▸ Dubai Cultiv8 is a Shariah-compliant asset management company regulated by the Dubai Financial Services Authority.
▸ Wahed Invest, a subsidiary of Wahed Inc. is an automated investment advisor and the first digital advisor focused on building a halal investment platform.
Dubai Cultiv8 Investments Limited, a subsidiary of the Mohammed Bin Rashid Fund for SME on Wednesday announced a multi-million dollar investment in Wahed Invest through its $100 million technology fund.
Wahed, the New York-headquartered Shariah-compliant digital investment advisor allows savers from all income brackets to invest in a globally diversified portfolio of ethically responsible stocks and Islamic bonds.
As a long-term partner, Dubai Cultiv8 will offer growth and expansion capital, sector knowledge, and its regional expertise. This strategic partnership will help Wahed expand internationally at a faster pace, and fullfill its mission of offering access of digital investment solution to all savers globally.
Wahed was first launched in 2017 in New York and has since expanded internationally through affiliates. The fintech startup currently serves customers from over 130 countries and its global growth over the time has made it the first Islamic FinTech to get a $100 million valuation last year.
“The demand for Shariah-compliant financial solutions is increasing and we must adopt a culture of innovation. Partnering with disruptive FinTech start-ups such as Wahed Invest, which are driving technological innovation in the FinTech sector will open the door to the best-in-class products that promote financial inclusion, literacy and, most importantly, access to ethical investment opportunities to savers from all backgrounds.”
– Arif Al Alawi, CEO, Dubai Cultiv8
“Wahed Invest continues to strengthen its shareholder base with value-added strategic investors in line with Wahed’s ambitious global mission.”
– Junaid Wahedna, CEO, Wahed
“Technology is redefining financial services, bringing new and innovative financial prospects to the largely underserved and marginalised populace. In line with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, to make Dubai the global Islamic economy hub, we welcome Dubai Cultiv8 as a strategic investor. Wahed’s strategic agenda is to promote ethical investment and financial inclusion in the UAE and beyond. The patronage of Dubai is a testament to the growing potential for ethical investment and recognition of Wahed Invest as a disruptive force in Islamic financial services.”
– Rashed Al Muhtadi, Head of UAE, Wahed
ⓘ Source: wam.ae