Islamic robo-adviser to expand in Gulf, Southeast Asia by 2019

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Source: Reuters

(Reuters) – New York-based Wahed Invest plans to offer its automated investment service in the Middle East and Southeast Asia by early next year, after the robo-adviser closed its latest round of fund raising, its chief executive said on Wednesday.

The sharia-compliant firm made its international foray in August, launching its services in Britain, aiming to tap into Muslim investors seeking religiously permissible investments.

The firm is now working with the financial regulator in Malaysia and anticipates a three-month timeline for a launch in the Muslim-majority country, said Chief Executive Junaid Wahedna.

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