Aramco-backed fintech Wahed acquires law firm
Wahed which is valued at $300m, now offers wills alongside pensions and savings that the company says are compliant with Islamic rules governing interest-bearing securities or assets.
Wahed, a digital Islamic banking platform, has acquired iWill Solicitors for a push into will writing and legal advice.
The deal to buy iWill Solicitors, an Islamic will specialist firm founded in 2007, is worth a ‘seven-figure’ sum, AltFi understands. Wahed has also acquired True Wills, an online Islamic will-writing service as part of the transaction.
Earlier this year, Wahed, which raised $50m in a Series A round led by Saudi oil giant Aramco in July 2022, opened its first physical brand in London alongside a gold-backed debit card.
The firm, which is valued at $300m, now offers wills alongside pensions and savings that the company says are compliant with Islamic rules governing interest-bearing securities or assets.
“There is a huge level of demand in the UK for Islamic wills, so we’re thrilled that Wahed is now able to offer this vital service to our investors thanks to the acquisition of iWill Solicitors,” said Junaid Wahedna, the founder and CEO of Wahed.
Sharia scholars and specialist Islamic solicitors will now be able to connect with Wahed’s customers through its app.
Founded in 2015, Wahed has over 300,000 customers in the US, UK, and Malaysia.