Wahed hires ex-OANDA Mohsin Siddiqui as COO of Shari’ah-compliant platform

Rick Steves

“I am confident in Wahed’s unique value proposition and its product offering. I look forward to introducing Wahed’s technology platform to several key markets where there is a substantial need for riba-free financial solutions for retail investors.”

Wahed Inc. has appointed Mohsin Siddiqui as Chief Operating Officer of the global Islamic fintech company offering a globally diversified portfolio of ethically responsible stocks, Islamic bonds, and gold.

Founded in 2015, the Shari’ah-compliant platform opened its London office in January of this year and launched a debit card to help the United Kingdom’s 3.9 million Muslims manage their money.

Wahed aims to reach the world’s Muslim population of more than 2 billion people.

Mohsin Siddiqui was CCO of OANDA and CRO of ComplyAdvantage

Mohsin Siddiqui joined Wahed from UK–based RegTech company ComplyAdvantage, where he served as its Chief Revenue Officer, tasked with leading its revenue growth objectives after its Series-C round of funding.

He started his career at retail FX broker giant OANDA, where he served for eight years mainly as Chief Customer Officer and Managing Director. At OANDA, Mohsin grew OANDA’s core presence in the U.S. and Canadian markets and spearheaded its expansion into several APAC markets.

As Chief Operating Officer of Wahed, Mohsin Siddiqui will oversee the growth objectives of the company, facilitate the expansion of its product suite and focus on building a world-class technology platform in order to power Wahed’s mission of developing financial inclusion for members seeking Shari’ah-compliant products.

“A substantial need for riba-free financial solutions for retail investors”

Junaid Wahedna, the Founder and CEO of Wahed, said: “I am delighted to welcome Mohsin to the Wahed executive team. His expertise and leadership in scaling fintechs with similar growth ambitions to Wahed’s will be instrumental as we continue to advance our global growth strategy.”

Mohsin Siddiqui, Chief Operating Officer at Wahed, commented: “I am confident in Wahed’s unique value proposition and its product offering. I look forward to introducing Wahed’s technology platform to several key markets where there is a substantial need for riba-free financial solutions for retail investors.”

Wahed is licensed in 10 jurisdictions through its subsidiaries around the globe, with 11 offices serving over 300,000 customers looking for ethically-focused, Shari’ah-compliant investing.

Instead of features like gamified stock trading and crypto exchanges, Wahed focuses on security and risk aversion. The broker has raised over $75 million in funding from high-profile backers including international footballer Paul Pogba, family offices, and institutions, in order to fuel its global growth.

Wahed has recently been granted a license from the Financial Sector Conduct Authority (FSCA) in South Africa in a “huge achievement” for the halal financial investment platform. The next step will be Wahed launching its app locally in that jurisdiction, a key market for fintech expansion in Africa due to the severe economic inequality which still exists in large parts of the continent.

Read this next

Digital Assets

Binance tames up with Japan’s biggest lender to launch stablecoins

Binance Japan is planning to launch stablecoins denominated in the dollar, euro, and yen in Japan in 2024. The crypto exchange aims to introduce these tokens, and possibly more, through its partnership with Mitsubishi UFJ Financial Group’s trust banking arm.

Institutional FX

Spot FX volumes drop +10% at CLS in August 2023

Total daily traded volume submitted to CLS for settlement took a step back in August as the summer typical lull hit market activity. The metrics showed a weak performance in the group’s FX business as the Q3 got off to a calm end while no fresh events were able to whip up a market frenzy.

Digital Assets

Veteran iGaming Team Launch Crypto Casino Portal

CryptoCasinos.Casino launches as a premier destination for crypto gambling aficionados, offering in-depth reviews, comparisons, and resources to navigate the burgeoning world of cryptocurrency-based casinos seamlessly.

Digital Assets

Xsolla Announces Acquisition of AcceleratXR, A Multi-Player Platform For Games

Xsolla enhances its gaming tech suite with the acquisition of AcceleratXR, bolstering cross-platform game development and pioneering advancements in cross-play experiences for players worldwide.

Digital Assets

OKX’s PoR report shows no solvency concerns, assets worth $11.2 billion

Cryptocurrency exchange OKX has released its 11th consecutive proof-of-reserves report amid increasing demand of crypto investors asking for transparency from exchanges they trade with.

Digital Assets

Horizen Launches Decentralized Governance with Introduction of Horizen DAO

Horizen inaugurates a novel decentralized autonomous organization, inviting broader community participation and heralding a new chapter in blockchain governance.

Digital Assets

Binance France induces users to convert their fiat into crypto

Following the expiration of its partnership with Paysafe, Binance France urged its customers to convert their fiat currency holdings on the platform into cryptocurrencies.

Industry News

Exness Crowned as Best Global Multi-asset Broker at Forex Expo Dubai 2023

Cyprus-based Exness garners top honors at the Forex Expo Dubai, solidifying its esteemed position in the global financial arena.

Retail FX

CySEC cancels license of 101investing parent following €200,000 fine

The Cyprus Securities and Exchange Commission (CySEC) confirmed on Tuesday that it has wholly withdrawn the Cyprus Investment Firm (CIF) License of FX retail brokerage firm FXBFI Broker Financial Invest Ltd, trading as 101investing.