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Saturday, December 5 - 2009

Real-time, global news and information service developed for Islamic investors

  • United Arab Emirates: Tuesday, December 25 - 2001 at 13:10
  • PRESS RELEASE

Global news, commentary and Islamic stock information from Dow Jones Newswires will soon be available for the first time to private investors using iHilal.com

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  • Jaafar Aweidah, Global Sales and Marketing Director, iHilal Financial Services
    Jaafar Aweidah, Global Sales and Marketing Director, iHilal Financial Services
The content from Dow Jones Newswires is the most comprehensive set of online news and information available worldwide covering Shari'ah* compliant stocks. It is estimated that more than U.S. $200 billion is already invested in funds based on Shari'ah compliant securities.

Complementing iHilal.com's established online Islamic stock trading service and Islamic mutual funds investment platform, the content includes:

• Dow Jones Islamic Market Indexes: the world's leading group of indexes which track Shari'ah compliant stocks from around the world, providing Islamic investors with comprehensive tools based on a truly global investing perspective.

• Dow Jones Newswires equity news covering the 1,700 global components of the Dow Jones Islamic Market Indexes.

• "Islamic movers" feature covering the top ten gainers and losers each trading day among Islamic stocks in Europe, Asia and the Americas.

• Market commentaries including: European Morning Briefing, a daily summary of the U.S. and Asian financial markets and outlook for European markets; and Heard on the Street, a column from The Wall Street Journal on the latest moves on Wall Street.

Available on iHilal.com from 12 December, a summary of the Dow Jones Newswires content will be displayed on the site's front page. The full content will be available to registered users in the password-protected area of the site.

"iHilal Financial Services is committed to providing the Muslim communities worldwide with the best-of-breed financial and investment services and products," said Jaafar Aweidah, Global Sales and Marketing Director, iHilal Financial Services. "Our new partnership with Dow Jones Newswires will further enhance our offerings by enabling us to provide our customers with up-to-date, accurate, and reliable financial market news and information around the clock."

"By combining the Dow Jones Islamic Market Indexes with our unrivalled global reporting resource, we have been able to develop a unique, comprehensive information package for Islamic investors," said Michael Bergmeijer, vice president, international sales and marketing, Dow Jones Newswires. "Tailor-made for iHilal's users, we believe the real-time, global news service will provide a vital tool for their investments."

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Notes and media contacts

*Dow Jones Islamic Market Indexes includes business that are compatible with Shari'ah Law. A Shari'ah Board of Islamic scholars has been created to counsel Dow Jones on matters relating to the Shari'ah compliance of the indexes' eligible components.

Companies not considered suitable for Islamic investing are excluded. Incompatible lines of business include: alcohol, pork-related products, conventional financial services (banking, insurance, etc), entertainment (hotels, casinos/gambling, cinema, pornography, music, etc). Shari'ah scholars also do not advise investments in tobacco manufacturers or defense and weapons companies.

About Dow Jones Newswires
Dow Jones Newswires is the world's leading independent, real-time financial news provider. It delivers more than 7,000 items daily covering economic, financial and market-moving political news from around the world to 326,000 financial professionals (including traders, brokers, fund managers, investment and commercial bankers) in 66 countries. Hundreds of millions of additional users have access to selected Dow Jones Newswires content via various Internet sites, including bank and brokerage web sites, electronic exchanges, corporate intranets and business information services.

Founded in 1882, Dow Jones Newswires has more than 770 real-time editors and reporters, part of Dow Jones & Company's network of nearly 1,700 news staff - more business reporters than any other news organization in the world. It also draws on the resources of the Associated Press, giving Dow Jones Newswires access to a combined total of more than 3,650 reporters and editors in more than 230 news bureaus - the world's largest news-gathering network.

About Dow Jones and Company
Dow Jones & Company (NYSE:DJ) publishes the world's most vital business and financial news and information and has been serving the business community since 1882.

Dow Jones publishes The Wall Street Journal, The Wall Street Journal Europe and The Asian Wall Street Journal. It also publishes The Wall Street Journal Online at WSJ.com, which since its launch in 1996, has become the largest paid site on the Web with more than 609,000 subscribers. Dow Jones' other publications include Far Eastern Economic Review, SmartMoney and Barron's magazine.

In addition to Dow Jones Newswires and the online Journal, Dow Jones' electronic information services include Dow Jones Indexes and Dow Jones STOXX indexes, a set of European benchmark indexes.

Dow Jones is also co-owner with Reuters group of Factiva and with NBC of the CNBC television operations in Asia and Europe. Dow Jones also provides news content to CNBC and radio stations in the United States. Worldwide, CNBC reaches more than 164 million people in more than 100 countries. Factiva provides business news and information to companies and consumers direct to their desktop.

About iHilal Financial Services
iHilal Financial Services is an online service specializing in Islamic financial products and services. As a regulated and global company, its current offerings include an online Islamic stock trading service, as well as an Internet platform to invest in Islamic mutual funds provided by leading financial institutions.

iHilal Financial Services aims to become the destination for Muslim investors worldwide enabling them to conduct Sharia'ah-compliant financial transactions in a convenient and easy-to-use manner.

Founded in April 2000, the company is a joint investment between Accenture Technology Ventures, the venture capital unit of Accenture and Rasmala Islamic Finance Ltd., a subsidiary of Rasmala Private Equity Group, a consortium including Deutsche Bank, Saudi American Bank (a Citigroup affiliate) and a number of prominent institutional and private investors. The company has offices in London, Guernsey, Dubai (Dubai Internet City - the world's first free trade zone for IT and e-Business), and Minneapolis, Minnesota USA.

For further information, please contact:

Dow Jones Newswires:
Melanie Spencer, Dow Jones & Company, Tel + 44 (0) 20 7842 9685.

iHilal Financial Services:
Wallis Marketing Consultants
(Attn Michael E. Wallis, Nawfal Al-Jourani)
Tel: + 971-4 332 3225.

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