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Wahed Inc (www.wahedinvest.com) is a U.S. FinTech co-founded by Junaid Wahedna (LinkedIn profile), its CEO. The company is based in New York and operates via its subsidiary Wahed Invest Ltd in the UK. In 2019, the company launched the first exchange-traded fund in the United States that was compliant with Sharia law. The FinTech operates in 130 countries and has a valuation of $100 million. The company announced that it would acquire Niyah Ltd (www.getnihya.com), a British FinTech offering a banking app for Muslims.
Launched in 2017, Wahed delivers automated Islamic investment services catering to Muslims. The firm aims to balance Shariah and modern investment methods, avoiding companies that deal in restricted sectors such as gambling, firearms, and alcohol. The Islamic finance industry is forecast to grow to $3.8 trillion in assets by 2020, according to a 2017 ICD- Reuters report. The UK alone is home to over 3 million Muslims and boasts the biggest market for Islamic finance outside of majority Muslim geographies.
Wahed is currently raising a significant Series A funding round at a valuation exceeding $150 million. It will use the funds to finance the Niyah acquisition and accelerate its international expansion in Africa, Europe, and Asia, Arabian Business reported. Just recently, Wahed received a $25m investment led by Saudi Aramco Entrepreneurship Ventures, its VC arm.
Sources: Wahed, ArabianBusiness, Morning Tick
