Shamil Bank, a leading Bahrain-based Islamic commercial and investment bank and a wholly-owned subsidiary of Ithmaar Bank, announced today that it had reached the final stages of migrating customers to a new, more secure system for credit and ATM card transactions.

	Mohammed Janahi Assistant General Manager, Retail Banking

The move, which began late last year with detailed due diligence reviews, is in its final stages with production of the sophisticated, EMV chip-based cards now underway.

“The new cards will contribute, directly, to further improving the Shamil banking experience,” said Shamil Bank Retail Banking Assistant General Manager Mohammed Janahi. “They are a result of almost a full year of careful research, and will allow our customers even more confidence in our commitment to their financial security,” he said.

“Card fraud – including those involving both credit and ATM cards – has become a hot topic among the Bahrain’s commercial banking community in the past few months,” said Janahi. “Long before that however, we had already identified the need for a more secure system and had, last year, initiated a thorough review of the latest technology available,” he said.

“This plan, which we discussed in our 2008 Annual Report, was initiated in line with our long-standing commitment to providing the best possible banking experience to our customers,” said Janahi. “In line with that commitment, we refused to rush the project along and, having completed an exhaustive testing period, we are now ready to begin the migration process,” he said.

“The new chip-based cards feature the latest, most secure technology available globally and will also allow customers increased mobility by allowing them access to the whole MasterCard network around the world,” said Janahi. “The latest data indicates that the new cards will be accepted at some 28 million outlets and 1.5 million ATMs worldwide,” he said.

During the migration phase, Shamil Bank customers will be able to continue to use their existing credit cards until they receive their new, EMV chip credit cards which will be sent to them, from the end of June, by courier. Shamil Bank customers will also be able to continue to use their existing ATM cards until they collect their new EMV chip MasterCard ATM cards from their respective branches.