iHilal.com Aims to Corner Internet-Based Islamic Financial Market

Category: Life & Society Topics: Economy, Finance Views: 1506

LOS ANGELES, April 5 (iviews.com) iHilal.com, aiming to be the leading provider of Islamic financial services on the Internet, launched its Web Site this week. (Watch Video)

The company held a gala dinner in Dubai to publicize the Site, and hosted several other community-based events in London and Los Angeles.

"The launch represents our determination to reach all sectors of the Islamic community and to offer them an Islamic alternative to conventional investment practices," explained Thomas Tellner, marketing manager for iHilal USA, speaking to a gathering of Muslim activists and community leaders in Los Angeles.

iHilal is initially offering investment opportunities in three Sharia-compliant mutual funds; these include funds managed by the Saudi American Bank (SAMBA), Orbitex and the National Commercial Bank of Saudi Arabia. The company has also activated its online Islamic stock trading service. Additional Sharia-compliant mutual funds are expected to be offered in the next few weeks, with halal mortgages and Islamic insurance products being offered later this year.

"All of iHilal's products are strictly compliant with Sharia law. Every mutual fund is directly overseen by a Sharia board comprised of prominent Islamic scholars, and our online brokerage service is regulated by an Islamic filter which allows trading only in Sharia-compliant equities." said Tellner.

The iHilal filter is based on the Dow Jones Islamic Index filter that represents the world's first global Islamic stock index, he added. The filter prevents any trading of stocks that are related to interest-based banking, pork products, defense companies or any activity that violates Islamic principles.

Tellner added that iHilal has its own Sharia Advisory Panel that oversees all of the company's financial and administrative operations, thereby ensuring that all of the company's affairs are fully compliant with Sharia law. The two-man panel includes Sheikh Yusuf Talal De Lorenzo, a well-known Islamic scholar based in the US, and Sheikh Nizam Yaqubi, also a scholar and an expert in Islamic financial issues. Both scholars also sit on the Sharia boards of the Dow Jones Islamic Index and several other prominent Islamic financial institutions.

iHilal has already established relationships with Islamic organizations including the Muslim Council of Britain.

iHilal was founded by the Rasmala Private Equity Group and Accenture technologies Ventures, previously known as Andersen Consulting Ventures. Rasmala is a leading private investment fund prominent institutional investors such as Deutsche Bank and Citibank. Accenture Technologies Ventures is a leading global consultancy focusing on information technology services, venture capital and business alliances.

  Category: Life & Society
  Topics: Economy, Finance
Views: 1506

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