Robo-advisory: Wahed Invest
Capturing investor’s imagination with low-cost equity investments.
Robo-advisory: Wahed Invest
Since the dawn of robo-advisory, only a few thousand people have experienced Sharia compliant low-cost equity investments firsthand. But there have been moments that captured the investor’s imagination and challenged the high fee-bound perspective. Of the many endeavors that made headlines, one of the most prolific firms has been Wahed Invest, with its Head Quarters in New York.
Wahed has been successful in creating a reliable, transparent, and most importantly, accessible retail instrument of all time. The data they collect has deepened understanding of Sharia compliant investment universe—from the edge of Brazil to the border of Australia—and the accessibility provided has brought the startling experience of low-cost equities to Islamic retail investors around the world. Today, on the 5th anniversary of Wahed’s launch, they’ve teamed up with us to manage their Sharia compliance like never before. We’ve been assigned to supervise their client investment agreements, equity universe, ETF’s, Islamic index funds, and virtual advisory terms.
As we enter a new era of low-cost Halal investments —we hope Wahed’s efforts and our Sharia supervisory role demonstrates the remarkable progress robo-advisory is making toward unlocking opportunities for retail investors, and how much farther we can go together.
Now that you’re better informed on how Wahed can help unlock new opportunities, get out there and experience the new dawn of low-cost investments yourself!
Wahed Invest, a global provider of Halal investments, today announced the assignment of Shariyah Review Bureau to manage its Sharia compliance affairs from client agreements to investment universe, including Islamic ETFs and virtual advisory terms. The announcement was made after a series of strategic positioning that Wahed has made to tap Islamic investors globally.
Wahed is seeking to expand geographically from its historical focus on clients in the US and now has offices strategically located in USA, UK, India, Dubai, Kazakhstan and Malaysia. “We expect the majority of growth to come from the Middle East and Asia – which, in 2019, cumulatively accounted for a significant value of our total growth,” said Owais Gore,Head of Global Operations at Wahed. “We have also made good headway in diversifying services with the addition of Islamic ETFs and fixed income investments (sukuk). With new offices set-up in key financial hubs around the world we are focused on exporting a demonstrated track record that reduces management fees, brokerage requirements, and transactional costs,” he added.
Speaking on the assignment of Shariyah Review Bureau (SRB) Aris Pervaz (Head of Wahed North America & UK) said: “Wahed’s assignment underlines our commitment to delivering the very best outcomes in Sharia compliance for our customers around the world. Through their supervisory reviews and Sharia audits they will further strengthen our Sharia controls, which blends top Sharia compliant indices to facilitate market efficiencies and pricing opportunities.” He added, “SRB’s dedicated team of in-house scholars and Sharia auditors are well positioned to monitor, review and engage our business affairs in UK, US, GCC, Malaysia and beyond.”
Currently, Wahed serves thousands of clients from over 100 countries and with its geographical expansion and service diversification is expected to enhance its market share. “We firmly believe in the transformative potential of robo-advisory technology in the new sectors we are tapping in the Middle Eastern and South East Asian region. Our platform has successfully established its ability to promote inclusion in listed investments by serving more customers, even in regions where many don’t even have a basic bank account, let alone the ability to invest in such opportunities. Our services eliminate the high costs associated with traditional fund-based solutions, outlays that often create a significant market barrier for many people.”
Islamic financial institutions are facing high Sharia Board costs, increased Sharia compliance scrutiny, and advanced expectations in Sharia audit reporting. All these factors are driving new opportunities for Sharia Board efficiency and Sharia audit management. Shariyah Review Bureau provides comprehensive Sharia advisory solutions from setting-up Sharia Boards to providing product consulting to Sharia review implementation and Sharia audit planning. As a pioneer in the Sharia advisory and Sharia audit industry, SRB’s services has a first-mover advantage and has amassed a significant base of technical Sharia expertise and direct experience working on some of the leading profile institutions globally. “We are more than a Sharia advisory company – we’re a partner that helps institutions manage Sharia Board and Sharia audit functions and help build this capacity as they grow and expand to new markets,” said Yasser S. Dahlawi, CEO at Shariyah Review Bureau. “Our appointment by Wahed is intended to become a meaningful resource for Sharia supervision on their global equity exposure over time, with the goal of driving Sharia audit performance and reducing Sharia compliance management costs.” He added, “we are excited to partner with one of the world’s leading robo-advisory investment firm because it shares our vision for making Sharia compliance opportunities transparent and accessible to communities around the world.”
Digital Assets: CoinMENA
Powered up brokerage facilities to drive your token & crypto trades.
Digital Assets: CoinMENA
Whether it’s buying digital assets, exchanging fiat classes with cryptos, or trading tokens, the CoinMENA team has been mastering this process to help you buy, sell and hold digital assets in a faster and simpler way.
CoinMENA helps you trade digital assets using local currency through specialized apps and systems. Some functions such as overlay withdrawals, for both fiat and digital currencies, are manually processed for compliance while suspicious activities are halted and flagged to the regulatory body. Today they’ve taken the next step by getting their assets and trading services certified by us in light of Sharia principles. We are thrilled to have studied their systems and trading methodology to help them attain Sharia compliance. For us, the most significant aspect of their platform isn’t just an “expert” system built with hand-crafted rules; instead it uses advance digital techniques to make the brokerage and custodian facility easier for the end-user.
So, whether you’re experimenting, professionally trading, or arbitrating digital tokens, CoinMENA can help make your experience faster, simpler, and easier.
Bahrain based CoinMENA has announced that it has appointed Shariyah Review Bureau (“SRB”) as an outsourcing facility to manage and supervise the Sharia certification and Sharia audit services for its digital asset platform.
CoinMENA was created to help investors at both the retail and institutional level identify business opportunities for digital assets like Bitcoin, Ethereum and Ripple that meets the investor’s own standards around long-lasting returns. “Getting certified as Sharia-compliant is another milestone in CoinMENA’s dedication to client excellence and becoming the leading blockchain and digital assets company in the MENA region”, said Dina Sam’an, Co-Founder & COO of CoinMENA.
CoinMENA will provide its clients with an advanced platform that allows them to buy, sell and hold digital assets that are diversified and Sharia-compliant. Dina added, “Seeking the Sharia certification and working with the Shariyah Review Bureau, which has extensive experience working with fintech firms, allows us to increase our focus on the private Islamic investors’ space by offering them a universe of stable Sharia-compliant digital assets with the potential of growth and low volatility.”
Shariyah Review Bureau provides end-to-end Sharia advisory solutions that are centrally-deployed, and offer Sharia supervision, functionality and quick turnaround in product certification. This has become an attractive option for supporting the needs of global Islamic financial establishments and fintech startups. In addition to reducing Sharia scholarly overheads, this approach helps clients of the SRB centralize their firm’s Sharia Board administrative and operational tasks.
Yasser S. Dahlawi, Founder and CEO of SRB, added that “Our experience shows that overall compliance savings resulting from outsourcing Sharia Board and Sharia audit services equate to 33 to 35% compared with the cost of doing the same function in-house. Our services help transform Islamic banking, asset management and fintech sectors, and business life.” Speaking on CoinMENA he added, “We see a whole new league of opportunities arising in the world of Islamic fintech and digital trading.”
Malath Insurance, Saudia’s leading insurance company, announced today the assignment of Shariyah Review Bureau (SRB) a leading Sharia Advisory firm focused on Sharia Boards, certification and Sharia audit services, to help maintain and supervise Sharia compliance of its products, operations and investments.
Malath offers comprehensive solutions covering classes of insurances like property, engineering, construction, health and medical for its retail and corporate customers in the Kingdom. It currently has about 336 employees and 5 offices throughout the country. “Malath continues to grow at a significant pace and we see excellent insurance opportunities in the Kingdom,” said Fawaz A. Al Hijji Managing Director & CEO of Malath. “The influx of cooperative insurance programs we have seen over the past few years has helped double our capacity and strengthen our capabilities required to meet more of our customer’s Sharia compliant insurance needs.”
Speaking on the newly assigned Sharia Advisor, Fawaz added “Bringing Shariyah Review Bureau on board to supervise our Sharia compliance affairs will further strengthen trust in our stakeholders and also give us significant scale with low input costs for certifying and auditing Sharia compliant products and investments.”
Over the years, Shariyah Review Bureau has strongly established itself as one of the leading Sharia Advisory companies in the Kingdom of Saudi Arabia. The Central Bank of Bahrain licensed firm leads with a dedicated team of Sharia Consultants and Sharia auditors based out of Bahrain and also has 31 scholars covering 19 countries. It currently oversees the Sharia compliance management of 30% of the cooperative Insurance firms listed on Tadawul.
“Leveraging the benefits of outsourced Sharia Board services is no longer limited to large financial institutions struggling with high Sharia maintenance costs,” said Yasser S. Dahlawi, CEO at Shariyah Review Bureau. “Our experience shows that entities of all sizes are using our model to develop and grow their Sharia compliant offerings.” He added, “More and more companies are recognizing the need to partner with Sharia advisory firms to drive value, growth and dexterity.”
Speaking on the new assignment Yasser stated, “This assignment is another acknowledgment of Shariyah Review Bureau’s endeavors to offer Sharia advisory specific solutions that align with the cooperative insurance industry needs and create measurable business value for our clients, today and in the future.”