New York-based Wahed Invest secure financing of oil giant Saudi Aramco expand into the Middle East and make Riyadh its regional hub.
Saudi Aramco Entrepreneurship Ventures has extended funding to the online Islamic investment platform in a $ 25 million funding round.
Wahed Invest founder Junaid Wahedna stressed the importance of having Aramco as an investor as it reassures clients that they are investing in a business backed by a reliable and familiar name.
Dubai-based BECO Capital and Boston’s Cue Ball Group have also invested in Wahed Invest.
Three-year-old Wahed Invest, which has been licensed to operate in Saudi Arabia, is aiming for regulatory approval in 20 other countries.
It currently has licenses to operate in nine countries.
Seeking to tap into the growing Islamic finance market, Wahed Invest launched Malaysia’s first Sharia-compliant digital investment platform in October.
The company’s Islamic Exchange Traded Fund (ETF) holds investments in Apple, Johnson & Johnson and Intel Corp.
Wahed Invest is also considering listing its Islamic ETF on the Saudi Stock Exchange. Its ETF was listed on the Nasdaq last year.