Wahed Invest, an online investment platform compliant with Islamic law, has聽raised an additional 拢6 million this year to expand the reach of its global savings solution.
The聽FinTech platform received the funding from existing investors Boston-based Cue Ball Capital and BECO Capital, a Middle Eastern VC fund known for backing a variety of regional start-ups.
This brings the young company鈥檚 total funding to nearly 拢12m since inception and has raised its valuation to over 拢75m.
Wahed, which first launched in the US in 2017 and expanded to the UK in August 2018, revolutionised the industry with its halal digital investment platform, which is fully compliant with Islamic law.
This allows savers from all income brackets to invest in a globally diversified portfolio of ethically responsible stocks, Sukuk and gold with as little as 拢100 minimum investment.
鈥淎fter gaining positive traction in the US and UK, we are excited to be able to carry this momentum into the rest of the world through our international expansion,鈥� said founder and CEO Junaid Wahedna.
鈥淲ahed aspires to provide a non-lending-based savings solution to over 1.5 billion Muslims worldwide and to play a lead role in fostering innovation in the growing Islamic Finance sector.鈥�
Wahed is also in the process of registering for the E-Money License with the FCA. The platform will offer a practical solution to the millions of Muslims who do not wish to deposit their money with traditional banks.
Currently, existing Islamic banks still function as lending institutions by using Shariah-compliant lending structures.
Wahedna said: 鈥淥ur survey results show that 84 per cent of respondents do not trust existing Islamic Banks as being truly Islamic. We want to offer a pure investment-based savings solution with no lending components.鈥�
Following a successful launch in the US and UK, Wahed plans on launching in the Gulf Corporation Council (GCC) and ASEAN markets, which have a young and rapidly growing demographic of Muslim consumers.
According to Accenture, only one per cent of the $50bn investment in FinTech since 2010 has been in the MENA region.