Islamic Fintech Mnaara Secures Funding to Develop Shariah-Compliant Investment Solutions

Digital investment platform Mnaara has completed a US$500,000 pre-seed round funded by investors from the UK, US, Middle East and Singapore.

The investment round will enable Mnaara “to grow its team and continue developing its Shariah-compliant investment solutions catering to the globally underserved mass-affluent market.”

Mnaara claims it is “the world’s first investment platform offering equitable access to Shariah-compliant global private markets funds through a complete digital experience.”

The funds follow strict Shariah screening guidelines “which limit and control what are considered non-ethical activities in Islamic finance, such as gambling, tobacco, alcohol, and arms, in addition to generating income from interest.” Financial guidelines are also “followed with respect to using excessive leverage and financial derivatives.”

Saad Adada, founder and CEO of Mnaara, said:

“This is a very exciting time for our business. We are creating a gateway that allows our clients to invest in top performing funds without compromising their values. Our platform democratises access to private markets that were previously only available to the select few, via a seamless digital journey accessible from anywhere in the world.Our investment approach ensures that all investments are made in accordance with Islamic finance principles and guidelines. We’re on a mission to enable a community of Shariah-conscious investors by connecting them with the best investment opportunities globally.”

As noted in the update:

“Currently, those who want to diversify their investments, while maintaining a Shariah-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.”

Adada reportedly has more than 20 years’ experience “in investment banking and management roles with a focus on Islamic finance and Shariah-compliant investing.” He has held “a number of high-profile roles within major financial institutions in the Middle East, including Islamic banks and multi-billion US dollar family offices.”

London has been selected as the base for Mnaara, able to serve Shariah-conscious investors in the UK as well as internationally. is expected to be publicly available to eligible investors before the end of 2023.

As clarified in the announcement, Shariah-compliant investments and other financial products must “not make or incur interest which is identified as usuary.” It advocates investing for growth and risk sharing “as opposed to returns from ‘passive’ actions – where the money simply makes money for you.”

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