Arab Press

بالشعب و للشعب
Thursday, Jul 10, 2025

Saudi Aramco-backed ‘halal’ investment platform opens branch in London

Saudi Aramco-backed ‘halal’ investment platform opens branch in London

Wahed, an investment platform backed by Saudi Aramco and French footballer Paul Pogba, has opened a physical branch and bank accounts backed by gold in London, CNBC has reported.
The New York-based firm describes itself as a “halal investing platform.”

The company’s Shariah-compliant investment management and advice service aims to target the UK’s 3.9 million Muslims.

Wahed forbids investments in businesses that profit from lending, gambling, alcohol, and tobacco.

An account with Wahed does not pay interest on savings but instead tracks the value of users’ deposits against the value of gold. The price of the precious metal varies according to supply and demand.

Wahed CEO Junaid Wahedna told CNBC that the company offers consumers, both Muslim and non-Muslim, the chance to tackle currency fluctuations and rising living costs.

“[Muslims are] an underserved community as a whole,” Wahedna said

He pointed out that the Muslim community is one of the lowest socioeconomic sectors of the UK, with low financial literacy.

He added: “They have trust issues, and so they want to see a physical presence before they trust you with money.”

Wahed is also launching a debit card that will allow account holders to deposit funds using an exchange-traded fund that tracks the price of gold. This means that users can use gold to pay for everyday items.

Investors can also convert the gold in their accounts for physical bars.

Wahedna said: “I think it really fits with the Muslim community and what their needs are.

“Otherwise, what happens is the Muslim community, because they’re underserved, they keep their money in cash under their mattress, or in something that’s very unsafe, and they lose their money every few years because there’s a scam in the community or someone takes advantage of them. And that poverty cycle just continues.”

Wahedna criticized the rise of “buy now, pay later” services, claiming that modern fintech companies have become overly focused on consumer lending.

He added: “I feel that fintech, like most of the finance industry, is very heavily geared towards lending.

“In fact, I would say, it’s making the cost-of-living crisis, a debt crisis, worse with a lot of the products.

“If you look at the ‘buy now, pay later’ companies, people are struggling — that’s the worst type of innovation, you’re making it easier to get people into debt.”

Wahedna said that the company is not only for Muslims, but also for followers of other Abrahamic religions. He added it targets both prosperous individuals and less well-off customers.
Newsletter

Related Articles

Arab Press
0:00
0:00
Close
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
AI Raises Alarms Over Long-Term Job Security
Russia Formally Recognizes Taliban Government in Afghanistan
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Mediators Edge Closer to Israel-Hamas Ceasefire Agreement
Germany Seeks Taliban Deal to Deport Afghan Migrants
Emirates Airline Expands Market Share with New $20 Million Campaign
Robots Compete in Football Tournament in China Amid Injuries
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Trump Asserts Readiness for Further Strikes on Iran Amid Nuclear Tensions
Qatar Airways Clears Backlog of Passengers Following Missile Threats
Iran's Parliament Votes to Suspend Cooperation with Nuclear Watchdog
Trump Announces Upcoming US-Iran Meeting Amid Controversial Airstrikes
Trump Moves to Reshape Middle East Following Israel-Iran Conflict
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
Oman Set to Introduce Personal Income Tax, First in Gulf
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
G7 Leaders Fail to Reach Consensus on Key Global Issues
Mass exodus in Tehran as millions try to flee following Trump’s evacuation order
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Netanyahu Signals Potential Regime Change in Iran
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
Iran Conducts Ballistic Missile Launches Amid Heightened Tensions with Israel
Iran Signals Openness to Nuclear Negotiations Amid Ongoing Regional Tensions
Shock Within Iran’s Leadership: Khamenei’s Failed Plan to Launch 1,000 Missiles Against Israel
UK Deploys Jets to Middle East Amid Rising Tensions
Exiled Iranian Prince Reza Pahlavi Urges Overthrow of Khamenei Regime
Wreck of $17 Billion San José Galleon Identified Off Colombia After 300 Years
×