Wahed Invest, a US Halal-focused investment firm, launches the first digital investing solution in the UK aimed toward Muslim and ethical investors with Sharia-compliant investments.
They partnered with WealthKernel, a London based build-your-own-Fintech Platform, to get to market to faster.
Wahed aims to appeal to a Muslim community in Britain estimated at around 2.6 million, in particular young professionals in their late 20s and early 30s.
Customers can open an account with as little as £100 with no lock-in period. To ensure they align with Islamic values, an ethical review board monitors the company's investments. The investment companies cannot involve liquor, firearms, gambling, adult entertainment or tobacco industries, nor can they generate excess profit from interest.
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.”
WealthKernel’s speed and agility allowed them to go to market very quickly. Before looking to expand to the UK, most consultants quoted them at least 12 months to get to their 1st live customer. Wahed technology and product teams worked with WealthKernel and by utilising both technologies they got there in under 6 months.
Wahed Invest is one of many players WealthKernel has helped enter the competitive UK digital investing market at fraction of the time and cost it typically takes.
Yannick Brunner, co-founder of WealthKernel, said: “We hope that with more solutions, consumers will have access to engaging products that line up with their beliefs and values: Wahed is a perfect example of this.”