Wahed Invest robo-adviser expands with new Islamic index funds

New York-based Wahed Invest has launched two sharia compliant index-tracking funds under its robo-adviser platform. According to CEO Junaid Wahedna, the company's goal is to make every asset class available to Muslim investors. The new equity funds launched by Wahed will track indices that are screened by Standard & Poor's. The funds have no lockup period and only charge an advisory fee rather than a management fee. Wahedna added that a recurring deposits tool has proven to be popular among clients, most of whom are first-time investors. Wahed raised $5 million in seed capital last year. The investment firm is backed by Gulf investors and venture firms including Boston-based Cue Ball Capital and Dubai-based BECO Capital.