ALKHOBAR, 30 September — The data security situation is ugly these days. If you don’t visit any another site on the Net this week take the time to browse www.anti-virus.com. This super site has quick links to all sorts of security tips and tricks from the latest advisories to data cleaning programs and cookie managers. Go to anti-virus.com and find the best protection for your data.
Everything still appears to be on track for the IT festivities set to start in Dubai on Oct. 13. While the word here in Saudi Arabia was that Bill Clinton had cancelled his appearance in Dubai, the event’s organizers telephoned me yesterday and said that on Tuesday last week he had reconfirmed that he would be at Stars 2001. GITEX is moving forward. Airlines have been demanding that those individuals with early reservations for the exhibition’s opening day purchase their tickets by Oct. 3. I already have mine. My fax machine and inbox are clogged with notices from exhibitors so it appears that despite the fears of military action, the Gulf’s IT community has decided to get together and do some business.
Lots of folks are spending money in New York in a virtual way on the NY Stock Exchange and the NASDAQ. Those Muslims looking for some advice in this area should check out iHilal Financial Services. iHilal.com is an online service specializing in Islamic financial products and services. As a regulated 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 venture between Accenture Technology Ventures, the venture capital unit of Accenture, and Rasmala Islamic Finance Ltd., a subsidiary of Rasmala Private Equity Group, a consortium, which includes Deutsche Bank, Saudi American Bank, and a number of prominent institutional and private investors. The company has offices in London, Guernsey, Dubai Internet City, and Minneapolis, Minnesota, USA.
iHilal launched its services to the US Muslim community in conjunction with the 38th annual Islamic Society for North America Convention, which took place in Chicago from Aug. 31-Sept. 3. iHilal was a key sponsor of the conference.
The company believes it will do well in the US market despite the current crisis because the United States is home to a population of more than six million Muslims — the nation’s fastest growing religious group. Investors making purchases with iHilal’s online services are ensured that the equities are Shariah compliant through the use of iHilal’s Islamic Stock filter, which is based on the Dow Jones Islamic Filter.
Ramzi Abu Khadra, CEO, iHilal Financial Services, shared his thoughts for the future of his company and the world economy in the aftermath of the US terrorist attacks. He stated that iHilal was working very hard to counter any negative images of Islam, which may have appeared in the past few weeks.
“The tragic events in the United States have put Islam under the spotlight,” said Abu Khadra. “There is a greater challenge for all Muslims, including individuals and organizations, to make it very clear to the entire world that Islam abhors hostility and barbarism. By contrast, Islam is the religion of peace, love and common good for humanity. And that is exactly how we at iHilal Financial Services are trying to position ourselves as far as Islam is concerned. Islam builds societies and brings them prosperity and well-being, and not terror and destruction.”
He continued, “iHilal Financial Services is based on the concept of ethical or Islamic wealth creation. The company provides Muslim investors, and ethical traders, the ability to trade stocks, invest in mutual funds, and perform a host of finance related activities, all in accordance with the Islamic Shariah regulations, which a lot of ethical non-Muslim investors find equally attractive. The role iHilal plays in countering any negative images about Islam that may have resulted from the latest events in the US, is that Islam helps in building economies and nations, and not destroying them. Currently, the Islamic financial industry is valued at more than $150 billion and is enjoying a growth rate of more than 20 percent annually. With a global population of more than 1.2 billion Muslims worldwide, Islamic investing can play a major role in the support and prosperity of individuals, communities, and nations.”
Abu Khadra feels that with the rapidly growing population of Muslims worldwide, the Internet has become an ideal and very necessary medium to facilitate ethical or Islamic investment from anywhere in the world, anytime. He explained that iHilal Financial Services’ platform on the Internet provides investors with access to a diverse range of the highest quality Islamic products and services from the leading institutions operating in the Islamic financial space, with 24x7 connectivity. In addition, embracing the Internet as a transactional medium provides iHilal’s users with many other benefits that include ease-of-use, privacy and confidentiality for clients, ability to compare different financial solutions and services globally available on the web, and the elimination of the traditional brokerage role as the investor gets directly involved in the trading process.
While the company is looking globally, it hasn’t forgotten its roots in the Middle East.
“iHilal is using the Internet to create a co-branded financial platform which provides brick-and-mortar banks and financial institutions in the Middle East with a web-based infrastructure that allows their customers to access Islamic investment services available in global financial markets,” said Abu Khadra. “As demand for Islamic financial solutions and products increases, iHilal’s co-branded platform will allow financial institutions to retain existing clients, attract new customers, expand their current service offerings, and introduce a new revenue stream for their operations.”
At its most basic level, iHilal is all about helping investors profit, but Abu Khadra asserted that the company can do so much more. “iHilal’s presence on the Internet enables users from anywhere in the world to experience an aspect of the ‘real’ essence of Islam,” he said. “This widespread availability of information through the web helps to counteract misconceptions that may arise. Fundamentally, the Internet is a global medium, and in times of global upheaval, it can act as a vital source of information for greater understanding.”
