Bahrain Clear, a wholly-owned subsidiary of Bahrain Bourse has signed an agreement with Al Salam Bank-Bahrain, one of the pioneering Shari'ah-compliant Banks in the Kingdom of Bahrain, to offer "myShare”, a card that will be available to all Bahrain Bourse’s existing investors with a valid investor number (NIN).
The card will enable Bahrain Clear to credit cash dividends instantly into the shareholder’s card balance.
The agreement was signed by Chairman of Bahrain Bourse and Chairman of Bahrain Clear Abdulkareem Ahmed Bucheery, and Chief Executive Officer of Bahrain Bourse and Managing Director of Bahrain Clear, Shaikh Khalifa Bin Ebrahim Al-Khalifa, Chairperson of Al Salam Bank-Bahrain H.H. Shaikha Hessa bint Khalifa Al Khalifa, and Director and Group Chief Executive Officer of Al Salam Bank-Bahrain, Yousif Abdulla Taqi, in the presence of other senior executive management members.
“We are pleased to offer this unique value-added service to our investors, which aims to facilitate cash dividend distribution and make the payment process more efficient. The newly launched card will significantly reduce the time frame of cash dividend payment processing which would entail direct credit of dividends into the card balance. This initiative goes in line with Bahrain Clear’s efforts to enhance post-trade services to better meet investors’ needs,” said Bucheery.
The card will be issued by Al Salam Bank-Bahrain in partnership with Visa and will be issued to more than 140,000 investors at no cost.
Investors will benefit from cashless transactions, an easy-to-use, safe, secure and widely accepted to over 35 million outlets and over two million ATMs across the globe, wherever the Visa sign is displayed. Besides the value-added benefits of “myShare” card, customers will also receive free SMS alerts, monthly electronic statements to manage their financial accounts in addition to a secured online shopping features, verified by Visa.
“As part of our ongoing commitment to provide unique and innovative banking products, we are delighted to extend our service offering to Bahrain Bourse investors with the new “myShare” card that is specifically designed to simplify the distribution of dividend payments of all Bahrain Bourse listed companies and transferring dividends instantly to “myShare” investor’s card. With the new card, it will change the traditional process of distribution and collection of dividend payments from issuing and collecting cheques in person or through a registered Bahrain Clear agent to a fully automated payment process credited directly to the investor’s card,” said Al Khalifa.
It is worth mentioning that Bahrain Clear is a fully owned subsidiary of Bahrain Bourse with a disclosed capital of BHD5 million and a paid-up capital of BHD1 million. Bahrain Clear is licenced by the Central Bank of Bahrain to offer post-trade services to investors. Bahrain Clear’s service offering includes related services of transactions depository, clearing, settlement, central registry and registration.