ADX Partners With Sharjah Islamic Bank To Provide Instant Access To IPOs

(UrduPoint / Pakistan Point News / WAM – 27th Sep, 2023) ABU DHABI, 27th September, 2023 (WAM) – Abu Dhabi Securities Exchange (ADX) has partnered with Sharjah Islamic Bank (SIB) to streamline and facilitate greater access to Initial Public Offering (IPO) subscriptions for investors.

The partnership will see both ADX and SIB work together to simplify the process of obtaining a National Investor Number (NIN) and setting up trading accounts for the Bank’s clients. The new process will allow SIB’s customers to instantly create a NIN and subscribe to IPOs in the UAE online through ADX’s e-IPO platform, thus eliminating the need for paperwork

This agreement comes as part of ADX’s strategy to increase access to the Exchange’s diverse offerings and expand its investor base by leveraging digitisation and technology. It is important to highlight that in the first half of 2023, ADX maintained a robust pipeline of IPOs, amounting to USD 3.7 billion, representing approximately 75% of the total capital raised through IPOs in the GCC.

Abdulla Salem Alnuaimi, Chief Executive Officer of ADX, said, “ADX is pleased to be partnering with Sharjah Islamic Bank to further enhance our digital offering and provide investors with a seamless and convenient investment process.

Such partnerships are a key tenet of our strategy to facilitate access to the unique growth opportunities provided by the diverse range of products on our Exchange. We will continue to actively support the listings’ pipeline and introduce a wider range of products and services that meet our issuers’ and investors’ rapidly evolving needs.”

Mohamed Abdalla, CEO of Sharjah Islamic Bank, remarked, “We are delighted by this distinguished collaboration with the (ADX), a prominent player in the global financial and investment landscape. This agreement underscores our belief in the significance of digital trading and the sustainable opportunities it affords Sharjah Islamic Bank‘s customers. They can now participate in public offerings within the UAE via mobile & internet banking. We are steadfast in our commitment to align with the UAE‘s vision and direction by embracing the latest digital technologies, which will undoubtedly have a positive impact on UAE’s financial and investment sector.”