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Issue 24 - JUNE 2020
www.bahrainbourse.comBAHRAIN CLEAR APPOINTED AS PAYING AGENT TO UNDERTAKE CASH
DIVIDEND DISTRIBUTION
BAHRAIN CLEAR LAUNCHES SKIPLINO QUEUE MANAGEMENT SYSTEM
FAB AND BAHRAIN CLEAR SIGN A DEPOSITORY AGENT (CUSTODIAN) AGREEMENT
In line with Bahrain Clear’s
ongoing efforts to further
enhance post-trade services,
Bahrain Clear announces its
appointment as Paying Agent to
und e r t a ke c a s h d i v i d end
distribution for nine listed
c omp an i e s s e r v i ng mo r e
First Abu Dhabi Bank (FAB), the
UAE’s largest bank and one of the
world’s largest and safest financial
institutions, recently signed a
Depository Agent (Custodian)
Agreement with Bahrain Clear
In line with Bahrain Clear’s
efforts to adopt the latest financial
technology in order to enhance its
services, Bahrain Clear announces
the launch of a cloud-based queue
than 170,000 shareholders
representing 100 nationalities.
This initiatives comes as part of
Bahrain Clear’s role to enhance
capital markets infrastructure,
with the overall aim of protecting
clients’ securities transactions.
Bahrain Clear manages the cash
to offer custody services at
Bahrain Bourse to regional and
international investors. The
agreement is in line with Bahrain
Clear’s efforts to enhance post-trade
services and expand outreach
management system, Skiplino,
allowing investors to pre-book
online appointments via smart
phones. By utilizing this service,
investors will be able to digitally
dividend distributions cycle
end-to-end to ensure successful
completion. Further, Bahrain
Clear offers a number of payment
methods for cash dividend
distribution which includes IBAN
Transfers directly into client’s
designated bank account, myShare
Card, and cheque payments.
Bahrain Clear continuously
ensures that all shareholders KYC
information is up to date in order
to facilitate the swift distribution
of current dividends as well as
any past unclaimed dividends.
Shareholders with updated KYC
information will also be able to
to regional and global investors.
There are currently five securities
custodians admitted by Bahrain
Clear to act in the market, four
of which are global custodians,
following the registration of FAB.
According to the agreement,
FAB will provide custody, issuer
and transfer agent services, fund
administration and other related
banking services to its regional
and international clients. Abdulla
Jaffar Abdin, Senior Director
pre-book appointments at a
specific time and date, hence,
providing convenience and reducing
the queuing time. The solution
considers the investor’s current
location and associated travel time,
as well as any anticipated traffic
delays and adjusts the appointment
time accordingly to minimize the
investors waiting time. This service
is available through Skiplino app
on both iOS and Android devices.
It is worth noting that Bahrain
Clear is a fully owned subsidiary
access the e-Services available
to view their current portfolio.
Bahr ai n C l e ar’s cl e ar i ng ,
settlement, Central Depository
and Registry infrastructure
i s c u r r e n t l y und e r g o i ng
changes to increase efficiency and
provide more advanced post-trade
services including enhancement
to the Delivery Versus Payment
(DVP) Model Fr amework
a d o p t e d i n o r d e r t o
e n s u r e a d h e r e n c e t o
international standards as
recommended by IOSCO.
of Operations at Bahrain Clear,
said: “We are delighted to have
First Abu Dhabi Bank on board
as a custodian, which will provide
their regional and international
investor-base with access to
Bahrain’s capital market. We
look forward to working closely
with FAB’s Securities Services
team for post-trade services
to deliver creative custody
solutions to their global client-base.”
of Bahrain Bourse with a
disclosed capital of 5 million
Bahraini Dinars, and a paid-
up capital of 1 million Bahraini
Dinars. Bahrain Clear is licensed
by the Central Bank of Bahrain
as a ‘Clearing House and Central
Depository’ offering post-trade
services to investors. Bahrain Clear’s
service offering includes related
services of securities transactions
depository, clearing, settlement,
central registry and registration.