Company:Wahed Invest

From HandWiki
Wahed Invest
IndustryInvestment firm
Founded2015
FounderJunaid Wahedna, CEO
HeadquartersNew York[1]
Number of employees
50[2]

Wahed Invest is an America-based Halal-focused investment firm.[3][4] It is the first robo-advisor aimed toward Muslim investors with a Sharia-compliant platform.[5][1][6] Wahed Invest is aimed at smaller investors looking for ethical investments.[7] The company is registered with the U.S. Securities and Exchange Commission.[8][6][9] An ethical review board monitors the company's investments to make sure they agree with Islamic values. The investment companies cannot involve liquor, firearms, gambling or tobacco industries, nor can they generate excess profit from interest.[3][10] The robo-advisor invests in Sukuks (Islamic bonds), U.S. stocks, emerging stock markets and gold.[11]

History

Wahed Invest was established in 2015 by Junaid Wahedna. After a year of product development and beta testing, the company had a soft launch in September 2016.[11][10][9] Wahedna, an Islamic finance specialist and former financial analyst for M Capital Group,[9] got the idea for the company after meeting a cab driver who had moved to the United States and invested all of his money in Apple stock after a mosque leader told him Apple was Sharia-compliant,[12][1] and invested $50,000 of his savings in the company. Within the first three months, Wahed had 1,000 clients on the platform.[2]

Wahed raised $7 million seed capital from investors including Afkar Holdings managing partner Khalid Al Jassim, former JPMorgan Chase managing director John Elkhair, director of McKinsey & Company Laurent Nordin, former McKinsey & Company partner Nasr-Eddine Benaissa,[5][6] Cue Ball Capital and BECO Capital.[3][8]

References

  1. ↑ 1.0 1.1 1.2 Khairani Afifi Noordin; Maxine Yong (26 December 2016). "When investing meets technology". The Edge Malaysia. http://www.theedgemarkets.com/article/when-investing-meets-technology. 
  2. ↑ 2.0 2.1 Sarmad Khan (January 13, 2018). "Wahed Invest: a Sharia-compliant investment robo-adviser". https://www.thenational.ae/business/banking/wahed-invest-a-sharia-compliant-investment-robo-adviser-1.695063. 
  3. ↑ 3.0 3.1 3.2 Dean Takahashi (1 November 2017). "Wahed raises $7 million for Halal-based investment platform". Venture Beat. https://venturebeat.com/2017/11/01/wahed-raises-7-million-for-halal-based-investment-platform/. 
  4. ↑ Corentin Durand (7 June 2017). "Fintech: un entrepreneur musulman cree un algorithme pour trouver des investissements halal" (in French). Numerama. http://www.numerama.com/business/264300-fintech-un-entrepreneur-musulman-cree-un-algorithme-pour-trouver-des-investissements-halal.html. 
  5. ↑ 5.0 5.1 Bernardo Vizcaino (6 June 2017). "Robo-adviser Wahed targets Muslim investors in U.S. and beyond". Reuters. https://www.reuters.com/article/us-islamic-finance-fintech/robo-adviser-wahed-targets-muslim-investors-in-u-s-and-beyond-idUSKBN18X1GS. 
  6. ↑ 6.0 6.1 6.2 JD Alois (6 June 2017). "New Robo-Advisor Provides Access to Shariah Compliant Investments". Crowdfund Insider. https://www.crowdfundinsider.com/2017/06/101527-new-robo-advisor-provides-acces-shariah-compliant-investments/. 
  7. ↑ Carla Sertin; Kartik Gandhi (15 August 2017). "Wahed Invest: A Sharia’h Compliant Robo-advisory". Forbes. https://www.forbesmiddleeast.com/en/wahed-invest-a-shariah-compliant-robo-advisory/. 
  8. ↑ 8.0 8.1 Sarah Townsend (1 November 2017). "Exclusive: First Islamic robo-adviser to launch in Mena". The National. https://www.thenational.ae/business/exclusive-first-islamic-robo-adviser-to-launch-in-mena-1.672209. 
  9. ↑ 9.0 9.1 9.2 "First robo adviser enters the Islamic finance stage". Gulf Times. 25 October 2016. http://www.gulf-times.com/story/518735/First-robo-adviser-enters-the-Islamic-finance-stag. 
  10. ↑ 10.0 10.1 Barbara A. Friedberg (25 November 2016). "Wahed Invest: A Look at the New Islamic Robo-Advisor". Investopedia. https://www.investopedia.com/articles/personal-finance/112516/wahed-invest-peek-new-islamic-roboadvisor.asp. 
  11. ↑ 11.0 11.1 Emma Hinchliffe (14 June 2017). "Wahed Invest promises to be the first Sharia-friendly roboadvisor for Muslim millennials". Mashable. http://mashable.com/2017/06/14/wahed-invest-sharia-halal-roboadvisor/#k5DcDxXJQkqQ. 
  12. ↑ Taylor Hatmaker (6 June 2017). "Halal investment tool for Muslims lands a $5 million seed round". Tech Crunch. https://techcrunch.com/2017/06/06/wahed-halal-investment-muslims-sharia-compliant-investing/. 




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