Qatar Development Bank announces strategic investment in global Islamic FinTech, Wahed

DOHA,Qatar,Nov. 24,2024 -- Qatar Development Bank (QDB) announces a strategic investment in Wahed,a global Shariah-compliant fintech.

Qatar Development Bank announces strategic investment in Wahed

Wahed currently manages over $1 billion in assets and has attracted over 400,000 clients worldwide. The company is built on the principles of democratizing access to financial services and offers clients access to Shariah-compliant investments in its mobile app. 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 in 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,Partner at Cue Ball Capital said: "Qatar Development Bank's strategic investment is a clear signal of the faith the industry has in Wahed and its ability to create the future of Islamic Finance."

About Wahed

Founded in 2015,Wahed is a financial technology company that is advancing financial inclusion through accessible,affordable,and values-based investing. The company has made significant inroads in the world Shariah compliant investing by creating 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 caters to over 400,000 customers globally and manages over $ 1 billion in assets.

For more information,visit: www.wahed.com

About Qatar Development Bank

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.

For more information,visit: https://www.qdb.qa/