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.