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First On-Line Supermarket for Islamic Funds Opens

IslamiQ of New York has introduced IslamiQFunds, a new service offering

Islamic investment funds through its website, the company announced. The company says its global portal is the first exclusively for Muslim investors.

IslamiQFunds is the first online fund supermarket for Islamic products, IslamiQ said. The service gives investors access to 18 funds that comply with Islamic principles. These funds represent one-fifth of the total Islamic funds market, according to IslamiQ. More funds will probably be added to the site within the quarter, according to IslamiQFunds. The service offers analysis of the funds and data on each fund, the company said.

IslamiQ, started in March by Dr. Hasnita Hashim and Peter Farid Faisal, an entrepreneur, offers information on investment products that are in line with the principles of Shari'ah law, law followed by devout Muslims. Islamic investing guidelines prohibit investing in companies that engage in conventional financial services including commercial and investment banks and insurance companies. Investing in companies that sell alcoholic beverages, pork products, or entertainment, including hotels, casinos, gambling, movies, music and pornography, is also prohibited, according to a spokesperson for IslamiQ., introduced in August, provides stock screening across several major exchanges, according to Shari'ah law.

Muslim investors are moving away from traditional deposit- based savings to investment-based savings, and IslamiQ seeks to offer products that adhere to Shari'ah principles and meet this population's needs, said Dr. Hasnita Hashim.