LONDON The Rasmala Private Equity Group consortium has launched iHilal.com, which it calls the first financial Web site that lets Muslim invest without compromising their religious beliefs.
The site, which went up last week, allows Muslims to invest while observing Shariah, the law that prohibits making a profit from activities Islam forbids, such as alcohol production, gambling, pornography, and lending money for interest. The law also requires that all wealth creation result from direct partnerships between the investors and the users of capital.
The Rasmala consortium is made up of prominent private and institutional investors, including Deutsche Bank and Saudi American Bank, a subsidiary of Citigroup Inc.
