Halal digital investment platform gets FCO approval
The UK's first digital Halal investment platform has been approved by the Financial Conduct Authority.
New York-based Wahed will invest in a global portfolio of ethically responsible stocks, Islamic bonds and gold, which will be assessed by a full time ethical review board.
The board will screen against funds related to excess debt, tobacco, alcohol, firearms, gambling, adult entertainment, impure food stock and extortion.
A study carried out by the robo-advisory firm last month found more than half of British Muslims surveyed felt excluded from mainstream financial services.
Wahed Invest UK head Mohammed Ibrahim Morshed said: "Our mission is to make Halal investing an accessible and affordable means of long-term saving for the millions of UK Muslims who currently feel excluded from mainstream financial services.
"For too long, the needs of the community have been overlooked, with many Muslims finding it impossible to build nest eggs that are in line with their faith."
Wahed charges a single annual fee, which covers all management, custodian and transactions costs, and requires a minimum investment of £100.
The ethical board is chaired by Sheikh Taha Abdul Basser with Sheikh Humza Maqbool Chaudhry and Sheikh Musa Furber.