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In a rare move for a fintech company, Wahed, a startup founded to offer ethical financial services consistent with Islam, has opened a physical branch.
In order to broaden the appeal of its financial services, Wahed will open its first physical location in London’s Baker Street.
The action goes against the trend of high-street locations being closed by retail banks. According to data from Which?, physical branches of banks and building societies have closed 5,431 times since 2015, or about 54 times per month.
“During a period of economic uncertainty when bank branches are closing at an alarming rate, we’re optimistic about the future and opening a physical branch to cater for our customers,” said Junaid Wahedna, founder and CEO of Wahed.
In addition to the location launch, Wahed is also launching a debit card to serve the 3.9 million Muslims in the UK. Customers will be able to spend and save using the Wahed gold-backed debit card because their funds are kept in a gold exchange-traded commodity (ETC).
“Wahed’s new gold-backed debit card allows the Muslim community to utilise technology to access and invest their money in a responsible and secure way, storing it safely and ethically without risk of exposure to Riba. Combined with the new branch, our community-focussed finance service provides Muslims with banking and investment opportunities that align with their faith.”
Launched in 2017, Wahed has over 300,000 customers globally. It operates in 130 countries and has offices in Washington D.C, New York, London and Dubai.
It has secured $75m in private investment.
