ABU DHABI, UAE, Nov. 29, 2023 /PRNewswire/ — Wahed, a global Shariah-compliant fintech has launched after having been granted Financial Services Permission (FSP) from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM).
Wahed is built on the principles of democratizing access to financial services and will offer UAE clients a smarter way to invest through access to diversified Shariah-compliant portfolios in its mobile app. With low minimums of USD 500, low fees, and no lock-in period, Wahed removes the barriers to sophisticated investment management services that have been traditionally reserved for high-net-worth investors.
Since its launch in 2015, Wahed has attracted over 300,000 customers worldwide and has raised more than USD 75 million in funding from family offices, institutions and high-profile backers, including Dubai Cultiv8, international footballer Paul Pogba and UFC champion Khabib Nurmagomedov who are also both brand ambassadors.
Junaid Wahedna, Chief Executive Officer at Wahed said, “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. 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 said, “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”.
Founded in 2015, Wahed is a financial technology company that is advancing financial inclusion through accessible, affordable, and values-based investing. The company has made significant inroads in the world Shariah compliant investing by creating an easy-to-use digital platform that provides portfolio options to clients that align with their risk appetite. Wahed’s services have already attracted over 300,000 customers in the US, UK, UAE, Malaysia, and beyond.
For more information, visit: www.wahed.com
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