Global Shariah-compliant fintech Wahed Inc. officially launched its operations in the UAE after securing a Financial Services Permission (FSP) from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM), as per a press release.
The platform provides access to a diversified, Shariah-compliant portfolio, aiming to help empower Muslims by enabling them to take control of their investment well-being with transparency and a curated Shariah-compliant investment strategy.
With its low starting investment minimum of $500, no lock-in period, and low fees, it seeks to remove the barriers to sophisticated investment management that have traditionally been reserved for the wealthy and well-connected.
Since its launch in 2015 in New York, Wahed has garnered a global customer base exceeding 300,000 and secured funding of over $75 million from diverse sources, including family offices, institutions, and notable backers like Dubai Cultiv8 and international footballer Paul Pogba.
Wahed’s app automatically suggests portfolios based on user responses to tailored questions about their financial situation, risk tolerance, investment goals, and other relevant criteria.