, MasterCard Worldwide serves consumers and businesses in more than 210 countries and territories.
For more information, go to www.mastercardworldwide.com.
© Press Release 2007
