Wahed launches London branch and gold-backed debit card for Muslims

By Gloria Methri

At a time when high street banks have closed half of their bank branches in the UK over the last 7 years, Wahed is bucking the trend by opening its first physical outlet.

The Islamic FinTech has announced the opening of a physical branch in Central London and the launch of a new debit card to help the UK’s 3.9 million Muslims manage their money.

The new 140-square meter space at 89 Baker Street in London will allow new and existing Wahed customers to engage with its offerings such as the opening of spend and save accounts, wills advice, investments, and private equity.

The company also announced the launch of a new gold-backed debit card that will allow customers to make purchases with their money held in a gold ETC. This prevents their money from staying inside the traditional banking system where it would be exposed to interest, known as Riba in the Islamic faith. Initial tests of the cards will take place in February.

“During a period of economic uncertainty when bank branches are closing at an alarming rate, we are optimistic about the future and opening a physical branch to cater to our customers,” said Junaid Wahedna, founder and CEO of Wahed. “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.”

Wahed has raised over $75 million in funding from high-profile backers including international footballer Paul Pogba, family offices, and institutions. Its mission is to change how the Muslim community participates in global financial markets by making investing accessible and ethically compliant for the 1.8 billion Muslims globally.