Meezan Bank becomes first Islamic bank to obtain license for IPO issue
Meezan Bank has become the first Islamic Bank in the country to be granted a license by the Securities and Exchange Commission of Pakistan to act as ‘Banker to the Issue’ for Initial Public Offering of Shares (both for Book Building and General Public portion) for companies going through listing at Pakistan Stock Exchange.
After successfully launching its electronic-Initial Public Offering (e-IPO) subscription facility for its customers, in which Meezan Bank was the first and only bank in Pakistan that allowed registered investors to make payments through all its Alternate Distribution Channels including Meezan Bank’s ATMs, Internet Banking and Mobile Banking Application, this BTI license enables the Bank to provide full range of Initial Public Offering services to its customers and the corporate sector in Pakistan.
Commenting on this occasion, the Deputy CEO of Meezan Bank, Mr. Ariful Islam said: “Meezan Bank is focused on providing innovative value-added services to customers leveraging on state-of-art technology. Customers will now be able to easily invest in new share issues by subscribing through the e-IPO facility.’’