Junaid Wahedna on Sharia compliance
From How A Taxi Conversation Created Wahed | In The Studio · · BFM899
“We are a Sharia compliant institution, very values driven, and our vision is to try and create products that help the Muslim Community get away from interest, which we feel is a big sin and we feel there's a lot of spiritual reward in doing so.”
On , Junaid Wahedna, CEO & Founder at Wahed, spoke about Sharia compliance during How A Taxi Conversation Created Wahed | In The Studio on BFM899.
About Junaid Wahedna
Junaid Wahedna, founder and CEO of Wahed, discussed the company's opening of its first global branch on Baker Street in London. He stated that the physical location was intended to build trust and credibility with clients amid market volatility, noting that it is unusual for a fintech to open a branch. Wahedna described the company's origin as a response to the challenge faced by Muslims who, for religious reasons, seek to avoid interest-based financial products. Wahedna also spoke about the challenges of founding a regulated financial institution, citing the need for significant initial capital for licensing, compliance, and infrastructure. He noted that raising sufficient capital remains a major barrier to entry, particularly given the current environment of higher capital costs.