IslamiQ.com (Cayman) Ltd (IslamiQ), the online provider of finance and investment services compliant with Islamic principles, announced last week that an online brokerage service, TradeIslamiQ, provided in alliance with US company Trade.com Networks Inc, is now available to IslamiQ members.
The launch of TradeIslamiQ is the latest offering in a long line of products rolled out by IslamiQ, which was itself launched in March 2000 as a site geared towards providing information on investment products that are in line with the principles of Shari'ah law. IslamiQStocks.com was launched in August 2000, offering a comprehensive "stocks screening process" across several major exchanges according to Shari'ah law, and in October 2000, IslamiQFunds became the first online fund supermarket dedicated to Islamic products.
With TradeIslamiQ, members can now, by using ScreenIslamiQ, IslamiQ's screening process, determine the Islamic status of a given security and then, if they wish, execute their transactions through a brokerage account they have opened with Trade.com using the TradeIslamiQ facility. ScreenIslamiQ reviews the Islamic status of over 6,000 US stocks and is updated every two months. IslamiQ claims it is the "most detailed and comprehensive Islamic screening mechanism available to consumers".
Trade.com, through the TradeIslamiQ service, offers its customers online trading services, proprietary research, real-time news and quotes, and is accessible 24-hours a day. To comply with Islamic principles, IslamiQ members do not have the ability to trade in bonds or options, engage in short selling, receive interest or open margin accounts. The new trading service is available through www.IslamiQStocks.com.
Commenting on the lastest service from IslamiQ, Dr Hasnita Dato' Hashim, the company's chief executive, said: 'We expect this alliance with Trade.com to further enhance IslamiQ's range of services, which already include a 'supermarket' of offshore Islamic mutual funds, a stock screening service, and a news service specializing in Islamic financial news for Muslims and other professional investors worldwide. The TradeIslamiQ online broking facility provided through Trade.com online securities will further augment this package.'
Mr Kamal Mustafa, Chairman and President of Trade.com Global Markets, added: 'Trade.com offers real-time online brokerage solutions with traditional equity research that complement the services already offered by IslamiQ. Although there are many financial Web portals in the market, IslamiQ is unique with its analysts trained in specialized screening and filtration to ensure that the selected businesses conform to Islamic guidelines and principles in markets known to Trade.com.'
IslamiQ's chief financial officer, Peter Farrar, said that having a fully-fledged brokerage operation will not compromise the company's status as a screening service provider: 'We are not making any recommendations to potential investors. What we do offer is a broad platform for those looking to invest in Sharia products, which was not there earlier.......Based on our very conservative assumptions, it's well within us to have a 10 per cent share of the online market within the next one or two years. Our's is a very niche market with no one else in there.'
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment