Fintech: Platform for Muslim Investors Raises $25 Million
Wahed, the ethical investment fintech for Muslim investors, announced that it has raised $25 million in venture funding. The proceeds will be used to ensure people can invest their money into a diversified portfolio consisting of stocks, commodities, real estate, and Halal-focused asset ownership certificates known as Sukuk.
Wahed Prepares for Mainstream
The funding round led by Saudi Aramco Entrepreneurship Ventures, also known as Wa’ed Ventures, a venture capital investment arm of the global petroleum and natural gas company. Existing investors BECO and CueBall Capital, as well as Dubai Cultiv8 and Rasameel also participated in the financing round.
Wahed Invest LLC.is an online investment advisor that aims to provide an efficient and halal investment platform. Wahed is Shari’ah compliant. The firm and all the securities we trade are monitored by our Ethical Review Board, Straightway Ethical LLC. All securities chosen by Wahed undergo a rigorous screening process in which our management team and ethical scholars work together to tailor portfolios with the goal of providing attractive investment returns.
The fintech firm now serves over 100,000 clients globally, with growth plans for the largest Muslim markets including Indonesia, Nigeria, India and the Commonwealth of Independent States
The company also manages the Wahed FTSE USA Shariah ETF (HLAL). This fund allows investors to gain passive index exposure to US Shariah-compliant stocks. The ETF describes Shariah-Compliant stocks as stocks that have characteristics that are consistent with Islamic principles as interpreted by subject-matter experts. The companies included in the index are reviewed by Shariah law experts at Yasaar Ltd, an impartial consultancy for compliance
“The Muslim investor has a specific requirement that prohibits them from keeping their excess savings in bank accounts,” said Junaid Wahedna, Group CEO. “Banks utilize deposits to lend money for interest which is proven to increase inequality and cause an unfair advantage to the wealthier borrower, whilst charging a high-interest fee for lower-income consumers.”
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