MIDF launches digital investment platform for US stocks, ETFs

MIDF said users can open an Islamic account and invest in the large universe of Shariah-compliant shares and ETFs listed on the NYSE and Nasdaq. — Reuters pic
MIDF said users can open an Islamic account and invest in the large universe of Shariah-compliant shares and ETFs listed on the NYSE and Nasdaq. — Reuters pic

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KUALA LUMPUR, July 6 — MIDF Amanah Investment Bank Bhd has unveiled its online investment platform, MIDF Invest, which offers Malaysians direct and secure access to stocks and exchange-traded funds (ETFs) listed on the New York Stock Exchange (NYSE) and Nasdaq.

Its parent company, Malaysian Industrial Development Finance Bhd (MIDF), said users can open an Islamic account and invest in the large universe of Shariah-compliant shares and ETFs listed on the NYSE and Nasdaq.

“MIDF Invest will offer free brokerage for all trades under US$1,000 (US$1=RM4.15) from July 6-31, 2021,” it said in a statement today.

MIDF group managing director Datuk Charon Wardini Mokhzani said in recent years, Malaysian investors — both fund managers and individuals — have become more sophisticated and knowledgeable.

“We have seen a growing interest in investing in other markets, particularly in the United States’ (US) stock markets,” he said.

According to Charon, this was due to the investors’ need to diversify their portfolio, as well as the attractions of the high returns of US markets, driven in part by the performance of technology companies.

“We have created this application because we believe that investing overseas should be made available and affordable for all,” he said.

MIDF Invest is delivered in partnership with Saxo Markets Asia Pacific, a Singapore-based broker and a licensed subsidiary of Danish investment bank, Saxo Bank, which is a well-regulated and industry-leading provider of investment services and technology. — Bernama

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