Dubai Financial Market launched iVESTOR Shabab card, the innovative solution for youth in the UAE aimed to promote financial knowledge and responsible spending under parental control.
The Shari’a compliant card is customized for people under 21 years of age and represents the youth version of the iVESTOR card launched in 2010, a first of its kind initiative amongst stock exchanges across the world.
iVESTOR Shabab entitles cardholders to become an official DFM investor by receiving a dedicated Investor Number to trade on the market in the long term. It is also a pre-paid card which provides the flexibility to make retail and online purchases and payments globally via any merchant accepting VISA. The card has been widely welcomed when DFM showcased its key features to school and university students in the UAE.
Essa Kazim, Managing Director and CEO, Dubai Financial Market (PJSC), said, "The launch of iVESTOR Shabab is part of DFM’s continuous efforts to introduce innovative products in line with the requirements of the new generation in the UAE. This also reflects our commitment to social responsibility as the concept of the card stems from the need to provide young people with a solution that promotes responsible spending under parental supervision by opting to receive a copy of the card statement, as well as the ability to top -up the card balance. Additionally, this card sets the stage for the new generation to commence their investment journey using their dedicated DFM Investor Number."
"We are confident of iVESTOR Shabab’s ability to achieve broad acceptance thanks to its various features and proven success of the iVESTOR card with more than 30,000 cards issued since 2010," Kazim added.
Ali Al-Hashimi, Executive Vice President, Head of Financial Services Division, Dubai Financial Market, said, "The iVESTOR card represents a contemporary and ideal solution to dispense cash dividends of DFM-listed companies as opposed to the costly and prolonged conventional ways. Over the last two years Dhs156m of cash dividends have been distributed through this card. Undoubtedly, the widespread acceptance of this card amongst local and overseas investors reflects its vital role in increasing the efficiency of cash dividend distribution process."
iVESTOR Shabab cardholders can withdraw cash from any EmiratesNBD ATM or branch network in the UAE or from any VISA or PLUS marked ATM’s, noting that the withdrawal limit for this card is Dhs5000 compared to Dhs20000 for the main card. The cardholders will be able to top-up their balance through EmiratesNBD cash deposit machines or over the counter in any of the bank branches in the UAE, and pay for reservations, travel and shopping from millions of VISA accepting retail outlets globally.
iVESTOR Shabab card applications should be submitted to DFM Client Services Affairs Department or any DFM licensed broker.
iVSTOR Shabab key features:
- Manage spending responsibly within controlled limits, for example, parents could receive copies of statements (Optional).
- Purchase goods and services / reservations from:
• Retail outlets worldwide
• Online shopping (E.g. phone apps via App Stores)
• Bill payments (Telephone bills and top-up credit balance)
- Withdraw cash 24/7 and instantly from any EmiratesNBD ATM or branch in the UAE, or from any VISA/PLUS marked ATM machines worldwide, within the limit of the card balance.
- Top up the card balance regularly from EmiratesNBD cash deposit machines or branches.
- Receive any future cash dividends managed by DFM directly onto the card account.