|Founder||Junaid Wahedna, CEO|
|Products||Mobile app, Website|
Number of employees
Wahed Invest was established in 2015 by Junaid Wahedna. After a year of product development and beta testing, the company had a soft launch in September 2016. Wahedna, an Islamic finance specialist and former financial analyst for M Capital Group, got the idea for the company after meeting a cab driver who had moved to the United States and invested all of his money in Apple stock after a mosque leader told him Apple was Sharia-compliant, and invested $50,000 of his savings in the company. Within the first three months, Wahed had 1,000 clients on the platform.
In September 2016, Wahed invest launched the world's first automated Islamic investment platform (robo-advisor).
In November 2017, Wahed Invest raised $7 million seed capital from investors including Afkar Holdings managing partner Khalid Al Jassim, former JPMorgan Chase managing director John Elkhair, director of McKinsey & Company Laurent Nordin, former McKinsey & Company partner Nasr-Eddine Benaissa. In October 2018, Wahed invest raised a £6-million round with Cue Ball Capital and BECO Capital.
In March 2018, a mobile app was launched to manage halal investments. In August 2018, Wahed Invest made its first international expansion by launching its operations in the UK. In November 2018, the company launched a Halal Stock Screener mobile app to compare 50,000 sharia-compliant stocks. In May 2019, Wahed Invest announced the global expansion of the robo-advisor to 130 countries. In September 2018, the company launched 2 sharia-compliant index-tracking funds.
Wahed Invest is aimed at smaller investors looking for ethical investments. The company is registered with the U.S. Securities and Exchange Commission. An ethical review board monitors the company's investments to make sure they agree with Islamic values. The investment companies cannot involve liquor, firearms, gambling or tobacco industries, nor can they generate excess profit from interest. The robo-advisor invests in Sukuks (Islamic bonds), U.S. stocks, emerging stock markets and gold.
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- Sarah Townsend (1 November 2017). "Exclusive: First Islamic robo-adviser to launch in Mena". The National.
- Qadhi, Dr Yasir. "Wahed Launches A Mobile App For Halal Investing". Retrieved 2019-05-18.
- "Wahed Invest launches automated Islamic advisory service in Britain". Reuters. 2018-08-21. Retrieved 2019-05-18.
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- "Wahed to go global with robo-advisor". www.fundsglobalmena.com. Retrieved 2019-05-18.
- "Wahed Invest robo-adviser expands with new Islamic index funds". Reuters. 2018-09-05. Retrieved 2019-05-18.
- Carla Sertin; Kartik Gandhi (15 August 2017). "Wahed Invest: A Sharia'h Compliant Robo-advisory". Forbes.