Meezan Bank, Pakistan’s first and largest Islamic bank has successfully launched electronic subscription to IPOs (Initial Public Offerings) for its corporate customers via CDC’s (Central Depository Company) newly launched Master TREC Module in Centralized eIPO System (CES).
Using Master TREC in CES, Meezan Bank will allow registered Master TREC Holders (Brokerage Houses) to make payments electronically on behalf of their customers through Meezan Internet Banking. The newly launched service will also enable Meezan Bank’s corporate customers maintaining an account under CDS Participants (active TREC Holders) to subscribe to IPOs of Shares/Sukuks online on behalf of investors. Active TREC Holders, having account in Meezan Bank will now be able to electronically register themselves with CDC through this efficient system, 24 hours a day.
CDC has introduced this Centralized Master TREC Facility for convenient electronic subscription for corporate customers, in accordance with the State Bank of Pakistan (SBP) and Securities and Exchange Commission of Pakistan (SECP) active agenda of digitalization. This initiative will provide Brokerage Houses and thus ultimately investors with a hassle-free mechanism for application of subscription to securities.
Meezan Bank has successfully executed its first transaction via Master TREC in CES in IPO of The Organic Meat Company Limited (TOMCL), making it the first Bank in the industry to facilitate investors through this mode.