IslamiQ.com (Cayman) Ltd (IslamiQ), the world's first online provider of finance and investment services compliant with Islamic principles, today announces that an online brokerage service, TradeIslamiQ, provided by Trade.com Networks Inc. (Trade.com) using its financial transaction technology, is available to IslamiQ members.
With TradeIslamiQ, members can now, by using ScreenIslamiQ, IslamiQ’s unique 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 U.S. stocks and is updated every two months, making it the most detailed and comprehensive Islamic screening mechanism available to consumers.
This launch marks the first time that Muslims will have the capability to Islamically screen and trade in securities through a single process. Trade.com, through the TradeIslamiQ service, offers its customers online trading services, proprietary research, real-time news and quotes, and is accessible on a 24-hour basis. 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. This new Islamic online investment service can be accessed by going to http://www.IslamiQStocks.com
This new alliance with Trade.com positions IslamiQ as the front-runner in the rapidly developing global Islamic investment sector. IslamiQ now boasts a first-to-market advantage, backed by an experienced management team, established customer awareness and a distinguished Shari’ah advisory board, an essential requirement for issuing rulings on the Islamic permissibility of business transactions.
The global Islamic capital market is estimated to be as large as U.S. $150 billion, with an annual growth rate of 20%. In addition to this are the even more extensive assets that Muslims have invested in conventional financial instruments, due to the lack of Shari'ah-compliant alternatives.
Dr Hasnita Dato' Hashim, CEO of IslamiQ, commenting on the agreement: "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 said, "Trade.com offers real-time on-line 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."
This new Islamic online investment service can be accessed by going to www.IslamiQStocks.com.
For further information please contact:
Dr Hasnita Dato' Hashim, CEO, IslamiQ
Tel:+44(0)20 7663 5609
Tanya Quinn, Vice President, Trade.com
Tel: 001 646 458 2005
Henry Harrison-Topham/Russell Elliott
Tel: +44(0)20 7220 7477
Bankside Consultants Limited, London
Notes to editors:
- IslamiQ was launched in March 2000, by Dr Hasnita Dato' Hashim, one of the pioneers of Islamic investment banking. The site offers information on investment products that are in line with the principles of Shari'ah law.
- IslamiQStocks.com was launched in August 2000 and is the first website to offer a comprehensive "stocks screening process" across several major exchanges according to Shari'ah Law.
- IslamiQFunds was launched in October 2000 as part of IslamiQStocks and offers a range of Islamic investment funds in a single site. IslamiQFunds service is the first on-line funds supermarket dedicated to Islamic products.
- In October, IslamiQ advanced its global expansion plans through a strategic alliance with Sybase, Inc. a premier supplier of e-Business solutions.
- Shari’ah is defined as Islamic jurisprudence or law that is adhered to by Muslims. Shari’ah law prohibits investing in securities of companies whose business activities include dealings in alcoholic beverages, gambling, pork products, and interest, as well as certain other prohibitions.
About Trade.com Global Markets, Inc.
Trade.com Global Markets, Inc. (Trade.com) is the global partner that delivers, though its subsidiaries, traditional investment banking and brokerage, full service online brokerage and financial transaction technology through the creation of co-branded and private-labeled web trading platforms. Trade.com, as holding company, has three wholly owned subsidiaries: BlueStone Capital Securities, Inc., Trade.com Networks, Inc., and Trade.com Ventures, Inc. These subsidiaries work together to form a global, financial marketplace. Based in New York, Trade.com Online Securities is a division of Bluestone Capital Securities, Inc., member NASD, ISMA, SPIC, a registered broker dealer and an investment and merchant bank specializing in small to mid-cap companies (all securities products and services are offered through BlueStone Capital Securities, Inc.). By combining unparalleled global technology with full service investment banking, Trade.com provides partners with the power of one global market. Trade.com delivers this global financial marketplace through its network of partnerships around the world.
For more information visit http://www.trade.com.
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