Aramco-backed fintech opens an Apple store-like bank branch in London to help Muslims invest
Wahed, a fintech startup backed by Saudi Aramco and Paul Pogba, debuted its own retail presence in the U.K. Tuesday.
New York-based Wahed, which describes itself as a "Halal investing platform," has opened a branch in the U.K. in a bid to target the country's 3.9 million Muslims with a sharia-compliant investment management and advice service. Investors will be able to redeem the gold in their accounts for physical bars. Junaid Wahedna, CEO and Co-founder of Wahed, said it's a way for Muslim — as well as non-Muslim — consumers to beat currency fluctuations and the rising cost of living.
"They have trust issues," he said. "And so they want to see a physical presence before they trust you with money." "All of their business plans are built around lending revenue, right? Even digital banks, it's like, okay, I'll start off being a new bank, but then eventually, I'm gonna get a banking licence," said Wahedna.
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