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Dubai: New York based investment platform Wahed Invest LLC (“Wahed Invest”) has received an associate membership approval from the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). AAOIFI regulates and standardizes accounting, auditing and governance practices for the Islamic finance industry in line with international standards that comply with Islamic rules. Wahed Invest founder and CEO Junaid Wahedna said: “As Wahed continues to grow and innovate, it's important that our clients and partners know that we are committed to halal practices. Wahed’s qualification for the AAOIFI membership is a step towards reposing confidence with our customers and demonstrates our adherence to sound halal practices and policies.”
A recent pronouncement by the United Arab Emirates requires all full-fledged Islamic banks, Islamic windows of conventional banks and finance companies offering Sharia-compliant services in the UAE to comply with AAOIFI standards in effect from September 1, 2018.
“Spurred by continued growth in halal investments, UAE leadership has implemented rules encouraging standardization and harmonization of international Islamic finance practices and financial reporting in accordance to Shari’ah,” said Omar Ansari, Acting Secretary General at AAOIFI. “The new decree also entails a revision of existing products and services of Islamic institutions to comply with AAOIFI standards. One of the region’s first fintech startups, Wahed Invest is showing strong direction in the field of Islamic finance by becoming an associate member.”
Wahed Invest offers investors of all income brackets the exposure to a globally diversified portfolio of Shariah-compliant financial products and services in a transparent manner. It ensures Shariah-compliant investing principles are considered by screening stocks for tobacco, alcohol, firearms, gambling, adult entertainment, non-compliant foods, usurious institutions, excess debt and excess interest income.
In addition to the UAE, AAOIFI standards have been fully or partially adopted in more than 19 countries and as recommended guidelines by the regulatory bodies of more than seven other jurisidictions. AAOIFI members include prominent scholars such as Mufti Taqi Usmani and Dr. Aznan Hassan, who is also a member of the Wahed Invest Shari’ah review board.
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For more information about Wahed Invest, please visit wahedinvest.com
About AAOIFI
AAOIFI, established in 1991 and based in Bahrain, is the leading international not-for-profit organisation primarily responsible for development and issuance of standards for the global Islamic finance industry. It has a total of 108 standards and technical pronouncements in issue covering areas such as Shari’ah, accounting, auditing, ethics and governance for international Islamic finance. It is supported by over 200 institutional members, including central banks and regulatory authorities, financial institutions, accounting and auditing firms, and legal firms, from over 45 countries. Its standards and technical pronouncements are currently followed by all the leading Islamic financial institutions across the world, and have introduced a progressive degree of harmonisation of international Islamic finance practices.
About Wahed Invest.
Wahed Invest is a global automated investment advisor and the first digital advisor focused on building a halal investment platform. Wahed Invest provides a comprehensive, easy-to-use option to invest in ethically responsible investment portfolios. 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.
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