Wahed Invest LLC, the first digital halal-focused ethical investing platform, is announcing the official close of its 7M Dollar Seed Round, with new funding from Cue Ball Capital, a leading early-stage VC and BECO Capital, a Middle Eastern VC known for backing the region’s unicorns. Further, the company is announcing the ability for clients to rollover 401(k) and IRA assets onto the Wahed investing platform. Wahed will also enable people in the UK to similarly invest in halal-compliant entities by the end of 2017.
Wahed’s easy-to-use investing platform is also the only Halal-focused system that is overseen by an ethical review board, preventing concerned American Muslims from investing in companies that do not agree with their values (e.g., companies involved in any aspect of the liquor, firearms, gambling and tobacco industries). The platform also screens investments that generate profit from interest and those that do not comply with certain debt ratios.
“With its democratizing platform, ethical review board, and expansive offering, Wahed has gone to extensive measures to create an investing platform for this very large market,” said Ali Rahimtula, Partner, Cue Ball Capital. “Cue Ball is thrilled to invest in Wahed, as we expand our portfolio of world-class financial technology companies and purpose-driven investments.”
“Traditional wealth management does not cater to the needs of the masses,” Amir Farha, CIO, BECO Capital. “Wahed Invest is leveraging technology to provide a more affordable and efficient medium for the majority of muslims to preserve their wealth.”
“We know that practicing Muslims believe in a complete approach to embracing Halal values but until recently, have lacked the ability to easily incorporate investing into their ethical practices,” said
Junaid Wahedna, CEO, Wahed.
“With the addition of 401k and IRA rollovers to our investing platform, Wahed is taking the next step toward being the preeminent, full-service Halal-focused investing platform for the Islamic community, giving Muslims and other Americans the opportunity to confidently and ethically invest in their futures.”
With a $100 minimum investment and an easy-to-use interface, Wahed makes the onramp for ethical investing accessible to almost anyone. Wahed is available to any United States’ citizen (Muslim or not) with a social security number and mailing address, and will become available in overseas markets in the upcoming months.
People in the U.K. who are interested in pre-registering for Wahed can visit: www.wahedinvest.com/ukpreregister.
About Wahed
Wahed is an SEC registered investment advisor and the first digital advisor focused on building a halal investment platform. Wahed provides a comprehensive, easy-to-use option to invest in ethically responsible investment portfolios; or even rollover an IRA or 401K. Designed specifically for the Islamic community, Wahed’s investment portfolios are approved by an Ethical Review Board, enabling Muslims to feel confident that their investments are ethically sound and Halal.
