In a move that highlights its commitment to the Middle East and North Africa (MENA) region, Wahed, a global leader in Shariah-compliant financial technology, has announced the appointment of Khalid Al Jassim as the Executive Chairman of Wahed MENA. This significant development emphasizes Wahed Strategic Growth in MENA, showcasing the company’s ambitious plans to expand its footprint across the region by leveraging Al Jassim’s unparalleled expertise to align with the evolving financial landscape.
Khalid Al Jassim
With over 25 years of experience in investment banking and corporate advisory, Khalid Al Jassim is a name synonymous with leadership and innovation in the financial industry. His distinguished career includes key roles at SABIC, Arthur Andersen, and Arcapita Bank in Bahrain, where he played an instrumental role in transforming the institution into a regional private equity powerhouse.
At Arcapita, Al Jassim established and led the Investment Placement Team, creating one of the most robust frameworks in the industry. By the time he left to pursue his entrepreneurial ambitions, he had ascended to the position of executive director. Today, he serves as the chairman of Afkar Vision, a private advisory house specializing in mergers and acquisitions, with offices spanning Manama, Dubai, and Riyadh.
Beyond his professional achievements, Al Jassim has been a long-time supporter of Wahed, serving as one of its earliest investors. His dedication and leadership align seamlessly with Wahed Strategic Growth in MENA, further solidified by his prominent roles as the chairman of the audit committee and board member at Bahrain Islamic Bank, as well as a board member at SICO Bank and SICO Capital, overseeing an asset management portfolio worth $8 billion.
Growth for Wahed in MENA
Upon his appointment, Khalid Al Jassim expressed enthusiasm for the role, stating, “I am excited to guide Wahed’s growth in the region. Wahed’s mission of furthering Islamic finance is one I resonate with deeply, and I look forward to supporting its growth ambitions.”
Mohsin Siddiqui, CEO of Wahed, remarked, “We are delighted to announce Khalid’s appointment. His unique understanding of the financial landscape in the MENA region is unparalleled, and we are excited to bring this expertise to further grow our presence in the region.”
The MENA region represents a massive opportunity for Shariah-compliant financial services. With a predominantly Muslim population and an increasing demand for ethical investing, Wahed’s presence in the region is poised to address a growing market need.
Recent reports indicate that the Islamic finance industry is expected to grow at a compound annual growth rate (CAGR) of 10.2%, reaching $5.9 trillion by 2026. Countries like Saudi Arabia, the UAE, and Qatar are at the forefront of this expansion, driven by robust economic growth and government initiatives promoting Islamic finance. Wahed, with its innovative platform, is perfectly positioned to capitalize on this momentum.
Wahed’s Journey
Founded in 2015, Wahed began with a mission to democratize ethical investing. Its digital-first platform provides a suite of Shariah-compliant investment products, including managed portfolios, real estate investments, and venture capital opportunities. With over 400,000 customers globally and more than $1 billion in assets under management, Wahed has established itself as a global leader in values-based investing.
One of Wahed’s standout innovations is the Wahed FTSE USA Shariah ETF (HLAL), launched in 2019. This exchange-traded fund allows investors to access Shariah-compliant equities in the United States, making ethical investing more accessible to a global audience. Wahed’s efforts to promote financial inclusion resonate strongly with younger, tech-savvy investors seeking alternatives to conventional financial products.
Wahed’s ambitious plans for MENA were recently bolstered by a strategic investment from Qatar Development Bank (QDB). This funding, announced during the Rowad Entrepreneurship Conference 2024, aims to accelerate Wahed’s regional expansion and solidify its market presence.
QDB’s support aligns with its broader mission to foster innovation and entrepreneurship in Qatar and the surrounding region. The partnership between Wahed and QDB is a testament to the fintech company’s growing influence and its alignment with the principles of sustainable, Shariah-compliant finance.
Technological Advancements
Technology is at the heart of Wahed’s offerings, enabling seamless access to ethical investment opportunities. Wahed’s AI-powered algorithms and user-friendly mobile app provide personalized investment options tailored to individual risk profiles and financial goals. This tech-driven approach has been instrumental in attracting younger investors who prioritize convenience and transparency.
Additionally, Wahed has embraced blockchain technology to enhance the security and efficiency of its transactions. By integrating blockchain, the company ensures that its operations align with the highest standards of trust and integrity—values central to Islamic finance.
Wahed’s success is also tied to its ability to forge strategic partnerships with key stakeholders in the Islamic finance ecosystem. In the MENA region, Wahed has collaborated with local financial institutions and regulatory bodies to ensure compliance with regional laws and Shariah principles. These partnerships not only enhance Wahed’s credibility but also provide valuable market insights that inform its growth strategy.
One of Wahed’s core missions is to promote financial inclusion by making ethical investing accessible to underserved populations. In the MENA region, where large segments of the population remain unbanked or underbanked, Wahed’s platform offers a unique solution. By providing low-cost investment options and educational resources, Wahed empowers individuals to take control of their financial futures while adhering to their religious and ethical values.
The Millennial Investor Base
A significant portion of Wahed’s global user base consists of millennials and Gen Z, who are increasingly drawn to ethical investing. These investors prioritize social responsibility and transparency, values that align perfectly with Wahed’s offerings. By tailoring its products to meet the needs of these younger demographics, Wahed is cultivating a loyal customer base that is likely to grow over time.
Looking ahead, Wahed’s expansion in the MENA region will focus on deepening its presence in key markets such as Saudi Arabia, the UAE, and Qatar. Central to Wahed Strategic Growth in MENA is the company’s plan to launch new products tailored to the region’s specific needs, including micro-investment options and crowdfunding platforms for ethical ventures.
Moreover, Wahed plans to engage with regional governments and financial regulators to advocate for policies that promote Islamic finance. By fostering a supportive regulatory environment, Wahed hopes to drive broader adoption of ethical financial products across the region.
Recognizing the need for greater awareness of Shariah-compliant finance, Wahed is also investing in educational initiatives. The company plans to collaborate with universities and financial institutions to offer workshops, webinars, and certification programs that educate the public about the benefits of ethical investing. These efforts aim to empower individuals with the knowledge needed to make informed financial decisions.
A New Era for Islamic Finance
The appointment of Khalid Al Jassim as Executive Chairman of Wahed MENA marks a significant milestone in the company’s journey. With his extensive experience and unwavering commitment to ethical finance, Al Jassim is poised to lead Wahed into a new era of growth and innovation in the MENA region.
As Wahed continues to redefine the landscape of Shariah-compliant investing, its impact extends beyond financial returns. By promoting financial inclusion and ethical practices, Wahed is setting a new standard for the global fintech industry—one that aligns with the values and aspirations of a growing number of investors.
For more information about Wahed and its offerings, visit www.wahed.com.
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