The internet has, and will continue to, revolutionize many aspects of oursociety, business and life. One area that the internet has excelled in is financial information and services.Think about it for a while:
- Information on stocks, quotes, corporate news, mutual funds, graphs, and more are now freely available, and in amazingly high quality on thousands of web sites!! Muslims can (and do) make use of the above information, but it is not customized to the needs of, nor targeted to, Muslims.
- Tens of brokers have opened shop on the web to a global audience (E*Trade, Datek, ...etc.), and many Muslims use them to buy and sell stocks. However, many give interest on cash balances.
- Hundreds of institutions have internet banking (many of them offer their products for worldwide customers such as Security First Network Bank, NetBank, ...etc.), and many Muslims use them. However the question of interest and alternative modes of financing is not addressed.
- Hundreds of lenders offer house loans (mortgage) to the public, including Muslims, but none offer products and services that cater for their needs.
I guess I could give more examples for other areas, such as insurance,business financing, venture capital, leasing, and more, but you getthe general picture.Now, it is time for credible Muslim financiers to get their act togetherand offer equivalent products and services to the 1.2 billion Muslimsworldwide using the internet as the global distribution channel.If you work for an institution that has such a potiential, then do whatis right for your Muslim brethren worldwide, and what is right foryour employer, and suggest the formation of such ventures.This web site will be happy to voice such calls, and advertise theefforts underway, from individuals and organizations alike.