JEDDAH, 3 June — IslamiQ has announced the introduction of its revamped IslamiQFunds site (http://www.islamiqstocks.com/islamiqfunds/). Building on the success of the original IslamiQFunds service, launched in October 2000, IslamiQ (www.islamiq.com) now brings Muslim investors an enhanced funds service, according to an official press release. “The new IslamiQFunds site is designed to streamline and simplify the investment process for both new and mature Muslim investors,” the statement added.
The IslamiQFunds service, offered through the IslamiQStocks.com portal, is claimed to bring together for the first time a range of Islamic investment funds in a single site. The IslamiQFunds service is described as the first online funds supermarket dedicated exclusively to Islamic investment products.
Commenting on the service, IslamiQ CEO Dr. Hasnita Hashim stated, “In line with our mission to open up Islamic investment opportunities to the wider investor public, we’ve enhanced the new IslamiQFunds site to offer a more user friendly transactional interface. It’s aimed to cater to the entire range of Muslim investors, including both first time and experienced investors.”
Currently, the majority of Islamic funds have mainly been targeted at large institutions and high net worth individuals. A key differentiator of the IslamiQFunds service is that it offers far greater choice to the wider Muslim investor base, by opening up access to a greater range of investment products to target middle-income individuals as well. In addition, the IslamiQFunds service also provides Shariah guidelines on the Islamic funds offered.
IslamiQ currently offers both access to and analysis of 18 Islamically structured funds, which account for around a fifth of the total Islamic funds market. More Islamic funds are expected to join the service in the coming months. The funds currently featured on IslamiQFunds include those managed or sponsored by The International Investor, Permal Asset Management, Royal Bank of Canada, and Pictet & Cie. The service allows customers to access detailed fact sheets on each of the funds, as well as comparative data, which can be used to assess performance across the range of funds featured.
The IslamiQFunds service is underpinned by an arrangement with Towry Law International, which provides customers with independent financial advice and a client account service. The IslamiQ-Twory Law alliance combines IslamiQ’s Islamic financial expertise and credibility, with Towry Law’s well-established conventional asset management and advisory experience, thus delivering a unique package for both Islamic institutions and Islamic investors.
Another major enhancement is the addition of an Arabic section. IslamiQ.com generates its own news and content, most of it emanating from the Arab world. Web traffic from the Arab world to IslamiQ.com comes second after the US and ahead of Europe and Asia. “Internet in the Arab world has witnessed a tremendous boost in the past year hence the need to provide our services in Arabic,” Hashim added.
