Wahed Invest launches UK's first easy access digital Halal investment platform
- Survey shows that more than half of British Muslims feel excluded from mainstream financial services
- Online platform makes Halal investing quick, easy and affordable; Ethical Review Board ensures all returns are Halal
- Service already established in the USA with thousands of clients from all 50 states, now available to British investors
LONDON - August 21, 2018 - Wahed Invest has launched the UK's first Halal online investment platform that is authorised by the Financial Conduct Authority, allowing savers from all income brackets to easily invest in a globally diversified portfolio of ethically responsible stocks, Islamic bonds and gold. With a recent survey showing that over half of British Muslims feel excluded from mainstream financial services providers, this new service will make ethical investing accessible to all, regardless of their financial knowledge or income .
The platform, which is already available in the USA across all 50 states, allows users to open an account in minutes with a minimum investment of £100. For the first time, mainstream investors can gain access to products not traditionally available to retail investors, such as Sukuk. With no lock-in period, users also have the flexibility to place deposit or withdrawal requests at any time.
Mohammed Ibrahim Morshed, Head of UK at Wahed Invest, said: "Our mission is to make Halal investing an accessible and affordable means of long-term saving for the millions of UK Muslims who currently feel excluded from mainstream financial services. For too long, the needs of the community have been overlooked, with many Muslims finding it impossible to build nest eggs that are in line with their faith.
"By providing access to a low-cost, accessible investment platform that is advised by our full-time Ethical Review Board, Muslim and non-Muslim investors alike can now be completely confident that they are creating portfolios that are ethically sound."
Wahed charges a single annual fee, inclusive of all management fees, custodian fees, and transaction fees, and there are no hidden or rebalancing fees. These are factors which Wahed's survey highlights as especially popular when choosing to invest with a new Halal provider, with ease of withdrawing money (57%) and low cost including minimum deposit (49%), considered the most popular among UK Muslims. Users are able to monitor performance daily through the digital platform.
In order to ensure all returns are Halal and in accordance with Islamic principles, Wahed has a full-time Ethical Review Board. All securities undergo a rigorous screening process in which Wahed's investment management partners and ethical scholars work together to tailor portfolios to provide attractive investment returns. This means the following are screened: excess debt, tobacco, alcohol, firearms, gambling, adult entertainment, impure foodstock and usurious institutions.
The Ethical Board is chaired by Sheikh Taha Abdul Basser alongside Sheikh Humza Maqbool Chaudhry and Sheikh Musa Furber. Wahed Invest is authorised by the Financial Conduct Authority.
Halal-Focused Investing Platform Wahed Closes 7M Dollar Seed Round With New Investments From Cue Ball Capital and BECO Capital
Wahed Announces Addition Of 401(k) and IRA Rollover Capabilities To Its Investing Platform; Will Be Available In UK By End Of Year
New York City, NY – November 1, 2017 – Wahed Invest LLC (“Wahed”), the first digital halal-focused ethical investing platform, is announcing the official close of its 7M Dollar Seed Round, with new funding from Cue Ball Capital, a leading early-stage VC and BECO Capital, a Middle Eastern VC known for backing the region's unicorns. Further, the company is announcing the ability for clients to rollover 401(k) and IRA assets onto the Wahed investing platform. Wahed will also enable people in the UK to similarly invest in halal-compliant entities by the end of 2017.
Wahed’s easy-to-use investing platform is also the only Halal-focused system that is overseen by an ethical review board, preventing concerned American Muslims from investing in companies that do not agree with their values (e.g., companies involved in any aspect of the liquor, firearms, gambling and tobacco industries). The platform also screens investments that generate profit from interest and those that do not comply with certain debt ratios.
“With its democratizing platform, ethical review board, and expansive offering, Wahed has gone to extensive measures to create an investing platform for this very large market,” said Ali Rahimtula, Partner, Cue Ball Capital. “Cue Ball is thrilled to invest in Wahed, as we expand our portfolio of world-class financial technology companies and purpose-driven investments.”
“Traditional wealth management does not cater to the needs of the masses,” Amir Farha, CIO, BECO Capital. “Wahed Invest is leveraging technology to provide a more affordable and efficient medium for the majority of muslims to preserve their wealth.”
“We know that practicing Muslims believe in a complete approach to embracing Halal values but until recently, have lacked the ability to easily incorporate investing into their ethical practices,” said Junaid Wahedna, CEO, Wahed. “With the addition of 401k and IRA rollovers to our investing platform, Wahed is taking the next step toward being the preeminent, full-service Halal-focused investing platform for the Islamic community, giving Muslims and other Americans the opportunity to confidently and ethically invest in their futures.”
With a $100 minimum investment and an easy-to-use interface, Wahed makes the onramp for ethical investing accessible to almost anyone. Wahed is available to any United States’ citizen (Muslim or not) with a social security number and mailing address, and will become available in overseas markets in the upcoming months.
Wahed is an SEC registered investment advisor and the first digital advisor focused on building a halal investment platform. Wahed provides a comprehensive, easy-to-use option to invest in ethically responsible investment portfolios; or even rollover an IRA or 401K. Designed specifically for the Islamic community, Wahed’s investment portfolios are approved by an Ethical Review Board, enabling Muslims to feel confident that their investments are ethically sound and Halal.
Wahed Launches New Robo-Advisor Platform for Halal Investments
Raises $5M to Bring Automated, Halal Friendly Investment Portfolios to American Muslims
NEW YORK, June 6, 2017 -- Wahed, the world's first automated investment service designed for Shariah-standard, ethical investing, has launched its new online platform and lowered the minimum investment required to $500 for clients in the United States. In addition, the company has raised $5 million in seed funding from individual and institutional investors including Khalid Al Jassim the Managing Partner of Afkar Holdings and founding member at Arcapita, one of the largest Islamic Private Equity firms, Nasr-Eddine Benaissa a former partner at McKinsey & Company who co-founded their Islamic Finance practice, Laurent Nordin a Director with McKinsey & Company who created and led their Financial Institutions practice in the Middle East, and John Elkhair a former advisor to the CEO of the Qatar Investment Authority and former Managing Director at JPMorgan Chase.
The Wahed approach to ethical investing in the digital age utilizes a human review panel to screen certain stocks, commodities and other investment types that are not socially responsible or Shariah compliant, before automating algorithm-based investments. Clients will receive a recommended optimised and diversified portfolio based on their own risk tolerance. Using Wahed, American Muslims can now digitally automate long-term, halal investments into securities such as Sukuks and gold, while managing their halal portfolios at a low cost.
"The American Muslim population, which is one of the most affluent demographics in the country, is increasingly seeking more sophisticated ethical investment solutions,” said Wahed CEO Junaid Wahedna. “We’re excited to be able to offer observant Islamic investors in the U.S. a new, value-driven way to invest their money, at a fraction of the cost they would pay traditional asset managers and advisors."
The new Wahed platform helps clients choose an appropriate risk profile and then constructs a diversified portfolio that is automatically managed based on each individual's unique profile. Wahed’s annual management fee ranges from 0.29% to 0.99%, compared to the 1%-2% annual fee typically charged by traditional advisors.
Wahed is registered with the Securities and Exchange Commission, and is continually monitored by its Ethical Review Board to ensure Shariah compliance. The board is made up of some of the most prestigious names in international ethical finance, including Sheikh Taha Abdul-Basser, former Islamic Chaplain at Harvard University and Shari'ah Board member of Fajr Capital.
"While online investing may seem unorthodox to some Muslims across the globe, Muslim millennials in the U.S. have been interested in digital investment services and computer-generated, wealth management advice for some time,” added Wahedna. “To date, they have been forced to use online investment platforms that don’t mirror their beliefs. Wahed offers them a solution to invest online in a way that is both sophisticated and true to their values."
A closer look at Wahed features and services:
- Sophisticated Technology for a Simple User Experience: Wahed uses state-of-the-art software that is fully automated, along with customized financial optimization algorithms. Clients can onboard themselves in minutes online.
- Advanced Security and Insurances: Wahed offers online investors advanced encryption and security. All accounts are SIPC insured up to $500,000 to protect clients against failed brokerage firms.
- Transparent Management & Easy Withdrawals: On Wahed there are no hidden fees or kickbacks. Clients can view their positions and transactions at any time, and funds can be deposited unlimitedly with no entry fee and withdrawn with no fee as well.
- Use of an Ethical Review Board: Wahed has an Ethical Review Board to advise, review and monitor the design and implementation of investments to ensure they are compliant with Islamic financial ethics.
- Annual Purification Report: To ensure that no money has been earned from unethical means, Wahed provides an annual Purification Report to clients. The report shows if any investment has achieved returns from non-Shari’ah compliant sources. The appropriate non-compliant income will be highlighted to clients, who can then donate it to charities to purify their returns.
- Wahed is available now to retail investors in the United States and plans to expand to other global markets in 2017 as it aims to provide access to automated investment services and halal portfolio management to more than one billion potential ethical investors around the world.
Wahed is the world's first automated investing service designed for Shariah-standard, ethical investing. The Wahed approach to ethical investing in the digital age utilizes a human review panel to screen certain stocks, commodities and other investment types that are not socially responsible or Shariah compliant, before automating algorithm-based investments. Clients will receive a recommended optimised and diversified portfolio based on their own risk tolerance. Using Wahed, retail investors can now digitally automate long-term investments and halal portfolio management at a low-cost. Wahed is an SEC registered investment advisor and the platform can be accessed anytime, across all digital and mobile devices, at www.wahedinvest.com.