iHilal of Dubai, United Arab Emirates announced yesterday the launch of iHilal.com, the first financial services website that offers stocks and mutual funds compliant with Islamic law.

Islamic law principles require that an investment be in 'ethical sectors' and that all wealth creation result from a partnership between the investor and the user of capital where rewards and risks are shared, according to the company.

The site is designed to reach middle income Muslims around the world, according to the company.

The potential market for financial products and services compliant with Islamic law is estimated to include 140 million Muslim investors with current investments of $175 billion, according to the Bahrain Institute of Banking and Finance.

'Investors throughout the Muslim world want credible financial products and services that comply with the teachings of Islam,' said Ramzi Abu Khadra, CEO of iHilal. 'Now, for the first time, Muslim retail investors have the ability to invest online in over 1,000 Islamically-screened stocks traded on US markets, as well as Shari’ah [Islamic law] compliant mutual funds.'

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