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First website is set up for Muslim investors

Muslims now have their own financial services website.

IslamiQStocks.com, which was set up last week, aims

to enable Muslims to manage their financial affairs in accordance with Islamic

or Shari&#39ah law. Under Shair&#39ah law, Muslims are prevented from investing in companies whose business involves alcohol, gambling, pork products or pornography.

The website offers stock-screening, where stocks are

filtered against Islamic-per- missible or Halal equities.

IslamiQStocks.com says it screens more than 8,000 active companies on stockmarkets, including the London Stock Exchange, the New York Stock Exchange and Nasdaq.

The company&#39s Shari&#39ah board assesses business activities in terms of the amount of non-Halal income as well as other criteria.

The site also features 18

offshore Islamic investment funds in conjunction with Towry Law International.

IslamiQStocks.com chief executive officer Dr Hasnita Dato&#39 Hashim says: “By launching this site we are creating

the world&#39s first one-stop Isla-

mic financial and investment information source online.

This unique portal will serve not only Muslim investors

but everyone needing this information for their own research.

“The site is aiming to connect people around the globe, especially Muslims, with the latest international stockmarket information.”

Towry Law International Islamic investment funds unit director Eliot Sanft says: “We are offering an international managed Islamic fund port-

folio, the international IslamiQ private portfolio service, in partnership with the site. This is a first for the industry.”

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