KUALA LUMPUR: CGS-CIMB Securities Sdn Bhd (CGS-CIMB) recently launched its retail Islamic Cross Border Trading (ICBT) services through its online platform CGS-CIMB iTrade.
The launch marks CGS-CIMB to be the first broker in Malaysia to do so amidst global economics uncertainties brought about by the Covid-19 pandemic and crude oil crash.
"During the time of uncertainties, there are pockets of investment opportunities abroad and local.
"Therefore, investors can consider diversifying their investments to reduce the impact of market volatility. Hence, we are in the opinion that the launch of this product is timely," CGS-CIMB chief executive officer Ruzi Ajith said in a statement today.
The ICBT provides a complete Islamic ecosystem with shariah screening provided by Refinitiv Eikon, formerly known as Thomson Reuters Financial & Risk.
It offers a broad collection of Islamic equities with over 30,000 company stocks listed from more than 34 countries.
The equities go through a precise screening process and more than 11,000 are certified as shariah compliant.
The companies are screened monthly depending on the financial disclosure updates. The exchanges available includes NASDAQ, New York Stock Exchange (NYSE), NYSE American, Hong Kong Exchanges (HKEX), Singapore Exchange Ltd (SGX), Indonesia Stock Exchange (IDX) and Stock Exchange of Thailand (SET).
Inline with the new offering, CGS-CIMB will also organise a series of nationwide roadshows and seminars and social media campaign titled 'Demi Barakah' to educate the public on global and local shariah compliant investments and financial literacy and will be held through online portal and on Facebook Live.
"We encourage the public to follow the iTrade Islamic Facebook page to gain more investment and financial insights,” Ruzi said.
These initiatives are also part of the company’s efforts and corporate social responsibility to improve the public’s investment and financial knowledge.