Wahed, a Sharia-compliant investment company based in New York has acquired UK-based law firm iWill Solicitors, which specialises in preparing Islamic wills, in a "seven-figure deal".
Birmingham firm iWill Solicitors, a UK pioneer in 'al wasiyah' wills, becomes part of Wahed, which provides sharia-compliant investment services through a phone app. The company, which operates in 130 countries, also announced the acquisition of UK will-writer True Wills.
iWill Solicitors, established in 2007, claims to be the largest Islamic wills provider in the UK. Founder and managing director Haroon Rashid pioneered the UK's first tax-efficient Islamic will more than 20 years ago.
Rizwan Rashid, director at iWill Solicitors, said: "The sale is an excellent opportunity, not just for iWill Solicitors, but all Muslims seeking to manage their financial affairs in accordance with the sharia. We firmly expect this will lead to benefits not just for the current generation of the Muslim community but future generations as well."
Wahed, which opened its first UK branch in London in January this year, operates a ‘halal investment' app. It already offers a debit card which allows customers to store money in gold.
Junaid Wahedna, Wahed's founder and chief executive said: "There is a huge level of demand in the UK for Islamic wills, so we're thrilled that Wahed is now able to offer this vital service to our investors thanks to the acquisition of iWill Solicitors. We are determined to bring innovative and accessible financial options to this growing market."
