Wahed Inc, a global Shariah-compliant FinTech, has launched in UAE after having been granted a Financial Services Permission (FSP) from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM).
Wahed offers financial services to UAE residents to facilitate a smarter way to invest through access to a diversified, Shariah-compliant portfolio in its digital Application. The firm aims to empower Muslims at large to take charge of their investment well-being with a transparent and selective Shariah-compliant portfolio.
Junaid Wahedna, Chief Executive Officer at Wahed Inc. 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”.
Once signed up to the Wahed App, users can securely create an account within minutes. The Wahed App will automatically suggest a portfolio for each user based on how they answer questions about themselves, considering the individual’s financial situation, attitude towards risks, investment goals and other criteria.
Users can begin investing with as little as $100 while paying a fraction of traditional management fees. Wahed ensures that investors always have a diversified portfolio, regardless of their account size, thus making investing efficient for various types of people, whether they are entrepreneurs, working professionals or homemakers.
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”.
