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Wahed Inc, an Islamic Fintech backed by Saudi Aramco, to Acquire UK-based Digital Banking Startup

Wahed Inc, an Islamic Fintech backed by Saudi Aramco, to Acquire UK-based Digital Banking Startup
US-based
Saudi Aramco, is reportedly planning to acquire
Niyah Ltd, a UK company that operates a digital banking platform for the Muslim community.
Wahed’s management noted that they’re hoping the acquisition will allow them to offer a wider range of products and services. Wahed intends to become a one-stop-shop for Islamic or Shariah law-compliant digital financial services.
The financial terms of the transaction have not been shared publicly.
Founded in 2017, Wahed operates a digital investment management platform in the US. The platform ensures that its asset portfolio doesn’t include investments in businesses that are not permitted in Islam (firearms, gambling, alcohol, and several other activities). ....

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