Over 1.8 billion Muslims worldwide do not have access to investment opportunities and financial assistance. That means 24.1% of the world population are left underserved. Most Muslims look for Shariah-compliant opportunities. Conventional financial institutions are abundant in developed countries but do not cater to the needs of those who are seeking halal opportunities.
In Islam, wealth is declared God’s “blessing” and seeking wealth in a proper way is considered an act of worship. For Muslims who are interested in investing, it is not easy to find halal opportunities. Especially, because Muslims are bound by a number of Islamic principles, which limit their investment options to:
- Investment firms that do not generate profit from interest
- Firms that are not involved in liquor, firearms, gambling or tobacco industries
- Company operation and management that comply with Sharia law
Wahed Invest, a NY-based halal-focused investment firm, provides users with a robo-advisor. Being halal-focused, Wahed takes Islamic principles into consideration, providing an Ethical Review Board to ensure all returns are halal. Wahed has become a household name because nearly 2 billion Muslims are able to identify with the solution provided by the business. Muslims no longer need to search for an investment platform that meets their religious values.