QDB, Qatar Development Bank, has announced a strategic investment in Wahed, a worldwide financial company that complies with Shariah.
Wahed presently manages over $1bn in assets and serves over 400,000 clients globally. The company is founded on the ideals of making access to financial services, and its mobile app provides clients with Shariah-compliant investing options.
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Moreover, Wahed lowers the obstacles to skilled investment management services that were previously 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 added: “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.”
As Islamic finance continues to grow, both financial education and innovative investment products are paving the way for a new era of Sharia-compliant wealth management and private banking.
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By GlobalDataIslamic finance is emerging as a crucial area of expertise within private banking and wealth management, especially for professionals dealing with high-net-worth individuals (HNWIs) interested in Sharia-compliant investments.
Company partnerships
Swiss private banks Gonet & Cie and ONE swiss bank have announced a merger, expected to help establish a ‘leading’ force in the wealth and asset management sector.
The deal will see Gonet acquire a majority stake in ONE, with the merged bank having a significant presence in Switzerland, the Bahamas, and Dubai.
Arab Bank (Switzerland) has a majority stake in the family holding that owns Gonet & Cie.
This move aligns with the Arab Bank Switzerland Group’s growth ambitions, with assets under management nearing CHF20bn ($22.6bn) post-merger.
