Robo-advisers will automatically create and manage portfolios made up of exchange-traded funds for customers with as little as a few hundred dollars to invest.
New York-based Wahed Invest has announced its plans to offer its automated investment service in the Middle East and Southeast Asia by early next year.
Junaid Wahedna, Wahed Invest’s Chief Executive, said that the firm is currently working with the financial regulator in Malaysia and anticipates a three-month timeline for a launch in the Muslim-majority country.
"We are also specifically working on registering in the UAE, Bahrain, Saudi Arabia and Indonesia, hoping to have them all live by March 2019," added Wahedna.
The firm is backed by Gulf investors and venture firms including Boston-based Cue Ball Capital and Dubai-based BECO Capital.