Discover Amana zero-fee trading services, revolutionizing MENA stock market access for investors seeking cost-effective opportunities.
Discover Amana zero-fee trading services, revolutionizing MENA stock market access for investors seeking cost-effective opportunities.
Amana has announced an update to its pricing strategy by introducing zero-fee trading services for all stocks listed in the Middle East and North Africa (MENA) region. This move follows Amana’s existing provision of commission-free trading on a diverse range of assets, including US-listed stocks, indices, commodities, gold, currencies, and cryptocurrencies.
Inspired by the success of Robinhood in the United States, Amana aims to democratize investment in the MENA region, where only 5 percent of the population currently participates in the stock market. This stands in stark contrast to the United States, where 58 percent of the population and the United Kingdom, where 33 percent participate in stock market activities.
Muhammad Rasoul, Amana’s CEO, emphasized the significance of this initiative, stating, “Our initiative will provide more investors and traders across MENA access to local equity markets – in a cost-effective, fractionalized method, for everyone. We believe the MENA opportunity is big, and everyone should be able to participate in that growth opportunity.”
With over 1,000 stocks listed in MENA, Amana recognizes the relatively small size of the markets but emphasizes their combined capitalization of $4 trillion. In an effort to further lower barriers to entry for retail investors, Amana had previously introduced fractional stocks, allowing investors to purchase portions of company stock and making investing more accessible.
Rasoul further highlighted Amana’s commitment to the region’s growth: “This move exemplifies Amana’s core values. As a locally built broker, our mission extends beyond being a part of this emerging region’s growth; it’s about ensuring that as many people as possible can share in the economic potential of this once-in-a-generation regional transformation.”
With this strategic update, Amana seeks to play a pivotal role in fostering economic participation and investment growth across the MENA region.
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