Wahed Invest has migrated its investment offering entirely to WealthKernel’s APIs as the Islamic robo-advisor works toward bolstering its Shariah financial offerings in the UK.
Having first partnered with WealthKernel in 2017 to utilize its white-label service to launch the world’s first automated Shariah compliant robo-advisor, Wahed will fully adopt WealthKernel’s API to gain increased flexibility beyond its current white-label solution.
The new collaboration will allow the digital investment manager to integrate investment capabilities and enhance the digital experience of users including in terms of onboarding and completing know-your-customer (KYC) checks. WealthKernel will provide e-KYC, trading, portfolio management and rebalancing, custody and individual savings account tax wrappers for Wahed’s users in the UK.
“Our relationship with WealthKernel over the years has allowed us to bring Wahed’s vision to our customers at a competitive pace. Through working with WealthKernel, Wahed has been able to specifically tailor the services it provides to its customers, and bring them an investment product they can have full faith in. With our new app now launched in the UK, we hope to further encourage not only Muslim investors to engage with us, but also those looking to make socially responsible investments,” commented Umer Suleman, Wahed’s UK general manager. Wahed in 2020 acquired Niyah, an Islamic digital banking start-up, as part of its strategy to become a ‘one-stop shop’ for socially responsible financial products and services.