UAE – Mubasher: Wahed Invest Limited, the UAE robo-advisory subsidiary of global Shariah-compliant fintech company Wahed, launched the business in the Gulf country.
The unit obtained financial services permission (FSP) from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM), according to a press release.
Meanwhile, Wahed will become the UAE’s first dedicated Islamic digital investment management platform. The company will provide the country's residents with financial services to facilitate investment through access to a diversified Sharia-compliant portfolio in its digital application.
Junaid Wahedna, CEO of Wahed, said: “We are committed to contributing to an increase in the savings culture amongst the 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, commented: “The launch of Wahed in the UAE brings next-gen financial services and strengthens our growing digital economy.”
Launched in 2015, Wahed has attracted more than 300,000 customers worldwide and secured over $75 million in funding from family offices, institutions, and high-profile backers, including Dubai Cultiv8 and international footballer Paul Pogba.
After signing up to the Wahed App, users can open an account within minutes, which will automatically suggest a portfolio for each user based on how they answer questions about themselves.
Then, users will be able to invest with as little as $100 while paying a fraction of traditional management fees.
