Zero-commission investment platform baraka secured regulatory approval from the Dubai Financial Services Authority to operate in the UAE as it seeks to tap into the Middle East and North Africa's demand for online trading during the Covid-19 pandemic.
“Since we opened our wait-list in March, more than 10,000 users from across the Middle East have subscribed to be among the first to experience the baraka app, Feras Jalbout, founder and chief executive of baraka, said on Tuesday.
“This hasn’t just validated what we’re building, it’s shown us that there is a genuine need for a platform that offers regional retail investors insights and access to international markets.”
Retail investors are increasingly seeking direct access to markets with the help of technology, leading to a surge in popularity for zero-commission trading apps such as Robinhood, eToro, Interactive Brokers, Stashaway and Dubai’s Sarwa.
Demand for trading apps surged during the pandemic due to monetary easing by the US Federal Reserve and other central banks around the world, giving novice day traders more money to invest during pandemic lockdowns, according to a February report by US-based Finra Investor Education Foundation and the National Opinion Research Centre at the University of Chicago.
"Market dips that made stocks cheaper to buy and the ability to invest with small amounts were among the top reasons younger and inexperienced investors reported entering the stock market," the study, Investing 2020: New Accounts and the People Who Opened Them, said.
Founded in July last year, the baraka mobile app gives investors direct access to more than 5,000 US-listed securities, including stocks, exchange-traded funds and fractional shares with no minimum investment requirement.
The feedback we received during the beta testing phase has been invaluable in helping us fine-tune the platform to meet user needs
Feras Jalbout,
founder and chief executive of baraka
The app, which is also available in Saudi Arabia, Bahrain, Oman and Kuwait, features a simplified dashboard for investors to monitor and track their portfolios, a content hub that includes daily market news and an investment academy for users to build and test their trading knowledge.
“The feedback we received during the beta testing phase has been invaluable in helping us fine-tune the platform to meet user needs,” Mr Jalbout said.
Baraka will also offer users the option of a paid tier that includes equity research by financial data company Refinitiv.
Initially bootstrapped with an investment of $150,000, baraka raised $1 million during its pre-seed round. It has since raised an additional $4m with investment from Global Founders Capital, FJ Labs, Raptor Group, Tribe Capital, Nuwa Capital, VentureSouq and Class 5 Global.
The funds will be used to enhance product features and expand baraka’s user base across the wider Mena region, Mr Jalbout said.
Baraka has also been accepted into the American seed money start-up accelerator Y-Combinator’s summer 2021 batch. The Silicon Valley start-up incubator provides early stage funding to selected applicants from around the world.
Four reasons global stock markets are falling right now
There are many factors worrying investors right now and triggering a rush out of stock markets. Here are four of the biggest:
1. Rising US interest rates
The US Federal Reserve has increased interest rates three times this year in a bid to prevent its buoyant economy from overheating. They now stand at between 2 and 2.25 per cent and markets are pencilling in three more rises next year.
Kim Catechis, manager of the Legg Mason Martin Currie Global Emerging Markets Fund, says US inflation is rising and the Fed will continue to raise rates in 2019. “With inflationary pressures growing, an increasing number of corporates are guiding profitability expectations downwards for 2018 and 2019, citing the negative impact of rising costs.”
At the same time as rates are rising, central bankers in the US and Europe have been ending quantitative easing, bringing the era of cheap money to an end.
2. Stronger dollar
High US rates have driven up the value of the dollar and bond yields, and this is putting pressure on emerging market countries that took advantage of low interest rates to run up trillions in dollar-denominated debt. They have also suffered capital outflows as international investors have switched to the US, driving markets lower. Omar Negyal, portfolio manager of the JP Morgan Global Emerging Markets Income Trust, says this looks like a buying opportunity. “Despite short-term volatility we remain positive about long-term prospects and profitability for emerging markets.”
3. Global trade war
Ritu Vohora, investment director at fund manager M&G, says markets fear that US President Donald Trump’s spat with China will escalate into a full-blown global trade war, with both sides suffering. “The US economy is robust enough to absorb higher input costs now, but this may not be the case as tariffs escalate. However, with a host of factors hitting investor sentiment, this is becoming a stock picker’s market.”
4. Eurozone uncertainty
Europe faces two challenges right now in the shape of Brexit and the new populist government in eurozone member Italy.
Chris Beauchamp, chief market analyst at IG, which has offices in Dubai, says the stand-off between between Rome and Brussels threatens to become much more serious. "As with Brexit, neither side appears willing to step back from the edge, threatening more trouble down the line.”
The European economy may also be slowing, Mr Beauchamp warns. “A four-year low in eurozone manufacturing confidence highlights the fact that producers see a bumpy road ahead, with US-EU trade talks remaining a major question-mark for exporters.”
Temple numbers
Expected completion: 2022
Height: 24 meters
Ground floor banquet hall: 370 square metres to accommodate about 750 people
Ground floor multipurpose hall: 92 square metres for up to 200 people
First floor main Prayer Hall: 465 square metres to hold 1,500 people at a time
First floor terrace areas: 2,30 square metres
Temple will be spread over 6,900 square metres
Structure includes two basements, ground and first floor
Vidaamuyarchi
Director: Magizh Thirumeni
Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra
Rating: 4/5
Results
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Why are asylum seekers being housed in hotels?
The number of asylum applications in the UK has reached a new record high, driven by those illegally entering the country in small boats crossing the English Channel.
A total of 111,084 people applied for asylum in the UK in the year to June 2025, the highest number for any 12-month period since current records began in 2001.
Asylum seekers and their families can be housed in temporary accommodation while their claim is assessed.
The Home Office provides the accommodation, meaning asylum seekers cannot choose where they live.
When there is not enough housing, the Home Office can move people to hotels or large sites like former military bases.
SPECS
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Farage on Muslim Brotherhood
Nigel Farage told Reform's annual conference that the party will proscribe the Muslim Brotherhood if he becomes Prime Minister.
"We will stop dangerous organisations with links to terrorism operating in our country," he said. "Quite why we've been so gutless about this – both Labour and Conservative – I don't know.
“All across the Middle East, countries have banned and proscribed the Muslim Brotherhood as a dangerous organisation. We will do the very same.”
It is 10 years since a ground-breaking report into the Muslim Brotherhood by Sir John Jenkins.
Among the former diplomat's findings was an assessment that “the use of extreme violence in the pursuit of the perfect Islamic society” has “never been institutionally disowned” by the movement.
The prime minister at the time, David Cameron, who commissioned the report, said membership or association with the Muslim Brotherhood was a "possible indicator of extremism" but it would not be banned.
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UAE currency: the story behind the money in your pockets
Brief scoreline:
Liverpool 2
Mane 51', Salah 53'
Chelsea 0
Man of the Match: Mohamed Salah (Liverpool)
Brief scores:
Arsenal 4
Xhaka 25', Lacazette 55', Ramsey 79', Aubameyang 83'
Fulham 1
Kamara 69'
