Ethical fintech Wahed Invest granted regulatory license in South Africa

Headquartered in New York, Wahed Inc, an ‘ethical and values driven’ investment platform has been given the go-ahead in South Africa. The fintech startup has reportedly received a new regulatory license from the Financial Sector Conduct Authority (FSCA), the regulator of the South African financial markets. 

Junaid Wahedna, CEO of Wahed comments on receiving the regulatory license.

 “We are looking forward to making an impact in South Africa. We know we can help bridge the wealth divide in South Africa through our products. We combine fintech and values to create simple, accessible and halal products – we are honoured to be trusted and to launch in South Africa.”

With the launch of this service in South Africa, the fintech currently offers its services to users in the US, UK and Malaysia. The acquisition of the license means that the fintech startup can deliver its investment services to South Africa. 

Wahed

Founded in 2017, the fintech has created an investment platform that is driven by the aim to reduce financial inequality and exclusion through its financial service offering. The app enables users to easily invest locally and internationally with minimal transaction fees. 

The fintech offers ‘halal investing’ which can be understood as a halal investment fund that is structured according to Islamic principles and values. 

In addition, the fintech drives financial education to its customers to help equip them with the knowledge to make informed investment decisions and ultimately to generate wealth. 

Commenting on the new license, Rashaad Kalla, General Manager for Wahed in South Africa comments on the fintech securing the license.

 “We are delighted to provide financial products that put the customer first. South Africa has a thriving fintech ecosystem, an established banking sector and a population that is hungry to reap the benefits of a new and better way to invest.”

Read more: Local lithium-ion battery manufacturer I-G3N secures R20m investment

Featured image: Junaid Wahedna, CEO of Wahed (Supplied)