Bahrain Clear issues “myShare” cards

Manama, June 24 (BNA): Bahrain Clear, a wholly-owned subsidiary of Bahrain Bourse, announced today the issuance of 140,000 “myShare” cards at no additional chargeto all Bahrain Bourse’s registered investors with a valid Investor Number (NIN) (an account at Bahrain Clear) and with updated Know Your Customer (KYC) requirements.  The ‘myShare’ card is issued by Al Salam Bank-Bahrain in partnership with Visa, and it is available in BHD and USD card currency based on the Investor’s choice.  With “myShare” card, Bahrain Clear will now be able to automaticallytransferfuture cash dividends instantlytothe shareholder’s card balance within 10 days from the announcement of the cash dividends distribution by the listed companies. The card features an easy-to-use, securedwith EMV chip-enabled and widely accepted at over 35 million outlets and over 2 million ATMs across the globe, wherever the “Visa” sign is displayed.  Besides the value-added benefits of “myShare” card, investors will also receive free SMS alerts, monthly electronic statements sent to their registered email address to manage their financial accounts and keep track of their card transactions in addition to secured online shopping features through “Verified by Visa”. On this occasion, Chief Executive Officer of Bahrain Bourse and Managing Director of Bahrain Clear, Shaikh Khalifa bin Ebrahim Al Khalifa,said: “We are committed to enhance our investors’ experience by facilitating cash dividend distribution and making the payment process moreefficient through direct deposit into their ‘myShare’ card. This new channel process, will enhance investors’experience locally, regionally, and internationally by receiving their dividends without the need to physically visit Bahrain Clear to collect their dividend cheques.” Shaikh Khalifa bin Ebrahim Al Khalifa added: “We encourage and invite all Bahrain Bourse registered investors with valid a NIN account to enroll for their new myShare card which will significantly reduce the transferring process time of cash dividend payments by directly creditingthe amounts into their card balance. The myShare card complements the other methods of cash dividend payment which are cheques and bank transfers. Anwar Murad, First Deputy CEO of Al Salam Bank-Bahrain, said: “We are delighted to contribute in this initiative by issuing “myShare” the first of its kind card in Bahrain to facilitate dividend distribution. This is inline with our continuous commitment to provide unique and innovative banking products to all our stakeholders and we believe that “myShare”will transform the traditional process of dividend distribution and collection 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.” Bahrain Clear is a fully owned subsidiary 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’ offering post-trade services to investors. Bahrain Clear’s service offering includes related services of transactions depository, clearing, settlement, central registry and registration.