FinTech: Wahed, A Fintech Backed By Aramco, Opens London Branch For Shariah

January 24, 2023 | ESG and Sustainability, FinTech, News

Wahed is a Shariah-focused investment firm and fintech.

New York-based fintech startup Wahed, which is backed by oil giant Saudi Aramco (TADAWUL: 2222) and French soccer player Paul Pogba, has opened a physical branch in London, UK to target the country’s 3.9 million Muslims with sharia-compliant investment management and advice services. (UKTN)

The branch, which is designed similar to an Apple store, is located on Baker Street in central London. “During a period of economic uncertainty when bank branches are closing at an alarming rate, we’re optimistic about the future and opening a physical branch to cater for our customers,” said CEO of Wahed, Junaid Wahedna, in a press statement.

Wahed now also offers a debit card that allows users to deposit funds with an exchange-traded commodity that tracks the price of gold, enabling them to effectively pay for everyday goods using gold.

Users can redeem the gold in their accounts for physical bars.

Wahedna said the service aims to help clients adhere to the Islamic faith’s strict doctrines on financial services and is a way for Muslim and non-Muslim consumers to beat currency fluctuations and the rising cost of living.

“Wahed’s new gold-backed debit card allows the Muslim community to utilize technology to access and invest their money in a responsible and secure way, storing it safely and ethically without risk of exposure to Riba. Combined with the new branch, our community-focussed finance service provides Muslims with banking and investment opportunities that align with their faith,” he added.

Related Story:  Investment Advisory Wahed Launches Shariah And US Equity ETP

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