iHilal Financial Services Launches Operations in USA

iHilal Financial Services, an online Islamic financial services provider, formed as a result of a joint investment between Accenture Technology Ventures, the venture capital unit of Accenture and Rasmala Islamic Finance Ltd.,has launched its US sales and marketing initiatives.

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By  Massoud Derhally Published  September 13, 2001

iHilal Financial Services, an online Islamic financial services provider, formed as a result of a joint investment between Accenture Technology Ventures, the venture capital unit of Accenture and Rasmala Islamic Finance Ltd.,has launched its US sales and marketing initiatives.

The launch which will service the Muslim community comes in conjunction with the 38th annual Islamic Society for North America (ISNA) Convention, “ISLAM: Strength through Diversity,” taking place in Chicago from the 31st of August - 3rd of Sept, and for which iHilal is a key sponsor.

“The number of Muslim and ethical investors is growing exponentially in the United States, and we are capitalizing on increasing demand for Sharia’ah-compliant solutions that address their financial requirements,” said Ramzi Abu Khadra, iHilal Financial Services’s CEO, who will be addressing the Convention’s attendees about the benefits of online Islamic investing solutions.

The US is home to a growing population of over 6 million Muslims – the country’s fastest growing religious group. iHilal's online services now provide American Muslim investors with the ability to access Islamic investment services available in the US. Islamic equities from iHilal are determined to be Shar’iah-compliant through the use of iHilal’s Islamic Stock Filter, which is based upon the Dow Jones Islamic Filter. iHilal’s financial offerings include Islamic stock trading options and investment opportunities in US Islamic mutual funds provided by leading financial institutions.

“With the launch of iHilal’s new online Islamic financial platform, Muslim investors in the United States will have immediate access to investment offerings available in the US financial market that are consistent with Sharia’ah principles,” said Sheikh Yusuf Delarenzo, iHilal Financial Services’s Sharia’ah-compliant Board Member, who is also speaking at the Convention on the topic of “Sharia’ah Foundations for Islamic Finance.”

“iHilal’s mission in the US is to educate American Muslims about Islamic Finance and provide them with a platform to invest in US equities and mutual funds that are consistent with their ethics and values. We aim to provide Muslims with Sharia’ah compliant financial alternatives that are not available in conventional US financial institutions,” notes Mr. Abu Khadra.

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