Wahed Invest, LLC, a New York City, NY – based digital halal-focused ethical investing platform, closed its $7M seed funding round.
Backers included Cue Ball Capital and Beco Capital.
Junaid Wahedna, CEO, Wahed is an SEC registered investment advisor and a digital advisor focused on building a halal investment platform designed specifically for the Islamic community. Wahed enables users to invest in ethically responsible investment portfolios; or rollover an IRA or 401K and its investment portfolios are approved by an Ethical Review Board, preventing concerned American Muslims from investing in companies that do not agree with their values (e.g., companies involved in any aspect of the liquor, firearms, gambling and tobacco industries).
In addition, the company is announcing the ability for clients to rollover 401(k) and IRA assets onto the Wahed investing platform. It will also enable people in the UK to similarly invest in halal-compliant entities by the end of 2017.