Stock market investors in Pakistan can now make payments for an Initial Public Offering (IPO) via ATM, internet banking or mobile banking applications.
To facilitate the investors, Meezan Bank introduced electronic-Initial Public Offering (e-IPO) subscription facility to its customers through a joint venture with the Central Depository Company (CDC), the sole securities depository in the country.
Investors having valid National Identity Cards, bank accounts in Meezan Bank and CDC sub-accounts will be able to electronically register themselves with CDC through this efficient system available 24 hours a day, throughout the year and avail Meezan Bank’s IPO subscription service online.
“Meezan Bank is the first in the banking industry to allow registered investors to make payments through all of its Alternate Distribution Channels including Meezan Bank’s ATMs, Internet Banking facility and Mobile Banking Application.”
The newly launched service will enable Meezan Bank’s customers having CDC sub-account (with CDC Investors-Account, Participant-Sub Account or Broker-Sub Account) to subscribe to public offering of shares. This is an online system and investors can make their offer via www.cdceipo.com.
The Central Depository Company (CDC) has introduced this centralized e-IPO system (CES), facilitating electronic subscription, following the State Bank of Pakistan’s (SBP) and Securities and Exchange Commission of Pakistan’s (SECP) active agenda of providing the public with a hassle-free mechanism for application of subscription of securities.
faysal bank was first to introduced e-ipo, however meezan is first in Islamic banking sector