iHilal Financial Services embarks on Islamic banking drive

Online Islamic financial services site, iHilal.com is opening up globally available Islamic investment opportunities with co-branded financial services.

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By  Greg Wilson Published  August 6, 2001

Online Islamic financial services site, iHilal.com is opening up globally available Islamic investment opportunities to Middle East banks and customers.

The online venture plans intends to tie up with regional banks and offer co-branded Shar’iah-compliant Islamic investment services to the local customer base. Shar’iah-compliance will be ensured through the use of iHilal’s Islamic Stock Filter, which is based upon the Dow Jones Islamic Filter.

“There is a growing worldwide demand for Shari’ah-compliant investment products and services,” said Ramzi Abu Khadra, CEO of iHilal Financial Services.

“With the launch of our co-branded online financial platform, financial institutions in the region will have immediate access to investment offerings available in world-leading financial markets, meeting the increasing customer requirement for ethical investment opportunities,” he added.

Via the co-branded platform, local financial institutions will enable Islamic stock trade opportunities, Shari’ah-compliant mutual funds, and numerous decision-making tools.

“Banks not offering Islamic financial services and solutions in the Middle East region will face the risk of losing their customer base to those who do provide Islamic investment products,” said Ferhat Guven, senior marketing officer with iHilal Financial Services.

iHilal is targeting its co-branded platform at small-to-medium sized financial institutions within the region, many of which find the high cost of entry to the Islamic investment market prohibitive.

“iHilal Financial Services offers a scalable brokerage and funds solution that enables financial institutions to participate in the online investment services market without having to invest in a costly, Islamic-compliant, proprietary e-commerce platform,” added Guven.

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