Wahed

Wahed Inc. is a financial technology company headquartered in New York that operates a digital investment platform structured around ethical and Shariah-compliant principles. The firm primarily serves investors seeking to align their financial activities with Islamic values, offering a robo-advisory service that automates portfolio management.

The company was founded in 2017 by Junaid Wahedna, who was inspired to create accessible, halal investment options after a conversation with a taxi driver in New York. Wahedna, who has a background in industrial engineering and finance from Columbia University and experience working on Wall Street, sought to address the challenge Muslims face in avoiding interest-based (Riba) financial products. He stepped down as CEO in March 2024, transitioning to the role of Chairman, and was succeeded by Mohsin Siddiqui, formerly the company's COO.

Wahed's business model is centered on providing globally diversified portfolios tailored to different risk appetites, from conservative to aggressive. These portfolios invest in asset classes such as Shariah-compliant stocks, Islamic bonds (Sukuk), real estate, and gold. An ethical review board ensures that all investments are screened to exclude industries like alcohol, tobacco, firearms, and gambling, and companies with excessive debt. Revenue is generated through a single annual management fee, which is a percentage of the client's account size, ranging from 0.49% to 0.79%. The platform is designed for accessibility, with a low minimum investment requirement.

Since its U.S. launch in 2017, the company has expanded its operations internationally, with a presence in the UK, Malaysia, the UAE, and other countries, serving over 300,000 clients globally. Significant milestones include launching the first Shariah-compliant ETF on the Nasdaq in 2019 (HLAL), and raising substantial funding rounds, including a $25 million Series A in 2020 and a $50 million Series B in 2022, which valued the company at $300 million. The platform has also broadened its services to include a Self-Invested Personal Pension (SIPP) in the UK, venture capital, real estate investing, and Islamic will services.

Keywords: Islamic finance, Halal investing, Shariah-compliant, robo-advisor, ethical investing, FinTech, digital investment, Sukuk, Islamic bonds, wealth management, asset management, MENA finance, socially responsible investing, Islamic ETF, financial inclusion, portfolio management, Riba-free, emerging markets finance, Zakat calculation, Halal stocks