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DUBAI / WAM
A Memorandum of Understanding (MoU) has been signed with the Government of Dubai’s Department of Finance (DoF) and Dubai Islamic Bank (DIB), to streamline payments of initial public offering (IPO) subscriptions, the Dubai Financial Market (DFM) announced on Monday.
According to the MoU, DIB has become the first bank to enable investors who participate in IPOs and Rights Issues implemented through DFM’s “eIPO” platform, to subscribe by directly debiting their accounts as well as receiving the excess amounts.
The MoU underlined DFM’s commitment to collaborate with various institutions in order to provide market participants with smart and cutting-edge services in line with the vision and directions of Vice President, Prime Minister and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum.
This will further boost the success of DFM’s ‘eIPO’ platform, the sophisticated and efficient solution for IPO subscription directly linked with the receiving banks.