British company UMEX Securities, which offers trading services compliant with the Sharia (the Islamic law) intends to extend its team in our country, its representatives told us. The local office of UMEX Securities, which was opened two years ago and currently employs 12 people, conducts research, marketing and administrative (back-office) activities, as well as servicing the current client portfolio, according to the company. The goal of the firm's investment in Romania is to increase its exposure to the emerging markets, but local customers are not a specific target for the UMEX. "Our mission and aspiration are to obtain global recognition among Muslim households, Islamic companies, the international investor community and communities with ethical conscience", the company officials told us.
UMEX customers have not expressed interest in a specific sector of the Romanian stock market, as they are more concerned with the trading of corporate stocks that comply with the Sharia, according to the quoted source. The objectives of the local division are confidential, according to the company's representatives.
UMEX Capital Markets Group, which owns UMEX Securities, provides electronic platforms that offer market information and news concerning investments which are considered ethical, ecological and compliant with the Sharia, as well as individual trading solutions.
The company also ensures the "filtering" of the investment opportunities, in order to determine which ones comply with the principles of Islamic finance. There approximately 10,000 companies that comply with the conditions, according to UMEX. The analysis criteria are based on a Fatwa (interpretation) issued by the president of the Sharia Supervisory Board of the company, Sheikh Hussain Hamid Hassan, which comprises the lines of business and the financial criteria which must be met for a compa
