New York-based Wahed Invest has secured financing from oil giant Saudi Aramco to expand into the Middle East and make Riyadh its regional hub.
The Saudi Aramco Entrepreneurship Ventures extended the funding to the online Islamic investment platform as part of a $25 million funding round.
Wahed Invest founder Junaid Wahedna emphasized the importance of getting Aramco as an investor as it reassures clients that they are investing in a company backed by a reliable and familiar name.
Also investing in Wahed Invest were Dubai-based BECO Capital and the Cue Ball Group from Boston.
The three-year-old Wahed Invest, which has secured a license to operate in Saudi Arabia, aims to get regulatory approval in 20 more countries.
It currently has licenses to operate in nine countries.
Seeking to tap into the rising Islamic finance market, Wahed Invest started Malaysia's first Shariah-compliant digital investment platform in October.
The company's Islamic Exchange Traded Fund (ETF) holds investments in Apple, Johnson & Johnson, and Intel Corp.
Wahed Invest is also contemplating listing its Islamic ETF on the Saudi stock exchange. Its ETF was listed on the Nasdaq last year.


noyb Files GDPR Complaints Against TikTok, Grindr, and AppsFlyer Over Alleged Illegal Data Tracking.
California Jury Awards $40 Million in Johnson & Johnson Talc Cancer Lawsuit
SUPERFORTUNE Launches AI-Powered Mobile App, Expanding Beyond Web3 Into $392 Billion Metaphysics Market
Korea Zinc to Build $7.4 Billion Critical Minerals Refinery in Tennessee With U.S. Government Backing
United Airlines Tokyo-Bound Flight Returns to Dulles After Engine Failure
Biren Technology Targets Hong Kong IPO to Raise $300 Million Amid China’s AI Chip Push
FDA Says No Black Box Warning Planned for COVID-19 Vaccines Despite Safety Debate
Shell M&A Chief Exits After BP Takeover Proposal Rejected
ANZ New CEO Forgoes Bonus After Shareholders Reject Executive Pay Report
Blackstone Leads $400 Million Funding Round in Cyera at $9 Billion Valuation
FAA Unveils Flight Plan 2026 to Strengthen Aviation Safety and Workforce Development
Sanofi’s Efdoralprin Alfa Gains EMA Orphan Status for Rare Lung Disease
Ford Takes $19.5 Billion Charge as EV Strategy Shifts Toward Hybrids
Treasury Wine Estates Shares Plunge on Earnings Warning Amid U.S. and China Weakness
Union-Aligned Investors Question Amazon, Walmart and Alphabet on Trump Immigration Policies
Trump Sues BBC for Defamation Over Edited Capitol Riot Speech Clip
MetaX IPO Soars as China’s AI Chip Stocks Ignite Investor Frenzy 



