Wahed Invest to launch robo-adviser in Middle East

Robo-adviserNew York-based Islamic finance firm Wahed Invest is extending its robo-adviser service to the Middle East and Southeast Asia. The latest roll-out of the automated investment tool will begin in early 2019, says Wahed’s chief executive Junaid Wahedna. He also announced that the firm, which is backed by a number of Mena-based investors including Dubai-based Beco Capital, has just closed a latest round of fund-raising which brought in $8 million, giving the company a valuation in excess of $100 million.  Wahed launched its services in the UK in August, where it now has 5,000 registered users and is now looking to add the UAE, Bahrain, Saudi Arabia, Malaysia and Indonesia to its roster of international markets. Wahed Invest has also just launched a Halal stock screener app which enables users to determine the Halal credentials of firms in which they might invest. ©2018 funds global mena

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