New York’s Wahed Invest robo-adviser expands with new Islamic index funds

New York

New York-based Wahed Invest has launched two Shari’ah-compliant index-tracking funds under its robo-adviser platform, as the firm looks to attract an underserved segment of Muslim retail investors. The new equity funds will track indices that are screened by Standard & Poor’s to follow religious guidelines that exclude certain business sectors such as tobacco, alcohol as well as gambling stocks. The firm hopes to attract a global audience, with offices now open in London, Washington as well as Kuala Lumpur, Dubai, and Mumbai. Digital wealth management firms like Wahed Invest, create as well as manage portfolios made up of low-cost funds catering to affluent but not necessarily very wealthy customers, reported Reuters.—Reuters

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