Abu Dhabi – Mubasher: Al Hilal Bank, a subsidiary of the Abu Dhabi Commercial Bank (ADCB) Group has teamed up with Abu Dhabi Securities Exchange (ADX) to initiate instant subscriptions to all Sharia-compliant initial public offerings (IPOs) on the ADX platform through the exchange's e-IPO portal.

The new service will be accessible through Al Hilal Digital banking app to offer ease and efficiency in investing in Sharia-compliant IPOs, according to a bourse filing.

Group CEO of ADX, Abdulla Salem Alnuaimi, 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.”

Alnuaimi added: “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.”  

This initiative will eliminate the need for customers to complete physical forms or make in-person visits for document authentication, as the entire process is conducted digitally.

Al Hilal Bank’s digital app will also offer essential information about the IPO, such as direct links to the prospectus and a section for frequently asked questions (FAQs) related to the subscription process.

Meanwhile, for subscribing to an ADX IPO, Al Hilal Bank customers will need to have a National Investor Number (NIN). 

Deputy CEO of Al Hilal Bank, Jamal Al Awadhi, 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 Sharia-compliant IPOs directly through the Al Hilal Digital banking App.”

Al Awadhi noted: “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.”

The process can be completed through the ADX Sahmi application and once customers have their NIN, they can promptly subscribe to Sharia-compliant IPOs on ADX using the exchange's eIPO Investor Portal and/or Al Hilal Digital Banking App.