Seattle-based investment platform Aghaz Investments has raised $400,000 in a pre-seed round, it told MENAbytes today. The money came from angel investors in the United States.
Founded earlier this year by Khurram Agha, Aghaz Investments’ yet-to-launch platform will enable Muslim customers first in the United States (and then potentially some other markets) to save money for their financial goals according to their beliefs, using Aghaz Investments’ mobile app. The platform will launch its private beta later this month in the United States.
The startup on its website notes that all its portfolios are certified and audited by IdealRatings based on standards developed by Accounting and Auditing Organization for Islamic Financial Institutions, a not-for-profit organization that maintains and promotes Shariah standards for Islamic financial institutions.
Aghaz’s investment products have also been audited by Mufti Faraz Adam who, according to his LinkedIn, is a Muslim scholar with expertise in finance and fintech. He acts as Sharia Advisor for Aghaz and has issued its product a certificate of compliance with Sharia principles.
Aghaz according to the information available on its website will charge $2 per month of subscription fee plus 0.49 percent per year on the investment amount. It will require the customers to keep a minimum balance of $1,000 in their accounts.
After launching its platform in the United States later this year, Aghaz plans to roll it out to users in some Middle Eastern markets next year. The startup that has its engineering office in Lahore, Pakistan, plans to use the investment on its marketing efforts and hirings.
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