UAE’s Mbank and Al Dar Shares & Bonds agree to provide liquidity for margin trading on ADX

UAE’s Mbank and Al Dar Shares & Bonds agree to provide liquidity for margin trading on ADX

UAE-based digital bank Al Maryah Community Bank (Mbank) and Al Dar Shares & Bonds have signed an agreement for Mbank to provide margin trading facilities of up to 500 million dirhams ($136 million) to Al Dar's clients trading on the Abu Dhabi Securities Exchange (ADX). Mbank will allocate a set amount of AED 500 million to finance the margin trading operations of Al Dar Shares & Bonds investors and Al Dar will act as an agent for Mbank in its financing operations while implementing the margin trading rules on behalf of the bank, according to an MBank statement on the ADX on Friday. Mohammed Wassim Khayata, CEO of Mbank, said the product is the first of its kind in the UAE and offers an easy digital experience that is in line with the country's moves towards digital transformation. (Writing by Brinda Darasha; editing by Seban Scaria) [email protected]