Shariah robo adviser Wahed Invest has launched a physical gold portfolio in the UK, joining the growing community of Islamic fintech start-ups providing digital gold investment opportunities.
The new portfolio is the platform’s seventh risk portfolio. “This will give users the unique opportunity to invest in physical gold which will be stored and guarded at the Royal Mint,” explained Wahed.
The launch follows Wahed’s recent US$50 million Series B funding round and the appointment of international football star Paul Pogba as its brand ambassador.
Gold investments are popular among the Muslim community. Start-ups such as HelloGold in Malaysia and Indonesia’ Tamasia are among the earliest fintech entities to tap the Muslim-friendly digital gold trading space following AAOIFI’s landmark Shariah standard on gold and its trading in 2016. The Shariah standard provided much needed clarity on the issue of gold investment and it paved the way for incumbent financial institutions and new players to confidently capture the Muslim demand via digital avenues. In Malaysia for example, telecommunications company U Mobile in August last year rolled out an Islamic gold trading platform on its e-wallet.