6th July 2021 - 2 min read
MIDF Amanah Investment Bank Bhd has launched its new MIDF Invest app, an online investment platform that allows Malaysians to invest in stocks and exchange-traded funds (ETFs) on the New York Stock Exchange (NYSE) and Nasdaq at competitive rates.
According to Malaysian Industrial Development Finance (MIDF), the app will also allow its users to open an Islamic account via a fully online onboarding process and invest in various Shariah-compliant shares and ETFs listed on the NYSE and Nasdaq. These include shares such as Apple, Alphabet, Facebook, and Tesla.
Additionally, the MIDF Invest app also contains features that cater to the needs of both beginner and advanced investors. There are tutorials and research to help beginner investors gain a better understanding of stock investments, as well as charting and other powerful trading tools for advanced users. The app also simplifies fund transfers to and from the investor’s Malaysian bank account for a more seamless investment process.
The group managing director of MIDF, Datuk Charon Wardini Mokhzani further said that the bank had decided to create the app following a growing interest in overseas markets investment. This is as investors become more sophisticated, with many of them being especially interested in the US stock markets.
“This is driven by the need to diversify one’s portfolio as well as the attractions of the high returns of the US markets, driven in part by the performance of technology companies. We have created this app because we believe that investing overseas should be made available and affordable for all,” said Datuk Charon during the virtual launch today.
MIDF also said that the MIDF Invest app is delivered in partnership with Saxo Markets Asia Pacific, which is a licenced subsidiary of Saxo Bank, a Danish investment bank. As an introductory offer, MIDF Invest is offering free brokerage for all trades that are less than US$1,000 between 6 to 31 July 2021.
If you’d like to give the MIDF Invest app a try, you can download it from Google Play or the App Store.
(Sources: MIDF, New Straits Times, Malay Mail)
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