A lion’s share of subscription to Shariah compliant IPOs facilitated by Abu Dhabi Islamic Bank (ADIB) this year has been through its digital app, in line with the bank’s digitalization push.
ADIB in a statement confirmed that 80% of its clients subscribed to IPOs this year did it through its mobile app, including for the IPOs of Americana Restaurants and school operator Taleem. As a receiving bank for the two IPOs, customers of ADIB were able to subscribe and apply for additional subscription leverage to both.
“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,” Dr Amer Al Ameri, ADIB’s head of private banking, said. “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.”
This growth in IPO digital subscription moves hand-in-hand with the growth of its other digital avenues. In the first quarter of 2022, 40% of ADIB’s personal finance applications were executed digitally through its mobile app. The bank has over 700,000 digitally active customers.