IslamiQ.com, a Internet site that bills itself as the world's first investment portal providing services in compliance with the Shariah (Islamic law), will be launching an online brokerage service, TradeIslamQ, which will be provided by Trade.com.
The new facility will allow IslamiQ.com users to buy and sell US securities, after ascertaining that they conform to Shariah. This would be done by using IslamiQ.com’s ScreenIslamiQ service to determine the status of a given security, and then executing transactions through Trade.com, using the TradeIslamiQ facility.
ScreenIslamiQ reviews the Shariah status of more than 6,000 US stocks on a two-monthly basis. In its press release, IslamiQ.com claims it to be the most detailed and comprehensive Islamic screening mechanism available to customers. The new service will not allow trading in bonds or options, short selling the receipt of interest or the use of margin accounts.
The IslamiQ.com was launched in March 2000 to offer information on investment products that are in line with the principles of Shariah. — (Albawaba-MEBG)
© 2001 Mena Report (www.menareport.com)
