DOHA, Qatar, Nov. 24, 2024 — The Qatar Development Bank (QDB) has made a strategic investment in Wahed, a globally operating Islamic fintech firm.
Wahed currently oversees more than $1 billion in assets and serves over 400,000 clients worldwide. The firm’s mission is to broaden access to financial services, providing Shariah-compliant investment options through its mobile application. Wahed breaks down barriers to sophisticated investment management, previously accessible only to high-net-worth individuals.
Khalid Al Jassim, Executive Chairman of Wahed MENA stated: ‘We are pleased to welcome QDB as our new shareholders. We believe Qatar shares our vision of creating a leading technology-driven Islamic finance institution that fosters a financial ecosystem free from Riba. We look forward to contributing to Qatar National Vision 2030’s goal of becoming a leading knowledge-based economy.’
Ali Rahimtula, Partner at Cue Ball Capital commented: “Qatar Development Bank’s strategic investment strongly indicates the industry’s confidence in Wahed and its potential to shape the future of Islamic Finance.”
About Wahed
Established in 2015, Wahed is a financial technology company promoting financial inclusion through accessible, affordable, and ethically responsible investing. The company has made substantial progress in the global Shariah-compliant investing landscape by developing a user-friendly digital platform offering a range of Shariah-compliant investment products, including managed portfolios and investments in venture capital and real estate. Wahed serves over 400,000 customers globally and manages over $ 1 billion in assets.
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About Qatar Development Bank
The Qatar Development Bank’s mission is to drive economic and innovation growth in Qatar, supporting and furthering the nation’s economic diversification. In addition to focusing on developing Qatar’s private sector, QDB acts as a significant catalyst for the country’s socio-economic development, empowering the local economy and improving living standards.
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