Saxo Bank, an online trading and investment specialist, has enabled its clients to identify and trade Islamic-compliant stocks and exchange traded funds (ETFs) on more than 25 exchanges worldwide. The bank selected IdealRatings, a global Islamic-compliant fund management service provider, as the most reliable source for identifying Islamic compliant instruments globally.
The compliance reasoning is based on commonly accepted and transparent Islamic guidelines defined by IdealRatings and Shariah Review Bureau, with operations in Jeddah, Bahrain and Saudi Arabia and Manama. More than 12,000 stocks and ETFs are screened and researched on a monthly basis by IdealRatings.
Jakob Beck Thomsen, regional head of Middle East and chief executive officer (CEO) of Saxo Bank (Dubai), said: “Islamic finance is one of the fastest growing sectors in the world today and we are excited to enable our clients to identify and trade Islamic compliant stocks online. IdealRatings is the industry’s most trusted brand for identifying and researching Islamic compliant stocks and we are confident in offering their data to our clients.”
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