Webull Malaysia Becomes First Retail Broker to Launch Islamic Banking Channel
Webull Malaysia, which is a subsidiary of Webull Corporation, has announced the launch of an Islamic banking channel that will operate in Malaysia and may expand to other countries.
About the Islamic Banking Announcement
The new Islamic banking channel is aimed at providing greater flexibility to users. Users of Webull’s brokerage will be able to choose whether to fund their trading account through a conventional bank or through an Islamic bank. This makes Webull the first online forex broker to offer this feature in Malaysia.
This dual banking gateway allows all types of users to have a seamless user experience and make payments in a hassle-free manner. Users who want Shariah-compliant financial services can leverage Webull’s trading services. Other features that will help Islamic users include zero deposit fees, interest-free, and a profit-sharing banking facility.
Kenneth Chan who is the CEO of Webull Malaysia stated:
“We are proud to be the first fully online retail brokerage platform in Malaysia to offer local investors the flexibility to fund their trading accounts with an Islamic bank.
The introduction of the Islamic banking channel along with improvements to the Shariah stock screener, enables investors to fund their trading accounts in a way that best aligns with their investment needs and principles. By offering local investors the option to choose between Islamic and conventional bank funding for their Webull accounts, we aim to deliver inclusive, seamless and accessible trading experiences for all investors.
We are also committed to enhancing the experience of local investors by offering a fully localised version of the Webull MY trading app. This feature allows users to translate all content — from portfolio displays to the latest local and international news, as well as the educational materials provided – into Bahasa Melayu, ensuring an accessible and tailored experience for our Malaysian users.
We are proud to support the needs of Malaysia’s investment community and remain committed to developing innovative products that enhance convenience and accessibility for investors.“
Impact on Traders
Islamic Banking Services
Malaysia has a significant Islamic population that requires financial services that are Shariah-compliant. This move by Webull allows Islamic traders to participate in forex and CFD trading while following Shariah law. It can also help Webull to position itself as a leading broker within Malaysia due to its consumer-faced operational strategies.
Category Creation
Webull is the first brokerage in Malaysia to offer this feature as part of its services. We expect Islamic traders to prefer trading through Webull since it offers a Shariah-compliant trading experience. If the move proves to popular with the Malaysian demographic, it is likely that several other brokers will also start offering this feature.
About Webull
Webull Malaysia is a subsidiary of Webull Corporation that owns and operates the popular Webull investment trading app that has over 40 million downloads across the globe. Webull operates in 15 regions around the world and provides retail investors with 24/7 access to the financial markets.
Summing Up
Webull becomes the first broker in Malaysia to offer fully Shariah-compliant financial services. Webull has distinguished itself as a consumer-facing company that caters to the diverse needs of its user base. The brokerage also offers other features for Islamic traders including no interest.
