For many, the economic inequality and low financial literacy that plague a country like South Africa are reasons to look elsewhere for fintech opportunities. But for New York-based Wahed, these same features are reason for not only optimism, but for investment and expansion.
The company, parent firm of a leading halal financial investment platform, announced this week that it has been granted a new regulatory license from the Financial Sector Conduct Authority (FSCA), South Africa’s financial markets regulator. The license will enable Wahed to launch its investment app in the sub-Saharan nation, making it easier for South Africans to grow their finances in a manner consistent with their cultural preferences and values.
“We are looking forward to making an impact in South Africa,” Wahed CEO Junaid Wahedna said. “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 honored to be trusted and to launch in South Africa.”
With more than 200,000 customers in the nine different jurisdictions around the world, Wahed brings affordable and accessible investing to populations that are often overlooked and unable to use traditional investment solutions. The company enables individuals and families to invest in stocks and sukuks (Islamic bonds) – as well as in real estate and gold. Wahed offers free portfolio recommendations and the ability to invest in multiple accounts that may represent different investment goals – from saving for higher education to buying a first home. And with low, $100 account minimums, Wahed’s portfolios offer diversification among asset classes; efficiency and low cost; and optimization using modern portfolio theory to maximize returns based on the customer’s risk profile
Founded in 2015 and going live in the U.S. and the U.K. two and three years later, respectively, Wahed launched the first ever Halal equity ETF in 2019. By 2020, the company had topped more than 100,000 customers around the world. With its arrival in South Africa, Wahed looks forward to being able to serve the more than 446 million Muslims and others on the continent who need investment opportunities that are consistent with their faith and values.
“We are delighted to provide financial products that put the customer first,” General Manager for Wahed in South Africa Rashaad Kalla said. “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.”
Wahed has raised $40 million in funding from investors including Saudi Aramco Entrepreneurship Ventures, Rasameel Investment Company, Dubai Cultiv8, BECO Capital, and Cue Ball. In June, the company announced new U.K. General Manager Umer Suleman.
Here is our look at fintech innovation around the world.
Central and Southern Asia
Latin America and the Caribbean
Asia-Pacific
Sub-Saharan Africa
Central and Eastern Europe
Middle East and Northern Africa
Photo by Kenex Media sa from Pexels
For a lot of, the financial inequality and low monetary literacy that plague a rustic like South Africa are causes to look elsewhere for fintech alternatives. However for New York-based Wahed, these identical options are motive for not solely optimism, however for funding and growth.
The corporate, father or mother agency of a number one halal monetary funding platform, introduced this week that it has been granted a brand new regulatory license from the Monetary Sector Conduct Authority (FSCA), South Africa’s monetary markets regulator. The license will allow Wahed to launch its funding app within the sub-Saharan nation, making it simpler for South Africans to develop their funds in a fashion in keeping with their cultural preferences and values.
“We’re trying ahead to creating an impression in South Africa,” Wahed CEO Junaid Wahedna stated. “We all know we may also help bridge the wealth divide in South Africa by way of our merchandise. We mix fintech and values to create easy, accessible, and halal merchandise – we’re honored to be trusted and to launch in South Africa.”
With greater than 200,000 clients within the 9 completely different jurisdictions around the globe, Wahed brings reasonably priced and accessible investing to populations which are typically ignored and unable to make use of conventional funding options. The corporate allows people and households to put money into shares and sukuks (Islamic bonds) – in addition to in actual property and gold. Wahed gives free portfolio suggestions and the power to put money into a number of accounts that will signify completely different funding targets – from saving for larger training to purchasing a primary residence. And with low, $100 account minimums, Wahed’s portfolios provide diversification amongst asset courses; effectivity and low price; and optimization utilizing fashionable portfolio concept to maximise returns primarily based on the shopper’s threat profile
Based in 2015 and going stay within the U.S. and the U.Ok. two and three years later, respectively, Wahed launched the primary ever Halal fairness ETF in 2019. By 2020, the corporate had topped greater than 100,000 clients around the globe. With its arrival in South Africa, Wahed seems to be ahead to having the ability to serve the greater than 446 million Muslims and others on the continent who want funding alternatives which are in keeping with their religion and values.
“We’re delighted to supply monetary merchandise that put the shopper first,” Basic Supervisor for Wahed in South Africa Rashaad Kalla stated. “South Africa has a thriving fintech ecosystem, a longtime banking sector, and a inhabitants that’s hungry to reap the advantages of a brand new and higher solution to make investments.”
Wahed has raised $40 million in funding from traders together with Saudi Aramco Entrepreneurship Ventures, Rasameel Funding Firm, Dubai Cultiv8, BECO Capital, and Cue Ball. In June, the corporate introduced new U.Ok. Basic Supervisor Umer Suleman.
Right here is our have a look at fintech innovation around the globe.
Central and Southern Asia
Latin America and the Caribbean
Asia-Pacific
Sub-Saharan Africa
Central and Japanese Europe
Center East and Northern Africa
Photograph by Kenex Media sa from Pexels
