/start ups

News and resources on fintech start-ups, scale-ups, hubs, accelerators, VCs and funding worldwide.
Shariah-compliant investment platform Mnaara raises pre-seed funds

Shariah-compliant investment platform Mnaara raises pre-seed funds

London-based fintech Mnaara.com, a startup offering investors access to global private funds while complying with Islamic finance principles, has completed a US$500,000 pre-seed round funded by investors from the UK, US, Middle East and Singapore.

Slated for launch later this year, Mnaara's all-digital investment platform will offer users equitable access to Shariah-compliant global private markets.

The funds follow strict Shariah screening guidelines which limit and control non-ethical activities in Islamic finance, such as gambling, tobacco, alcohol, and arms, in addition to generating income from interest. Financial guidelines are also followed with respect to using excessive leverage and financial derivatives.

Saad Adada, founder and CEO of Mnaara, says: “Currently, those who want to diversify their investments, while maintaining a Shariah-compliant portfolio, have extremely limited options. We feel it is important that private markets are open to all, which is why we have created Mnaara.”

Comments: (0)