The investment will allow Mnaara to grow its team and develop its Shariah-compliant investment solutions for the underserved mass affluent market.
Mnaara is the world’s first investment platform that offers equitable access to Shariah-compliant global private markets in a digital experience.
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In addition, the funds follow strict Shariah screening guidelines which limit and control what are considered non-ethical activities in Islamic finance, such as gambling, tobacco, arms and alcohol. This also includes generating income from interest.
Furthermore, financial guidelines are followed with respect to using excessive leverage and financial derivatives.
Saad Adada, founder and CEO of Mnaara, said: “This is a very exciting time for our business. We are creating a gateway that allows our clients to invest in top performing funds without compromising their values. Our platform democratises access to private markets that were previously only available to the select few, via a seamless digital journey accessible from anywhere in the world.
“Our investment approach ensures that all investments are made in accordance with Islamic finance principles and guidelines. We’re on a mission to enable a community of Shariah-conscious investors by connecting them with the best investment opportunities globally.
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By GlobalData“Currently, those who want to diversify their investments, while maintaining a Shariah-compliant portfolio, have extremely limited options. We feel it is important that private markets are open to all, which is why we have created Mnaara.”
Adada has more than 20 years’ experience in investment banking and management roles with a focus on Islamic finance and Shariah-compliant investing. He has also held a number of high-profile roles within major financial institutions in the Middle East, including Islamic banks and multi-billion US dollar family offices.
However, Adada has chosen London as the investment base for Mnaara, as it makes it accessible to Shariah-conscious investors in the UK who are significantly underserved.
