CGS-CIMB Securities has launched iCash, a cash upfront trading account, in Singapore.
The first of its kind, iCash will allow investors in Singapore to access Shariah-compliant stocks across five global exchanges, the Singapore Exchange (SGX), Hong Kong Exchange (HKEx), NASDAQ, New York Stock Exchange (NYSE) and the American Stock Exchange.
With iCash, investors can screen for products that are aligned with the key principles of Shariah – morality, transparency and fairness, says CGS-CIMB.
Retail investors keen on making an impact can also leverage iCash to screen for stocks that are in line with the world’s climate change objectives on the exchange.
iCash will be integrated with CGS-CIMB’s iTrade platform.
The inclusion of iCash comes at a time when the global shariah-compliant funds market has grown by more than 300% to reach $200 billion in assets under management (AUM) in under a decade, says CGS-CIMB.
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Shariah-compliant investments have surpassed 20% of Southeast Asia’s mutual fund AUM share, it adds.
“iCash is integral to our firm’s line-up of retail products and services. With the addition of the trading account, we are essentially offering both existing and prospective retail clients’ diversity, enabling them to meet their mid- and long-term investment needs,” says Syed Muhamad Alsagoff, Singapore head of Shariah investment services, CGS-CIMB Securities.
