Islamic Banking Comes to the Web

October 9, 2000

Source: The New York Times

On October 9, 2000, The New York Times reported that "the Internet may finally be living up to its potential as a truly global network. A case in point is, a financial services portal aimed at Muslim investors who wish to manage their finances in accordance with Islamic principles. The company, which began operations in Malaysia in 1999 and has its headquarters in London, held a luncheon in Manhattan last Wednesday to celebrate the opening of its New York office and sign a partnership with the database software company Sybase Inc. Dr. Hasnita Dato' Hashim, chief executive of IslamiQ (pronounced Islam I.Q.) and one of the company's founders, said the company hoped to capture much of the Internet activity of an Islamic equity market it estimates at $150 billion. Staff members have screened more than 8,000 equities listed on exchanges around the world to determine whether they are compliant with Islamic law, or Shariah."