· Wahed, a Sharia-compliant digital investment platform, secured strategic funding from Qatar Development Bank (QDB) during the Rowad Entrepreneurship Conference 2024.
· The partnership with QDB strengthens Wahed’s regional presence and aligns with QDB’s mission to support innovative startups contributing to Qatar’s entrepreneurial ecosystem.
· The fintech company, founded in 2017, operates globally with a core focus on ethical investment portfolios and gained recognition for launching the first Sharia-compliant ETF in the US in 2019.
Wahed, a Sharia-compliant digital investment platform, has secured strategic funding from Qatar Development Bank (QDB) during the Rowad Entrepreneurship Conference 2024.
While the exact amount of the investment remains undisclosed, this funding marks a significant step in Wahed’s expansion across the Middle East and broader global markets.
Moreover, the strategic partnership with QDB further strengthens Wahed’s presence in the region. It also aligns with the bank’s mission to support innovative startups.
Wahed’s Growth Journey
Founded in 2017, Wahed is headquartered in New York City and operates as an American financial technology and services company. Its core offering is a Sharia-compliant platform that provides access to diversified, ethical investment portfolios.
Moreover, Wahed enables users to invest in portfolios that comply with Islamic principles. It is ensuring that their investments avoid sectors such as alcohol, gambling, and interest-based finance.
The platform is available to residents of the UAE, UK, US, and Malaysia. Furthermore, it is providing a seamless, accessible service for Muslim and ethical investors.
Wahed also gained recognition for launching the first Sharia-compliant exchange-traded fund (ETF) in the US in July 2019. This milestone underscored the company’s commitment to providing Islamic-compliant financial products to a broad audience in over 130 countries.
Wahed Past Funding Success
Wahed’s strategic funding round with QDB comes on the heels of its earlier successes. In January 2022, the company raised USD 25 million in a funding round led by Wa’ed.
Later, in June 2022, Wa’ed led another round with a USD 50 million investment. This is demonstrating the continued confidence from major regional investors in Wahed’s growth potential.
Wahed Strategic Partnership with QDB
Qatar Development Bank’s investment in Wahed aligns with its broader objective of fostering entrepreneurship in Qatar and the region.
By backing Wahed, QDB is not only supporting the growth of a promising fintech startup. The QDB is also contributing to the innovation of financial services that meet the needs of ethical investors.
With a valuation of USD 300 million, according to Bloomberg, Wahed is well-positioned to capitalize on this new funding.
If you see something out of place or would like to contribute to this story, check out our Ethics and Policy section.
