Islamic Finance Fintech Wahed Announces its Acquisition of Digital Banking App Niyah

Wahed Inc (Wahed), an Islamic finance fintech company based in the United States of America announced its takeover of United Kingdom (UK)-based Niyah Ltd (Niyah), on the 17th of December 2020. Niyah runs a digital banking app catering to the 3.4 million-strong Muslim community.

This acquisition will support Wahed’s product expansion and goal to serve as the ‘leading one-stop-shop’ for Shariah-compliant financial products and services. Niyah, a challenger banking app, launched in January 2020, making it the first fintech Islamic banking app and ethical financial marketplace platform in the UK.

Upon completion of the take-over, Wahed will continue to cater to the UK market via Niyah’s platform, offering interest-free financial products and servi...