Portal offers range of Islamic investment funds

IslamiQFunds is a new service offered by IslamiQ through its portal IslamiQStocks.com, bringing together a range of Islamic investment funds in a single site. Although fund supermarkets have been popular in the conventional market, the IslamiQFunds service is the first online funds supermarket dedicated to Islamic products.
The Internet has introduced a new competitive landscape in which technology has changed the rules of engagement. As with the conventional market, the Islamic sector is moving away from traditional deposit-based savings to investment-based savings a trend that IslamiQ plans to facilitate in line with Sharia principles.
Dr Hasnita Hashim said, "This is yet another excellent opportunity where IslamiQ can offer a pioneering service to Islamic investors at a time when increasing numbers of Muslims are looking at Sharia-compliant investment opportunities."
A majority of Islamic funds have been targeted at large institutions and high net-worth individuals. A key differentiator of the IslamiQFunds service is that it offers far greater choice to the wider Muslim investor base by opening up access to a greater range of investment products. In addition, the IslamiQFunds service provides Sharia advice on the Islamic funds offered.
IslamiQ offers access to and analysis of 18 Islamically structured funds which account for about a fifth of the Islamic funds market. More funds are expected to join the site this quarter. The funds featured on IslamiQFunds include those managed or sponsored by The International Investor, Royal Bank of Canada and Pictet and Cie.
This new service gives customers access to detailed fact sheets on each fund as well as summary data which can be used to compare performance across the range of funds featured.
The lslamiQFunds service is underpinned by an arrangement with Towry Law International, which provides customers with independent financial advice and a client account service. The IslamiQ-Towry Law alliance combines the company's Islamic financial expertise and credibility with Towry Law's well-established conventional asset management and advisory experience, thus delivering a unique package for Islamic institutions and investors.
IslamiQStocks.com was launched in August and is the first website to offer a comprehensive "stocks screening process" on several major exchanges according to Sharia law. IslamiQ is raising new funds for further development with a view to float it on the international market by the end of 2002.