Muslim finance portal IslamiQ.com is to open an online brokerage - TradeIslamiQ - in association with Trade.com Networks.
Registered users of the service will be able to determine the Islamic status of a given security and execute transactions through a brokerage account with Trade.com using the TradeIslamiQ facility. The screening process reviews the Islamic status of over 6000 US stocks and is updated every two months.
The brokerage service is accessible on a 24-hour basis. To comply with Islamic principles IslamiQ members do not have the ability to trade in bonds or options, engage in short selling, receive interest or open margin accounts.
Dr Hasnita Dato' Hashim, CEO of IslamiQ, says the online broking facility augments the company's existing package which includes a `supermarket' of offshore Islamic mutual funds, a stock screening service, and a news service specialising in Islamic financial news for Muslims and other professional investors worldwide.