- Qatar Development Bank invests in Wahed to expand Shariah-compliant FinTech solutions.
- Partnership aims to bolster financial inclusion and Islamic finance innovation.
What happened
Wahed, a global Islamic FinTech company, has received strategic investment from Qatar Development Bank (QDB) to expand its Shariah-compliant financial technology solutions. This collaboration will focus on enhancing B2B payments in the UAE and Saudi Arabia, aligning with QDB’s mission to support the economic diversification and innovation development cycle of Qatar.
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Why it is important
This investment is significant as it underscores QDB’s commitment to fostering innovation in Islamic finance and advancing financial inclusion. Wahed, managing over $1 billion in assets and serving more than 400,000 clients globally, is poised to leverage this funding to further its mission of democratizing access to financial services in line with Islamic principles. The partnership is expected to contribute to the growth of the ethical and values-driven finance sector, reflecting the increasing global interest in Shariah-compliant investment options. This strategic move not only strengthens Wahed’s regional presence but also supports Qatar’s National Vision 2030, aiming to establish a leading knowledge-based economy.
