MANAMA, BAHRAIN -22 June 2014 – MasterCard today presented an award to Ithmaar Bank, a Bahrain-based Islamic retail bank, in recognition of the Bank achieving the Kingdom’s fastest growing MasterCard debit card portfolio.

The Award was presented to Ithmaar Bank Chief ExecutiveOfficer, Ahmed Abdul Rahim, by MasterCard Division President, Middle East and North Africa, Raghu Malhotra, at the Bank’s Seef headquarters. The ceremony was also attended by MasterCardVice President and Head of Business Development for Saudi Arabia and Bahrain, Somu Roy; Ithmaar Bank Chief Operating Officer,Ravindra Khot; Ithmaar BankGeneral Manager Retail and Private Banking, Abdul Hakeem Al Mutawa,Ithmaar BankAssistant General Manager and Head of Retail Banking,Mohammed Janahi, and members of the Bank’s management team.

“Ithmaar Bank is committed to becoming the Islamic bank of choice, and we are working to continuously improve our customers’ banking experience,” said Abdul Rahim. “Our partnership with MasterCard has been particularly effective in this regard, and has helped us offer Islamic banking solutions tailored specifically to our customers’ requirements,” he said.
“As a result, Ithmaar Bank now has the fastest growing MasterCard debit cards portfolio in the Kingdom,” said Abdul Rahim. “This is an achievement we can all be justifiably proud of,” he said.
Malhotra said: “This award recognises the exceptional growth of Ithmaar Bank’s MasterCard debit card portfolio and underscores the Bank’s growing success as an Islamic retail financial institution. We are very proud of our long-standing association with Ithmaar Bank, and I am pleased to be here to celebrate our ongoing success.”

Last year, Ithmaar Bank announced a collaboration with MasterCard to expand the Bank’s debit card offerings and launched two new debit cards from the MasterCard Premium Debit Card Collection. The cards – Ithmaar MasterCard Debit Plus, and Ithmaar MasterCard Premier Debit Card - were the first Islamic-segmented MasterCard Debit Cards in Bahrain.
Earlier this year, Ithmaar Bank introduced a full suite of new Sharia-compliant MasterCard Credit Cards. The new credit cards, which were tailored to meet the specific requirements of Ithmaar customers, were introduced as part of the Bank’s commitment to listening to, and delivering on, customer expectations.

A total of four new credit cards - MasterCard Gold, MasterCard Gold Plus, MasterCard Titanium and MasterCard Platinum, that offer a range of extended features and benefits have been unveiled.

The new credit cards offer Ithmaar Bank customers free worldwide Takaful travel insurance as well compelling terms including, for example, a minimum repayment of only 5 percent of the ending balance within 25 days from the statement date. The credit cards offer immediate access to more than 2.5 million Automated Teller Machines (ATMs), and are welcomed at more than 35.9 million outlets around the world. Ithmaar Bank also provides free supplementary cards to immediate family members of the primary cardholder, as well as exclusive discounts through MasterCard and free access to selected airport lounges for Titanium and Platinum credit card holders. The MasterCard Platinum Credit Card is available exclusively for Ithmaar Bank Premier Members.

Ithmaar Bank’s tailored credit and debit card solutions both underscore the Bank’s commitment to continuously develop its retail banking operations. MasterCard’s recent award, naming Ithmaar Bank as The Fastest Growing MasterCard Debit Card Portfolio in Bahrain, is another indicator of the Bank’s efforts to improve customer satisfaction.