Mnaara, a FinTech that offers investors access to global private funds while complying with Islamic finance principles, has raised $500,000.
The London-based company plans to launch later this year and is set to offer an all-digital investment platform that will give users equitable access to Sharia-compliant global private markets.
The funds follow strict Sharia screening guidelines which limit and control non-ethical activities in Islamic finance, such as gambling, tobacco, alcohol, and arms,.
Saad Adada, founder and CEO of Mnaara, says: “Currently, those who want to diversify their investments, while maintaining a Sharia-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.”
The raft of investors that gave capital to Mnaara come from all corners of the globe, including the UK, US, Middle East and Singapore.
In news from other funding rounds, InsurTech Lula has raised $35.5m in a Series B funding round following a massive surge in customers.
The startup, which aims to be the “Stripe for insurance,” has made the move following on from a signficant rise in their customer base.
The Miami-based organisation has reported that its number of users has increased from 99 businesses in February of 2022, to nearly 4,000 as of July 2023.
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