Abu Dhabi / WAM
Abu Dhabi Islamic Bank (Adib), a leading Islamic financial institution announced that its retail customers were able to conveniently participate in the subscription to initial public offerings (IPOs) that were issued this year through its mobile app. 80% of clients subscribed IPOs that were issued in 2022 through Adib Mobile app in just a few clicks.
Adib also marks a significant milestone by acting as a receiving bank for two IPOs simultaneously Americana and Taleem where customers are able to subscribe and apply for additional subscription leverage to both through its mobile banking.
Adib is providing a quick and easy end-to-end process for IPOs subscriptions through mobile app.
The app will provide an exceptional experience for digital subscription easily in without the need to visit the bank or submit paper transactions, in addition to its other digital services.
Customers can register their interest in upcoming IPOs, follow listing dates, apply for additional subscription leverage and make IPOs payment.
Adib is at the forefront of digital transformation, constantly investing in innovative solutions, tools, and platforms to enhance their customers’ digital banking experiences. With this in-app subscription, customers can now receive important information on IPO subscriptions, key highlights on the listed organisations, push notifications, and information on consumer protection rights with additional security features for payments.
Dr Amer Al Ameri, Head of Private Banking, Adib said: “IPO investments are surging in the region and the UAE will continue to experience an IPO boom in the coming year, we are proud to supporting the strategy of UAE government of expanding the capital market. Adib was a leader among UAE banks in facilitating participation for our customers in all sharia compliant IPOs listed on DFM and ADX. We have witnessed that IPOs are becoming a popular investment option among our client base and are delighted to offer them a convenient, in-app
access for these two key IPO subscriptions.
“We are committed to constantly enhancing the features of our digital banking services while keeping pace with trends, providing excellent digital products, and seamless service to our customers.” He added.
Adib is at the forefront of digital transformation and has registered a significant increase in its digital banking channels usage during the first quarter of 2022 with 40 percent of customers’ personal finance applications taking place digitally on its mobile app.
The bank currently has over 700,000 customers who are digitally active, a testament to the growing demand for digital services including personal finance.