Meezan Bank launches e-IPO subscription service in Pakistan
Initiative part of national banking authorities’ drive for digitalization
7 Aug 2020 | The Asset

In a first for Pakistan, Meezan Bank, the county’s first and largest Islamic bank, has launched a service that allows its corporate customers and their investors to electronically subscribe to initial public offerings (IPOs) .

The service also provides brokerage houses with a hassle-free mechanism to subscribe to securities, allowing them to make payments electronically on behalf of their customers through Meezan Bank's internet banking system.

The bank – using this service, which operates via Central Depository Company’s centralized Master TREC eIPO system – executed its first transaction for investors by subscribing to The Organic Meat Company’s IPO.

This e-subscription service was launched as part of the State Bank of Pakistan and the Securities and Exchange Commission of Pakistan’s drive to promote the digitalization of the country’s banking industry.

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