IslamicFinance.de

The Zoya mobile application screens US-listed stocks based on criteria issued by the Accounting and Auditing Organization for Islamic Financial Institutions. US-based Wahed Invest also uses those criteria to help tens of thousands of people invest "ethically". Islamic bankers are hoping that modern platforms will open the industry up to young investors, and that its innately ethical credentials will prove to be another draw. According to Mohammed al-Sehli, CEO of Wethaq Capital, the emphasis has been on growing the market rather than making it more efficient. The sector must focus more on innovation after suffering from lack of innovation, standardisation and automation of processes.