Professional trading terminals
A single license can run more than NT$1,000,000 a year, and the data still isn't detailed enough — coverage of these 23 markets stays shallow.
Hikma Nexus / ISSD
A research database for listed companies in Islamic-majority markets, built from the messy part of the work.
ISSD's starting point is actually simple: most Islamic-majority countries already have their own economic data — what's missing is a database built specifically for the Islamic economic world. Researchers end up spending enormous effort downloading and cleaning data by hand, and often lose track of their original research question somewhere in that process.
A live screen from ISSD: one company's financial statements, ready to export.
23Islamic-majority markets, plus Singapore, in one database
6,291listed companies in the working universe
22.9Mrows of company, financial, market and economic data
8export formats for research workflows
See It In Action
Watch a real walkthrough of the platform.
A short screen recording that shows what the database looks like and what it can do. If you'd like to try ISSD yourself, just email us.
The Problem
Every existing tool breaks down at the same step.
When someone tries to study these 23 markets across countries and years, four kinds of tool are available today — and each one runs into the same wall.
Company-lookup websites
You can look up one company at a time, with daily download limits — try to research across borders and you'll burn all your time just wrangling data, not doing research.
University research databases
Export the full data panels researchers actually need, but licenses are sold only to universities, and most of them focus on the US market.
Islamic-finance compliance tools
Tell you whether a company is Shariah-compliant, but not its financials, prices, or governance — and never let you export a dataset.
Product
The product is not another chart wall. It is the table before the chart.
For most research projects, the hard work happens before the first regression or dashboard: converting currencies, cleaning up sources, building descriptive statistics. By the time that's done, there's often no energy left to actually run the analysis. ISSD keeps companies, time periods, currencies and sources aligned from the start, so you can export a clean data panel instead of rebuilding the same spreadsheet for every question.
Company profiles
6,291 companies with unified identifiers, industry classification across 11 sectors, and a Shariah-compliance flag for each one.
Financial statements
The four core statements down to every line item — 4.28 million records — plus 53 ready-made financial ratios.
Share prices, funds & bonds
15.28 million daily price records, dividend history, and eight Islamic market indices already tracked.
Ownership & governance
Director profiles, shareholding structure — over 72,000 records from Indonesia alone — and which directors sit on the same boards.
National economic indicators
27 data tables covering GDP, inflation, interest rates, trade and exchange rates across all 23 markets.
News dashboard
Real-time headlines from 22 countries, linking back to the original source rather than reposting full articles.
How It's Different
Choose your countries and companies, click once, get everything.
Lookup websites answer one question about one company at a time. ISSD is a database: multi-select the countries and companies you need, and it hands you everything at once.
Built for statistics software
Export straight into Excel, Stata, SAS, EViews, R and more — eight formats in total, with the R and EViews files including a script that runs immediately.
Select many at once
Tick a dozen countries and hundreds of companies on one screen, choose the years and fields you need, and export a single clean spreadsheet in minutes instead of days.
Every table is exportable
All 30 data tables — share prices, financial statements, shareholding structure, interest rates and more — export the same simple way.
Every number has a source
Each record carries where it came from, when it was captured, and under what license, so you can cite it and know you're allowed to use it.
Who It's For
Built for the people who actually run the numbers.
ISSD serves anyone who needs to work with data on these markets systematically, not just look something up.
Individual researchers
Thesis and paper work that needs citable, source-traceable data you can export in bulk instead of copying by hand.
Academic institutions
One subscription shared across an entire department or university, for faculty and students alike.
Think tanks, central banks & regulators
Cross-country economic and market comparison across all 23 markets in one place.
Asset managers & compliance teams
Shariah-compliance flags and governance data alongside the financials, ready for institutional due diligence.
Where We're Going
Starting in Indonesia, then the rest of the Islamic-majority world.
ISSD grows one region at a time, starting where the need and the population are largest.
The world's largest Muslim population, and home to more than 4,000 universities — our first market.
Malaysia's established Islamic finance hub and Singapore's research and asset-management community.
57 countries, home to roughly a quarter of the world's population, with hundreds of universities still to reach.
| Plan | Price | Who it's for |
|---|---|---|
| Free | Free | Browse the platform and try it out |
| Individual researcher | Contact us | Full access for personal research, with student or staff verification |
| Academic institution | Contact us | Shared access for an entire department or university |
| Professional | Contact us | Independent analysts and small institutions |
| Enterprise | Contact us | Central banks, asset managers and compliance teams |
Field Notes
Why this matters
Where the name comes from
"Hikma" is the Arabic word for wisdom, and gives its name to Bayt al-Hikma — the House of Wisdom in medieval Baghdad, where scholars once gathered to translate, compile and archive the knowledge of their age. Hikma Nexus takes that same idea and builds a modern archive for a market almost nobody has properly organized yet.
A trading terminal can be powerful and still be wrong for a research budget. A free website can be useful and still fail the moment the question becomes cross-country. ISSD sits in that middle ground: serious enough for research, light enough to be reachable.
01
Choose countries, exchanges, companies and indicators.
02
Check the source and period coverage before committing to the sample.
03
Export to Excel for review, then Stata, R or Python for analysis.
Founders
The people behind ISSD.
ISSD exists because we kept watching academic researchers get stuck on exactly these problems. We're not just a finance researcher and a professor — we're people who think about what researchers actually need, backed by a founder who has already built and sold a company through the same government incubation track ISSD is on.
羅晨松Lo, Chen-Sung
Founder
Institute of Business and Management, NYCU
2025 iDEA FinTech Web3 — Innovation Award
NSTC Undergraduate Research Grant
Education
- Institute of Business and Management, National Yang Ming Chiao Tung University
- Department of Finance, National Yunlin University of Science and Technology
Awards & Competitions
- 2025 iDEA FinTech Web3 Innovation & Entrepreneurship Competition — Innovation Award
- 2025 Yunlin Continuation Award — Bronze
- 2024 3rd SinoPac Financial Holdings Business Competition — National Champion
- 2024 National Net-Zero & Smart Green Living Creativity Competition — Honorable Mention
- "Sense of Numbers" Superhero Statistical Data Analysis Competition — 1st Place
- 2023 FinTech Financial Services Inter-University Creativity Competition — National Champion
- Alpha Dining Group × TMBA Brand Digital Marketing Growth Business Competition — Brand Growth Gold Award (8-member team)
Financial Certifications
- Securities Broker Representative
- Junior Credit Officer
- Certified Financial Planner
- Bank Internal Control & Internal Audit (General Finance)
- Trust Business Representative
- Futures Trader Representative
- Financial Market Common Sense & Professional Ethics
- Derivatives Sales Representative
IT & Accounting Certifications
- Google Cybersecurity Professional Certificate
- Pearson VUE / Certiport — IT Specialist, Python
- ROC Skill Certification — Computer Software Application (Level B)
- Accounting Professional Certification, National Federation of CPA Associations, R.O.C.
Research & Experience
- 2026 Summer Project Associate, TMBA Strategic Marketing Department (student organization)
- NSTC Undergraduate Research Program (all-A preliminary review) — "The Impact of Political Figures' Public Voice and Election Events on Cryptocurrency" (Grant No. 114-2813-C-224-005-H)
- English-language presentation, National Taipei University of Technology 2025 International Conference on Management — "CEO and CFO Social Network and ESG International Initiatives"
- SinoPac Financial Holdings, Taipei HQ — 2024 Summer SAP Intern, Corporate Planning Department
- Teaching Assistant, National Yunlin University of Science and Technology — Investment, EMBA Program, Finance Department Office, and the Higher Education Sprout Project
- Supported the International Bachelor Degree Program, National Yunlin University of Science and Technology, on its website migration from the old site to the new one
劉志良Liu, Chih-Liang
Co-Founder · Associate Professor, National Yunlin University of Science and Technology
PhD in Management, National Yang Ming Chiao Tung University
Founder, Wormax Inc.
2× FITI Outstanding Entrepreneurship Award
Education
- PhD in Management, National Chiao Tung University (now National Yang Ming Chiao Tung University)
- MBA, Institute of Business and Management, National Chiao Tung University
- BA, Department of International Trade, Tunghai University
Academic Positions
- Associate Professor, Department of Finance, College of Management, National Yunlin University of Science and Technology
- Executive Director, University Endowment Fund Investment Committee, NYUST
- Special Assistant, College of Management, NYUST
- Evaluation Committee Member, AACSB International Accreditation, College of Management, NYUST
- Faculty Advisor, Financial Investment Research Club, NYUST
Entrepreneurship & Industry
- Founder & Supervisor, Wormax Inc.
- Independent Director, Ching Hui Optronics Corporation (now Easybeauty International Co., Ltd.)
Certifications
- Lead Verifier, ISO 14067:2018 Carbon Footprint of Products — TÜV NORD, Cert. No. CFP-23083119 (Aug 2023)
- Lead Verifier, ISO 14064-1:2018 Greenhouse Gas Inventory — SGS Taiwan Ltd., Cert. No. 23NPL96203S12034 (Dec 2023)
Government Grants & Awards
- 2021, FITI Outstanding Entrepreneurship Award, National Science and Technology Council — Team MicroGas, NT$1,000,000 prize
- 2018, FITI Outstanding Entrepreneurship Award, National Science and Technology Council — Team Wormax
Research Projects (Principal Investigator)
- Carbon Footprint Inventory and Carbon Credit Pricing for Agriculture and Livestock: USR Practice in Yunlin
- SME Governance and Regulatory Mechanisms — Subproject I: Cash Management, Internal Audit and Internal Control
- Integrated Digital Finance System — Subproject II: Algorithmic Trading and Backtesting Platform with Python
- Integrated Digital Finance System — Subproject I: Cloud-Based Financial Diagnostic and Corporate Valuation System with Visual Basic
- Comparative Application of Asia-Pacific Corporate Governance in Post-Credit-Crunch Risk Management
- Principal Investigator, multiple industry–academia collaboration projects
Professional Service
- Editorial Board Member, Corporate Management Review (TSSCI journal)
- Working Group Committee Member, Corporate Governance Evaluation System, Securities and Futures Institute
- Advisory Committee Member, "APEC Lessons from the Financial Crisis on Corporate Governance and Law," Securities and Futures Institute
Military Service
- Supply Supervision Officer, 1st Maintenance Group, Republic of China Air Force
Milestones
Where we've been so far.
18 May 2026
Core team assembled and work began.
27 May 2026
Submitted to the Puyu Startup Program at National Yunlin University of Science and Technology.
1 Jun 2026
Submitted to the 8th Startup Arena at National Taiwan Normal University.
22 Jun 2026
Passed review for the Puyu Startup Program and received R&D funding from National Yunlin University of Science and Technology.
25 Jun 2026
Won an Excellence Award in the 8th Startup Arena finals at National Taiwan Normal University.
1 Sep 2026
Filed a company name and business registration pre-check (reference OSB1150901512670).
1 Sep 2026
Registered a permanent domain and launched the official website, email and demo database — now updated on an ongoing basis.