US-based ethical investment platform Wahed Invest is set to expand its services to the South African financial market.
The firm said has secured a licence from the South African financial regulator Financial Sector Conduct Authority (FSCA) to offer investment services in the country.
The licence allows Wahed roll out its app locally.
Wahed in South Africa general manager Rashaad Kalla said: “We are delighted to provide financial products that put the customer first.
“South Africa has a thriving fintech ecosystem, an established banking sector and a population that is hungry to reap the benefits of a new and better way to invest.”
South Africa is touted a key market for fintech expansion in Africa owing to the prevailing economic inequality in the continent.
Wahed aims to help people make informed financial decisions by offering transparency, minimal transaction fees and financial inclusion.
Wahed CEO Junaid Wahedna said: “We are looking forward to making an impact in South Africa. We know we can help bridge the wealth divide in South Africa through our products.
“We combine fintech and values to create simple, accessible and halal products – we are honoured to be trusted and to launch in South Africa.”
Wahed’s authorisation for the South African license comes as the company looks to propel its international expansion.
The firm currently has nine regulatory licenses around the globe.
In 2016, Wahed unveiled an automated Islamic investment platform to offer halal portfolio management for Muslims worldwide.
Last month, Barclays was awarded a Financial Advisory and Intermediary Services licence by the FSCA in South Africa.
The licence allows the firm to offer Barclays Private bank products and services in the country
