Wahed Secures South African License from FSCA

Wahed, an American financial technology and services company based in New York, has secured a regulatory license from the Financial Sector Conduct Authority (FSCA), the regulator of the South African financial markets.

With the new license, the company will be able to initiate local operations in South Africa. It also gives the company a massive push to tap into the Muslim community in the country.

Founded in 2015, Wahed now has 200,000 clients around the world. The fintech is particularly targeting the Muslim community of investors with its financial services. It is currently operating in the United States and the United Kingdom and has been pushing for global expansion since last year, setting foot in Indonesia, Nigeria and India.

Apart from the latest license, the fintech company already holds eight other regulatory licenses. 

We are looking forward to [now] making an impact in South Africa,” said Junaid Wahedna, CEO at Wahed. “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 honored to be trusted and to launch in South Africa.”