Wahed Q2 (April-June) 2021 News round up

Over the past few months, there’s been some exciting developments at both Wahed and in the wider fintech space across

Let’s take a look at some of our key highlights and coverage in the media over the last few months: 

In June, we announced the appointment of our new UK General Manager Umer Suleman. With a proven track record and a fantastic wealth of experience spanning over 15 years, Umer has joined the team to spearhead growth in Great Britain and serve a rapidly growing segment of socially conscious investors. 

Speaking to Global Islamic Finance Magazine, Umer talked about the importance of ethical investing and the rising popularity of Islamic finance, as well as how the fintech sector has a central role to play in leading the charge for technological solutions for the market.  With a higher demand for sustainable and responsible investing, Umer penned his thoughts on how halal investing and Wahed were well-placed to become one of the leading sources of innovation.

We also had the chance to sit down with Arif Shanji, our recently-appointed SVP of Engineering (aka Tech Wiz Extraordinaire) and he talked us through his experience, how he’s enjoying his current role, and his vision for Wahed in the near future. 

One of the things that Arif touches on in the interview is how he jumped at the opportunity to join a company that offers people the opportunity to invest in a more transparent and responsible way; how Wahed is disrupting the industry with ‘good faith’. 

And the evidence certainly seems to back that up: across the industry, the rise of impact investing and ethical finance puts an ‘ever-increasing pressure’ on the world’s biggest companies, according to Maxim Manturov, head of investment research at Freedom Finance Europe. According to data, 86% of millennials are increasingly aware of the world’s social and environmental issues, driving the rise by supporting companies that provide certain standards. And with this generation of investors expected to inherit around $68 trillion in wealth over the next ten years, ethical investing will only continue to grow.

In keeping with the focus on millennial investors, Business Insider ran a piece on Aghaz Investments and Wahed being among a group of fintechs offering investing options for young Muslim customers. 

And in March, the UK bolstered its position as a world-leader in Islamic finance by issuing its second sovereign Sukuk of £500 million, which is more than double the size of its first issuance in 2014. 

The Islamic finance industry has also remained resilient amidst the pandemic, according to a study by Alpen Capital (ME) Limited. “Islamic finance and wealth management industry faced the dual shocks of adjusting to the pandemic and historically low oil prices in 2020. While the industry slowed down during the year after experiencing record growth in 2019, it showed resilience and total Islamic finance assets in 2020 are estimated to match the previous year’s figures,” said Sameena Ahmad, Managing Director, Alpen Capital (ME) Ltd.

All in all, we’re pleased to feature in the media and excited to see the developments across the industry as we plan bigger and bolder announcements in the future – including the launch of our new app, and much more. Watch this space!

 

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