With the objective of becoming the top portal for Islamic financial services, Khabeer Financial Services on Tuesday launched a Shariah-compliant financial products portal, saying that its main target was to reach as many retail investors as possible.

The company claims that khabeer.com.pk is the world’s first portal providing Shariah-compliant investment products, looking to attract investors who seek to invest in them. Products included all Shariah-compliant mutual funds, banks, windows of conventional banks and Takaful companies.The launch ceremony was held here, which was attended by top asset management companies, fund managers, Islamic banks and Takaful companies.

Khabeer Financial Services CEO Akmal Jameel said Pakistan’s middle class wanted to invest in Shariah-compliant products and since the middle class was going to grow phenomenally in the next decade, “we expect more and more young people to require financial services on Islamic investments.”Jameel, who gave a detailed presentation, said his company launched the portal to fill in the information gap about Islamic financial products in the market.

“Today, if someone wants to make Shariah-compliant investments, the investor gets confused because of a large number of products. This portal will not only provide information, but also assist people in investments,” he added.The service was focused mainly on the retail market and would facilitate small and medium-sized savers and investors, he said in reply to a question.

Arif Habib Corporation Chairman Arif Habib, whose company also invested in Khabeer, said the portal had great potential to promote savings and investment culture in Pakistan.He was of the view that the portal could mobilise savings of overseas Pakistanis, who sent $13-14 billion back home annually. “According to safe estimates, if we succeed in attracting the savings and investments of overseas Pakistanis, we can bring in some $40 billion every year,” said Habib.

Securities and Exchange Commission of Pakistan (SECP) Commissioner Securities Market Division Imtiaz Haider said Khabeer’s portal will certainly help in promoting investments in Islamic products and will make them available in a more affordable manner.He added the SECP launched an extensive investor education programme, which will work closely with this portal as its aim is totally in line with that of the equity market watchdog.

Khabeer Financial Services Chairman Dr Junaid Ahmad, a seasoned academician and entrepreneur, commented that Khabeer was the first portal of its kind in the world. Khabeer plans to promote the portal through the web, social media, seminars, exhibitions, print and electronic media and with the passage of time it will also make versions of its portal available in Urdu and four regional languages.