Mnaara.com, a London, UK-based fintech startup, raised USD500k in pre-seed funding.
Unnamed investors from the UK, US, Middle East and Singapore participated in the round.
The company intends to use the funds to grow its team and continue developing its Shariah-compliant investment solutions catering to the globally underserved mass-affluent market.
Led by Saad Adada, founder and CEO, Mnaara is a digital investment platform focused on offering investors access to global private funds while complying with Islamic finance principles, which limit and control what are considered non-ethical activities in Islamic finance, such as gambling, tobacco, alcohol, and arms. The company leverages Shariah-screening guidelines, overseen by expert advisers, to ensure all investments offered are fully compliant.
Mnaara will be publicly available to eligible investors before the end of the year.
Mr Adada is a seasoned professional with more than 20 years of experience in financial advisory and investment management, with a specialism in Islamic Finance. He holds an MBA from INSEAD and is also a Chartered Financial Analyst (CFA).
FinSMEs
09/08/2023