Wahed, a global shari'ah-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). It is the country's first dedicated Islamic digital investment platform.
Wahed aims to democratise access to financial services in the UAE. With minimums of US$500, low fees, and no lock-in period for diversified shari'ah-compliant portfolios, Wahed removes the barriers to sophisticated investment management services that have been traditionally reserved for high-net-worth investors, the company said.
Since its launch in 2015, Wahed has attracted over 300,000 customers worldwide and has raised more than US$75 M in funding from family offices, institutions and high-profile backers, including Dubai Cultiv8, international footballer Paul Pogba and UFC champion Khabib Nurmagomedov. Both Pogba and Nurmagomedov are Wahed brand ambassadors.
Junaid Wahedna, CEO, 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 shari'ah-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".