Meezan bank has successfully launched electronic subscription to IPOs (Initial Public Offerings) for brokerage houses that are Meezan Bank customers via CDC’s (Central Depositary Company) newly launched Master TREC Module in Centralized eIPO System (CES).
Using Master TREC in CES, Meezan Bank will allow registered Master TREC Holder (Brokerage Houses) to make payments electronically on behalf of their customers through Meezan Internet Banking. The newly launched service will also enable Brokerage Houses that are Meezan customers, i.e. are maintaining an account with Meezan Bank and also maintaining an account under CDS participation (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.
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.