New York-based Wahed plans to open a physical branch and bank accounts backed by gold.






New York-based Wahed plans to open a physical branch and bank accounts backed by gold

The firm aims to attract 3.9 million Muslims in the U.K. with a Sharia-complaint investment management and advice service. 


  • The bank is located on Baker Street in central London and is backed by oil giant Saudi Aramco and French soccer player Paul Pogba. 
  • Wahed bank will also release a debit card that lets users deposit funds with an exchange-traded commodity that tracks the price of gold. 
    • This means consumers are paying for everyday goods with gold. 
    • The bank allows investors to redeem gold in their accounts for physical bars. 
  • Wahid means 'halal' investment platform aligned with Sharia law principles to gain the trust of people belonging to the Muslim faith. 
    • Sharia law forbids charging or earning interest on loans or investing in companies that make most of their money from selling things such as alcohol and gambling.
  • Wahid makes money by charging wealth management fees, which charge users a percentage of their overall asset holdings. 

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