Subsidiary of Mohammed Bin Rashid Fund for SME invests in Wahed Invest through $100m fund
Dubai Cultiv8 Investments Limited, a subsidiary of Mohammed Bin Rashid Fund for SME, has announced a multi-million dollar investment in Wahed Invest through its $100 million Technology Fund.
The New York headquartered Shariah-compliant digital investment advisor allows savers from all income brackets to invest in a globally diversified portfolio of ethically responsible stocks and Islamic bonds.
As a long-term partner, Dubai Cultiv8 will offer growth and expansion capital, sector knowledge, and its regional expertise.
Arif Al Alawi, CEO of Dubai Cultiv8 said: “The demand for Shariah-compliant financial solutions is increasing and it is imperative that we adopt a culture of innovation. Partnering with disruptive fintech startups like Wahed Invest, which is driving technological innovation in the fintech sector, will open the door to best-in-class products that promote financial inclusion, literacy and most importantly access to ethical investment opportunities to savers from all backgrounds.”
Dubai Cultiv8 joins a Wahed investor base of top PE funds, sovereign entities, and prominent family offices globally.
Junaid Wahedna, CEO at Wahed, said: “Wahed Invest continues to strengthen its shareholder base with value added strategic investors in line with Wahed’s ambitious global mission.
He added that Wahed’s global growth had helped it become the first fintech in the region to get a $100 million plus valuation last year.
Rashed Al Muhtadi, head of Wahed UAE, said: “Technology is redefining financial services, bringing new and innovative financial prospects to the largely underserved and marginalized populace... we welcome Dubai Cultiv8 as a strategic investor.”
Dubai Cultiv8 is a sharia compliant asset management company regulated by the Dubai Financial Services Authority (DFSA) to manage a collective investment fund and advise on financial products.
Designed specifically for the Islamic community, Wahed’s investment portfolios are approved by an Ethical Review Board, enabling Muslims to feel confident that their investments are ethically sound and Halal.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.