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|18 February, 2018

Bahrain Clear signs deal to offer investors unique card

The card will enable Bahrain Clear to credit cash dividends instantly into the shareholder’s card balance.

Traders chat during early hours after opening of the Bahrain stock market, in Manama, Bahrain June 26, 2016.

Traders chat during early hours after opening of the Bahrain stock market, in Manama, Bahrain June 26, 2016.

REUTERS/Hamad I Mohammed

MANAMA - Bahrain Clear, a wholly-owned subsidiary of Bahrain Bourse (BHB), signed an agreement with Al Salam Bank-Bahrain to offer “myShare”, a card that will be available to BHB’s existing investors.

The card will enable Bahrain Clear to credit cash dividends instantly into the shareholder’s card balance.

The agreement was signed by BHB and Bahrain Clear chairman Abdulkarim Bucheery, BHB chief executive and Bahrain Clear managing director Shaikh Khalifa bin Ebrahim Al Khalifa, Al Salam Bank-Bahrain chairwoman Shaikha Hessa bint Khalifa Al Khalifa and Al Salam Bank-Bahrain director and group CEO Yousif Abdulla Taqi, in the presence of senior executives.

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Mr Bucheery said: “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 is in line with Bahrain Clear’s efforts to enhance post-trade services to better meet investors’ needs,” added Mr Bucheery.

Shaikha Hessa said: “As part of our ongoing commitment to providing unique and innovative banking products, we are delighted offer Bahrain Bourse investors the new myShare card.

“It is specifically designed to simplify distribution of dividend payments of all Bahrain Bourse-listed companies and transfer dividends instantly to the investor’s card.”

“The card 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,” Shaikha Hessa added.

The card will be issued by Al Salam Bank-Bahrain, in partnership with Visa, to more than 140,000 investors at free of cost. Investors will benefit from cashless transactions, an easy-to-use, safe, secure and widely accepted at more than 35 million outlets and 2m ATMs across the world, wherever the Visa sign is displayed.

Besides the value-added benefits of myShare card, customers will also receive free SMS alerts and monthly electronic statements to manage their financial accounts, in addition to secured online shopping features through “Verified by Visa”.

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