Al Hilal Bank launches instant digital Shariah-compliant subscription service for IPOs in collaboration with ADX

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ABU DHABI, 26th June, 2024 (WAM) -- Al Hilal Bank, a subsidiary of the ADCB Group and a progressive Islamic digital bank, has signed an agreement with the Abu Dhabi Securities Exchange (ADX), one of the fastest growing exchanges in the world, to offer instant subscriptions to all Shariah-compliant Initial Public Offerings (IPOs) on the ADX platform through the Exchange's e-IPO portal.

This convenient service will also be accessible through the Al Hilal Digital banking app, providing customers with ease and efficiency in investing in Shariah-compliant IPOs.

This initiative expands Al Hilal Bank’s digital banking offerings by introducing a streamlined process for IPO subscriptions. This eliminates the need for customers to complete physical forms or make in-person visits for document authentication. The entire process is conducted digitally, enhancing efficiency, convenience, and accessibility. The digital app interface provides essential information about the IPO, including direct links to the prospectus and a section for frequently asked questions (FAQs) related to the subscription process. To subscribe to an ADX IPO, Al Hilal Bank customers need to only have a National Investor Number (NIN).

This streamlined process can be effortlessly completed through the ADX Sahmi application in just a few simple steps. Once customers have their NIN, they can promptly subscribe to Shariah-compliant IPOs on ADX using the Exchange's eIPO Investor Portal and/or the Al Hilal Digital Banking App, ensuring a seamless and efficient experience for all investors.

Abdulla Salem Alnuaimi, Group CEO of ADX, said, “The agreement with Al Hilal Bank strengthens our commitment to enhancing the digital experience for investors by streamlining the process of accessing IPO investment opportunities on the ADX e-IPO portal. This collaboration is part of ADX’s ongoing efforts in working with partners to support issuers in connecting with the wider investment community, and to empower investors, locally and globally, with more innovative solutions and direct access to boost their investment journey.”

Jamal Al Awadhi, Deputy CEO of Al Hilal Bank, said, “With capital markets in the UAE becoming increasingly active, we are excited to be partnering with ADX to offer customers the opportunity to invest in Shariah-compliant IPOs directly through the Al Hilal Digital banking App. Today’s announcement is another example of Al Hilal Bank introducing innovative solutions to make banking simpler and more convenient for customers, further strengthening our position as one of the UAE’s leading digital banks.”

This collaborative initiative aligns with ADX’s overarching strategy of leveraging digital solutions to broaden its investor base and augment market liquidity. This underscores the prominent role of the Emirate of Abu Dhabi and the Abu Dhabi Securities Exchange in attracting both local and international investments and capital.

Provided by SyndiGate Media Inc. (Syndigate.info).