First Sharia compliant share dealing service launched for Africa

LCF Securities Ltd (Mauritius) and UMEX Securities Group UK have jointly launched the first Sharia compliant share dealing service for Africa.

The service provides a pre- screened service of Sharia compliant companies listed on global exchanges. It provides trading access in over 30 countries and with over 10,000 Sharia compliant equities, ETFs and over 500 mutual funds.

Investors can also obtain client accounts to ensure these are handled under Sharia guidelines.

The share dealing and account services have been developed because it is felt that this client segment has historically been overlooked by financial institutions in Africa and Europe, when it comes to offering Sharia compliant stock broking services.

The launch encompasses a number of services including:

Educational trading platform – The stock simulation is a risk-free environment using a trading system simulation using actual real-time transactions. It will allow new comers a head start in trading globally.

Retail online trader – The private client share dealing service will be complimented by an online share trading platform to approved private individual clients of LCF so they can trade Sharia compliant stocks listed on main markets around the world.

Institutional trader – LCF also hosts an online professional market participant (B2B) trading platform UMEX Trader, and relies on UMEX’ ability to provide continuous market making during global trading hours. The platform claims to be the world’s first Sharia compliant for access to all traded asset classes as well as investment products based on a range of underlying assets.

Mutual fund platform – Ethical and Sharia compliant fund platform for professional market participants, market members, fund managers, investors and collective investment institutions. The platform’s execution and settlement is provided by Nordic bank SEB, and will start by hosting some 500 onshore and offshore funds that are pre-screened for Sharia compliance.


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