Webull Securities Malaysia launches Islamic banking channel

Webull Securities Malaysia, a Webull subsidiary, has launched of an Islamic banking channel. This new feature offers local investors the flexibility to choose to fund their Webull trading accounts via an Islamic bank or a conventional bank, making Webull Malaysia the first fully online retail brokerage platform in the country to offer such a service.

The Webull digital investment platform has over 40 M downloads globally. The dual banking gateway provides a flexible currency exchange and deposit system. For those seeking to fund their trading accounts with shari'ah-compliant funding options, this new feature, together with zero deposit fees, interest-free and a profit-sharing based banking facility, will enhance their overall trading experience, Webull Malaysia said.

Webull Malaysia's new Islamic banking channel aims to cater to local investors who are looking to invest in shari'ah-compliant equities and exchange traded funds (ETFs) across both the Malaysian and US stock markets. It complements an existing shari'ah indicator for US stocks and ETFs.

Kenneth Chan, CEO, Webull Malaysia said: "We are proud to be the first fully online retail brokerage platform in Malaysia to offer local investors the flexibility to fund their trading accounts with an Islamic bank. The introduction of the Islamic banking channel, along with improvements to the shari'ah stock screener, enables investors to fund their trading accounts in a way that best aligns with their investment needs and principles. By offering local investors the option to choose between Islamic and conventional bank funding for their Webull accounts, we aim to deliver inclusive, seamless and accessible trading experiences for all investors.

"We are also committed to enhancing the experience of local investors by offering a fully-localised version of the Webull MY trading app. This feature allows users to translate all content - from portfolio displays to the latest local and international news, as well as the educational materials provided - into Bahasa Melayu, ensuring an accessible and tailored experience for our Malaysian users. We are proud to support the needs of Malaysia's investment community and remain committed to developing innovative products that enhance convenience and accessibility for investors."

With the new Islamic banking channel, local investors can choose to fund their trading account with an Islamic bank in Malaysia. Local investors funding their trading account with an Islamic bank will be part of a profit-sharing based banking facility.

Bybit announces forum to explore Islamic finance vs cryptocurrency

Bybit, the world's second-largest cryptocurrency exchange by trading volume, has announced a forum to explore the intersection of Islamic finance and cryptocurrency. This event will take place on November 18, 2024, at 6 pm Dubai time at Bybit's Dubai office.

Speakers will share their insights on the principles of Islamic finance and the potential of cryptocurrency to align with shari'ah principles. Dr Muhammad Yusuf Abu Jazr (Abu Ubaidah), who has a PhD in Comparative Jurisprudence, will be speaking. Dr Muhammad is a former member of the Iftaa' Council, and founding director of the Crypto Halal Office, Dr Mohammad Mahdy, Founder and CEO, Exaado, will be at the event.

Bybit recently launched its Islamic account, which the company says caters to the growing demand for shari'ah-compliant trading options among Muslim investors and also aligns with the broader trends in the digital future of Islamic finance.

Visit https://lu.ma/fci5yk52 to RSVP.

Hashtags: #Bybit, #TheCryptoArk

MIHAS ventures across borders to Dubai

Source: MATRADE. The MIHAS@Dubai logo.

The world's largest halal showcase, Malaysia International Halal Showcase (MIHAS), is gearing up for its international debut after 20 successful editions in Malaysia.

MIHAS is set to launch MIHAS@Dubai as part of the 22nd Middle East Organic and Natural Product Expo at Dubai World Trade Centre from November 18 to 20, 2024. The event is expected to help expand the halal economy by connecting the UAE and Malaysia's halal ecosystem with others worldwide.

"The debut of MIHAS in an overseas market marks a significant milestone in its global expansion, offering Malaysian exhibitors an unparallelled platform to access the thriving international halal market. Showcasing in Dubai - one of the world's prominent trade hubs - enables Malaysian businesses, particularly SMEs, to broaden their reach, forge strategic partnerships, and seize valuable opportunities for sustained growth in the international market," said Datuk Mohd Mustafa Abdul Aziz, CEO, Malaysia External Trade Development Corporation (MATRADE). MATRADE organises MIHAS.

MIHAS@Dubai comes close on the heels of MIHAS Malaysia being recognized by the Guinness World Records for having the largest attendance for a halal trade show. In 2024, MIHAS Malaysia attracted 43,353 visitors from over 90 countries and featured 2,028 booths from 66 nations in Kuala Lumpur from September 17 to 20, 2024.

"MIHAS@Dubai represents a pivotal moment as the first step in the internationalisation of MIHAS. By placing our products at the heart of a major international trade hub, this initiative empowers our businesses, especially SMEs, to extend their market reach, forge lasting strategic partnerships and capitalise on new growth opportunities, setting the stage for long-term global success," added Datuk Mohd.

"The upcoming show will be very significant for both the region as well as the industry since it will witness the global debut of an event that is considered as the nerve centre of the global halal ecosystem," said P Ravi, Director, Global Links Exhibition Organizers & Conferences, organiser of the organics expo.

Mihas@Dubai will help nearly double the number of exhibitors at the organics expo to 550 for its upcoming show. Malaysia will also be the country partner for the Middle East Organic and Natural Product Expo 2024 and will be one of 20 country pavilions at the event.

"MIHAS@Dubai and country partner Malaysia will bring together more than 200 exhibitors and can play a pivotal role in advancing the halal and organic industries in the Middle East. Key avenues for this growth include certification and standards, trade partnerships, investment opportunities, knowledge transfer, and consumer awareness, among others," added Ravi.

The UAE is positioning itself to lead the US$3 T global halal sector. The country is committed to help the region gain from advanced legislative and regulatory aspects while also integrating modern technology for the sustainable development of the halal industry.

"The trade fair is merely the starting point – a gateway for showcasing our products and making initial connections. The true potential lies beyond the event itself, in the lasting relationships, market expansion and trade opportunities that our exhibitors, particularly SMEs, can leverage long after the fair ends. It paves the way for new partnerships, sustained business growth and a broader global impact that will continue to benefit our businesses and the economy for years to come," concluded Datuk Mohd.

*SME stands for small and medium-sized enterprise.