Al Salam Bank-Bahrain has announced that effective 1st January 2011, Bank shareholders who have ASBB shares registered in Dubai Financial Market will have all their future cash dividends be distributed to them electronically via the iVESTOR card issued by DFM, replacing the traditional cheque method via mail.
Acting Chief Operating Officer, Mr. Abdulkarim Turki said that the new method in paying the dividends comes in accordance with the UAE securities and commodities authority (SCA) resolution no. (28/r) of 2010, as the card will provide 24/7 instant access to your cash dividends worldwide, enabling you to withdraw cash via ATMs, make reservations, retail outlet and online purchases.
He pointed out that this method currently does not apply on dividends which have already been announced for previous years and were not collected yet.
Mr. Turki added that in order to apply for the iVESTOR card, shareholders need to update their details with DFM as soon as possible by sending an SMS that includes the investor no., English name (as it appears in the passport) and full postal address to 4800.
Turki noted that while this service will available for shareholders wishing to receive their dividends as credit deposited to the iVESTOR card, dividends transfer will not be restricted to the card. Shareholders will also have the choice to have their dividends transferred directly to their bank accounts, but in any case no dividends cheques will be issued, he clarified.