New York Based Wahed Invest Approved to Operate Malaysia’s First Islamic Robo-Advisor
by Vincent Fong October 21, 2019American-based Wahed Invest halal robo-advisory platform announced today that they have successfully obtained regulatory approval from the Securities Commission Malaysia to offer digital investment management services in Malaysia.
Wahed Invest is the 3rd to officially enter the Malaysian market after StashAway and MyTheo.
Citing its support for the Malaysian government’s thrust towards the Islamic Digital Economy, the startup said that it is set to launch in Malaysia and that it intends to make Malaysia their Asia Pacific Hub. Its APAC operations is led by Syakir Hashim, who previously co-founded the recently acquired student loan crowdfunding platform Skolafund.
Wahed Invest’s entrance into Malaysia is not surprising given the fact that it is a leader in Islamic finance, recent reports show that Malaysia produces 26% of the world’s Shariah-compliant financial assets, amounting to US$ 528.7 billion.
A quick check into their app shows that the services are yet to be available to Malaysians but Fintech News Malaysia expects that an announcement of their product launch will come in the weeks to follow.
Image Credit: Wahed Invest’s Twitter Account
