Tuesday, May 21, 2024
Editor's PickWahed sets up Palestinian start-up investment fund

Wahed sets up Palestinian start-up investment fund

Islamic robo-adviser Wahed has partnered with the Bank of Palestine and the Intersect Innovation Hub to raise a US$5 million fund to invest in start-ups in Palestine.

The Palestine Investment Fund will invest in 25–30 tech start-ups based in Gaza and the West Bank.

“Supporting entrepreneurship in Palestine is not just an investment in its economic future, it’s a step toward self-reliance,” said Wahed. “It is for this reason we will be donating all our fees (a one-time transaction fee of 2.5%) to a UK-registered charity to support local causes.”

The charity is Muslim Aid, and the donations will be channeled toward its projects in Palestine.

“By partnering with Wahed, we are simply expanding our capacity of delivering more where most needed from the generous pledge they are making toward our ongoing Palestine campaign,” shared Yusuf Kalam, Muslim Aid’s philanthropy and partnerships manager.

Muslim Aid, one of the oldest British Muslim charity, has been operating in Palestine since 2006 via staff and partners and is currently responding to the humanitarian crisis in Gaza through charity and advocacy work.

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