Acquiring the new license has been a huge achievement for the fintech company, as it ramps up efforts to deliver investment services in the country. With this regulatory approval, Wahed will be able to locally launch its app, which makes it easy and affordable for customers to start investing locally and internationally.

South Africa is a key market for fintech expansion in Africa due to the severe economic inequality which still exists in large parts of the continent. When added to generally low levels of financial literacy, it is difficult for emerging investors to make informed decisions about money. Fintech solutions such as Wahed can help to leapfrog these challenges, with its focus on transparency, minimal transaction fees and financial inclusion.

Commenting on the new license, Rashaad Kalla, General Manager for Wahed in South Africa said: “We are delighted to provide financial products that put the customer first. South Africa has a thriving fintech ecosystem, an established banking sector and a population that is hungry to reap the benefits of a new and better way to invest.”

The authorisation for the South African license comes at a time when Wahed is pushing for international expansion. It now has 9 regulatory licenses around the world.

Junaid Wahedna, CEO of Wahed said: “We are looking forward to making an impact in South Africa. We know we can help bridge the wealth divide in South Africa through our products. We combine fintech and values to create simple, accessible and halal products - we are honoured to be trusted and to launch in South Africa.”

Headquartered in New York, Wahed has attracted over 200,000 customers around the world.