Thomson Reuters has launched Islamic Finance Gateway, a platform and directory consisting of details for and links to Islamic finance professionals, rating agencies, industry standards bodies, Islamic finance hubs, index providers, consulting firms, 400 Shariah scholars and Islamic subsidiaries from over 25 countries.
The Gateway, which is available on the Thomson Reuters 3000 Xtra desktop, also includes Reuters Messaging. It is being introduced to the market in Asia, via a launch in Kuala Lumpur on 22 February, which follows a launch in the Gulf Cooperation Council countries.
By bringing together neutral, Islamic ‘trading-ready’ finance information and analytics on a common platform, the Thomson Reuters Islamic Finance Gateway addresses the Islamic Finance work-flow, Thomson Reuters says.
Market professionals will now be able to access multi-asset class information on a range of Islamic finance instruments such as Sukuks, Islamic leveraged loans, funds, Islamic money market, Takafol and currencies alongside embedded real-time news stories from Reuters, and correlation analytics for Islamic versus western conventional market views.
The data and breaking news is complimented by a global rolling tickertape of Islamic and conventional indexes, multi-currency real-time inter-bank conventional versus Islamic inter-bank rates and click-through links to gateways for the Organisation of Islamic Conference, the GCC, Association of South East Asian Nations (ASEAN) and G-20 countries.
A heat map of Shariah-compliant and Shariah-based companies developed by IdealRatings creates a universe of publicly listed companies. The Shariah-compliant companies are screened according to global index providers’ methodologies, and the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) and Malaysia’s Securities Commission. The companies are screened by various economic sectors and regions and are complimented by more than 100 publicly listed Shariah-based companies in regions and countries like GCC, Turkey, Pakistan, Malaysia and the UK.
The global Islamic finance community can take the Thomson Reuters ‘trading-ready’ information one step further, the company says, by turning ideas into action. Publicly listed Shariah-based and screened companies and Islamic or commodity ETFs can be traded over the Thomson Reuters Trading for Exchanges (TRTex) platform, which has been integrated within the Gateway.
Rushdi Siddiqui, global head of Islamic finance, Thomson Reuters, says; “Despite its image as an emerging industry, Islamic finance has now grown to be worth around $1trillion and the Thomson Reuters Islamic Finance Gateway opens up this world of possibilities and opportunities for financial market participants and professionals. The conventional, western finance industry is accustomed to clean, crisp, robust information, real-time news, connectivity to communities and the ability to act and transact with trusted counterparties. By providing these ‘must have’ features the Thomson Reuters Islamic Finance Gateway demonstrates the industry’s true breadth and makes the transition for all to Islamic Finance a seamless one.”
Basil Moftah, managing director, Middle East and Africa, Thomson Reuters, adds, “Islamic finance is an important part of our Middle East growth strategy, and the Thomson Reuters Islamic Finance Gateway will not only address the Islamic banking industry’s needs, but will also enhance our ties to the greater MENA region.”