Wahed Inc, a financial investment platform for conscious customers , has launched an investment mobile app for the UK market. Available on IOS and Android, the app offers an array of features that is aimed at those looking to invest and build wealth in an ethical and socially responsible way.
“Over the past decade banking customers have become disillusioned with financial services after years of poor ethical practices across the global banking industry and the financial crisis of 2008,” said Umer Suleman, the UK General Manager at Wahed. “Unsurprisingly this has led to a marked rise in investors looking for opportunities that align with their personal values,”
Wahed believes that with the ever-widening gap of wealth inequality, demand for stable investments and fairer financial products is surging. “The new app helps to bridge this gap by providing affordable and simple products to a new generation of conscious investors,” says Suleman.
Halal investment account available in minutes
Quick to set up and easy to use, customers can download the Wahed app and open a halal investment account in minutes from their mobile device. It offers a direct deposit feature and the option for customers to build their own individual investment portfolios.
The app includes other features such as automatic recurring deposits that vary across different portfolios, as well as a smart deposit function that calculates how much is needed to reach specific targets.
Customers can also create numerous portfolios, each with their own targets and risk factors. Investors can rest assured that all returns are halal, and that no investments are made in companies that deal in restricted sectors – such as gambling, firearms, tobacco or alcohol.
Customisation of portfolios includes different risk levels
With a seamless interface and ability to instantly add and withdraw funds, investors who are looking for a high level of ethical finance are able to manage tax-advantaged accounts alongside their portfolios all from the palm of their hand, with set targets to visualise how they are progressing towards their goals. They can even customize their portfolios with different personalised names and risk levels, so they can save towards the things that matter most in life.
Underpinning the roll-out of the new app is the successful integration with Plaid, the world’s leading open finance platform that helps people securely connect their bank accounts to digital finance apps and make payments from them. Plaid will help customers and easily transfer money from outside accounts into their Wahed accounts.
“Wahed is a great example of one of the many companies offering more personalization and, ultimately, better financial outcomes,” said Keith Grose, Head of International at Plaid. “However, the impact of companies like Wahed goes beyond simply providing people with more personalized options for managing money—they’re helping to create a more inclusive global financial system that better serves many more people across the world.”
The app signifies Wahed’s intentions to expand its services across the UK, one of the world’s fastest growing and most developed Islamic finance ecosystems – as well as one of the biggest centres for sustainable and ethical investing.
To date, Wahed has attracted over 200,000 active clients around the world by using cutting edge technology to balance ethical finance with modern investments.