To provide financial institutions in the region with a complete Islamic investment solution, iHilal Financial Services, the first regulated online Islamic financial services provider, announced the planned launch of iHilal Institutional—an Islamic financial and advisory service targeting corporate investment entities in the Middle East region and beyond.
iHilal Institutional is designed to provide Islamic investment options to commercial, investment and private banks, asset management companies, brokerages, and independent financial advisers.
“Having successfully completed iHilal's retail services offering, the time has come to complement iHilal's Internet-based services with a more face-to-face approach, providing Islamic financial solutions that cater to the institutional and high-net worth individual investor,” said Ramzi Abu Khadra, CEO of iHilal Financial Services.
”iHilal's new strategic focus on providing corporate Islamic investment solutions will come as a natural response to the rapid developments in the Islamic financial investment industry and as a necessary move to respond effectively to the increasing demand for advanced and credible Islamic financial products by the corporate financial sector in the Middle East,” stated a company press release.
“The Islamic financial industry is largely fragmented and decentralized. And the launch of iHilal Institutional would provide financial institutions in the region with access to a host of best-of-breed solutions and products that are developed by world-class financial companies,” said Abdullah Najia, newly appointed managing director of iHilal Institutional.
iHilal Institutional will provide the corporate financial sector in the region with products developed by world-leading financial institutions in the UK and US markets. Advanced solutions offered for the corporate sector include Islamic mutual funds in the technology, telecommunication, construction, and pharmaceutical industries. iHilal Institutional will also provide North American, European, Asian, Latin, and Gulf Cooperation Council (GCC) funds.
iHilal Financial Services enables Muslim investors worldwide to conduct Sharia'ah-compliant financial transactions. iHilal Financial Services is an online service specializing in Islamic financial products and services. As a regulated and global company, its current offerings include an online Islamic stock trading service, as well as an Internet platform to invest in Islamic mutual funds provided by leading financial institutions.
Founded in March 2000, the company is a joint investment between Accenture Technology Ventures, the venture capital unit of Accenture and Rasmala Islamic Finance Ltd., a subsidiary of Rasmala Private Equity Group, a consortium including Deutsche Bank, Saudi American Bank—a Citigroup affiliate—and a number of prominent institutional and private investors. The company has offices in London, Guernsey, Dubai Internet City and Minneapolis, Minnesota USA. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
