Qatar Development Bank (QDB) has announced a strategic investment in Wahed, a global Shariah-compliant FinTech.

Founded in 2015, Wahed is advancing financial inclusion through accessible, affordable, and values-based investing. The company has developed an easy-to-use digital platform that provides a suite of Shariah-compliant investing products, including managed portfolios and venture and real estate investments.

Wahed currently manages over $1 billion in assets and has attracted over 400,000 clients worldwide. The company is built on the principles of democratising access to financial services. Wahed removes the barriers to sophisticated investment management services that have been traditionally reserved for high-net-worth investors.

Khalid Al Jassim, Executive Chairman of Wahed MENA, said, ‘We are delighted to welcome our new shareholders, QDB. We believe Qatar is fully aligned with our mission of creating a technology-first Islamic finance leader that unlocks a financial ecosystem free from Riba. We look forward to supporting the Qatar National Vision 2030 of becoming a leading knowledge-based economy.

Ali Rahimtula, a Partner at Cue Ball Capital, said, “Qatar Development Bank’s strategic investment is a clear signal of the industry’s faith in Wahed and its ability to create the future of Islamic Finance.”

Qatar Development Bank’s mission is to advance the economic and innovation development cycle of Qatar, supporting and contributing to the nation’s economic diversification. As well as a focus on the development of Qatar’s private sector, QDB is a powerful catalyst for socio-economic development in the country, empowering the local economy and bettering living standards.