Wahed Invest Limited, the UAE subsidiary of fintech firm Wahed Inc., launches as UAE’s first Islamic digital investment management platform.
The platform provides Shariah-compliant investment services to residents, with low minimum investments, transparent fees, as well as no lock-in period. Wahed aims to make investment management accessible to a wide range of investors.
It has also received Financial Services Permission (FSP) from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM). The platform caters to both experienced and inexperienced investors, providing diversified portfolios tailored to user preferences.
Wahed also aims to empower Muslims at large to take charge of their investment wellbeing with a transparent and selective Shariah-compliant portfolio.
“We consider the UAE our home. I grew up in the UAE and am very excited to bring our technology and investment efficiencies to the UAE’s flourishing business environment in Abu Dhabi, ADGM and beyond,” said Junaid Wahedna, CEO at Wahed Inc. “We commit to contributing to an increase in the savings culture among youth and professionals in a safe and Shariah-compliant manner, in line with the cultural values of the UAE”.
Arvind Ramamurthy, chief of markets at ADGM, also commented: “We are pleased to welcome Wahed to ADGM’s international financial centre and vibrant community and congratulate them on being granted the FSP by ADGM’s FSRA.
“With a world-class progressive regulatory ecosystem, ADGM aims to catalyse the growth of fintech innovators by fostering a trusted, collaborative and enabling marketplace for Abu Dhabi, the UAE and the wider region. The launch of Wahed in the UAE brings next-gen financial services and strengthens our growing digital economy”.
Since its launch in 2015, Wahed has attracted over 300,000 customers worldwide as well as raised more than $75million in funding from family offices, institutions and high-profile backers, including Dubai Cultiv8, and international footballer Paul Pogba. Wahed’s aim is to change how the Muslim community participates in global financial markets by making investing accessible and ethically acceptable for 1.8 billion Muslims globally.