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Wahed raises $7 million for Halal-based investment platform

Above: Wahed is a Halal-based investment fund. (Image Credit: Wahed)

Wahed Invest has raised $7 million in funding for its Halal-focused investing platform. This will enable more people to put their money in Halal-compliant investments, or those that are permissible under traditional Islamic law.

The digital investment company received this funding from Cue Ball Capital, an early-stage venture capital firm, and BECO Capital, a Middle Eastern VC known for backing a variety of regional startups.

New York-based Wahed said its clients will be able to roll over 401(k) and IRA assets onto the Wahed investing platform. Wahed will also enable people in the U.K. to invest in Halal-compliant entities by the end of 2017.

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