London-based fintech Mnaara.com, a startup providing investors with access to global private funds in accordance with Islamic finance principles, has successfully raised US$500,000 in a pre-seed funding round from investors across the UK, US, Middle East, and Singapore.
Set to launch later this year, Mnaara’s all-digital investment platform aims to offer users equitable access to Shariah-compliant global private markets. The funds will adhere to strict Shariah screening guidelines, which prohibit non-ethical activities such as gambling, tobacco, alcohol, and arms, as well as generating income from interest. Additionally, the platform will follow financial guidelines that regulate excessive leverage and the use of financial derivatives.
Saad Adada, founder and CEO of Mnaara, stated: “Currently, those who want to diversify their investments while maintaining a Shariah-compliant portfolio have extremely limited options. We believe it is crucial for private markets to be accessible to everyone, which is why we created Mnaara.”