Saxo Bank enables online Islamic trading

Saxo Bank A/S, the online trading and investment specialist, has today enabled its clients to identify and trade Islamic compliant stocks and ETFs on more than 25 exchanges worldwide. The Bank selected IdealRatings a leading global Islamic compliant fund management service provider, as the most reliable source for identifying Islamic compliant instruments globally.

The compliance reasoning is based on commonly accepted and transparent Islamic guidelines defined by IdealRatings and Shariah Review Bureau with operations in Jeddah, Bahrain and Saudi Arabia and Manama. More than 12,000 stocks and Exchange Traded Funds (ETFs) are screened and researched on a monthly basisby IdealRatings.

Jakob Beck Thomsen, Regional head of Middle East and CEO Saxo Bank (Dubai) said: “Islamic finance is one of the fastest growing sectors in the world today and we are excited to enable our clients to identify and trade Islamic compliant stocks online. IdealRatings is the industry’s most trusted brand for identifying and researching Islamic compliant stocks and we are confident in offering their data to our clients.”

Mohamed Donia, CEO of IdealRatings, added: “Saxo Bank A/S has always been an innovator and market leader in providing its clients with quality financial services and we are delighted to partner with them to provide this reliable information for their discerning investors.”