IslamiQStocks.com helps Muslims trade online
Web site is backed by Shari'ah council of scholars that screen companies to ensure they are suitable for Islamic investors.
IslamiQStocks.com has gone live on the Web. The Islamic financial and investment information portal is unique from other stock trading sites in that it features only stocks that have been screened for suitability to Islamic investors.
The stock screening process involves an assessment of a company's business activities by a respected Shari'ah council of scholars. For example, the council looks into the activities of a company and would fail companies involved in gambling and other Halal practices. The balance sheet of the company is also scrutinised, and companies deriving too much income from interest, for example, would also fail to meet the criteria needed for Islamic investment.
IslamiQStocks.com has screened over 8000 active companies listed on the London Stock Exchange (LSE), New York Stock Exchange (NYSE), American Stock Exchange (AMEX) and NASDAQ.
"We are creating the world's first one-stop Islamic financial and investment information source online," said Hasnita Hashim, CEO of IslamiQ.com, the parent company of IslamiQStocks.com.
Online stock trading is not yet a feature of IslamiQStocks.com, but ITP.net was assured this service will be introduced in the future.