Islamic finance startup Aghaz secures $400,000 in pre-seed funding for its robo-advisory platform

Seattle-based Aghaz Investments, founded this year by Khurram Agha, has raised $400,000 in a pre-seed round to develop a platform enabling Muslim customers, initially in the United States, to save money for their financial goals according to their beliefs.

The platform, set to launch its private beta later this month, aims to provide Muslims in the US with a digital tool for investing that aligns with their faith. Aghaz Investments' products are certified and audited by IdealRatings based on Sharia standards, ensuring compliance with religious principles.

Khurram Agha spent over fifteen years at Microsoft in various roles before moving to Oracle in 2018. His prior expertise and leadership in cloud infrastructure and software-as-a-service likely supported his transition to investment activities. Mufti Faraz Adam, a Muslim scholar with expertise in finance and fintech, acts as Sharia Advisor for Aghaz Investments and has issued its products a certificate of compliance with Sharia principles.

Customers are required to maintain a minimum balance of $1,000 in their Aghaz accounts, and the subscription fee for the platform will be $2 per month, plus 0.49 percent per year on the investment amount. The startup's engineering office is located in Lahore, Pakistan.

Aghaz Investments plans to use the investment for marketing efforts and hirings, and the platform will potentially expand to other markets after its launch in the United States. The company has also announced plans to roll out its platform in some Middle Eastern markets next year.

Meanwhile, in the MENA region, Zubair Naeem Paracha, founder of our xA tech and startup enthusiast, is building Qraar, a career discovery and development platform for millennials. Wahed Invest, another Sharia-compliant digital investment platform, raised $25 million earlier this year to expand into the Middle East & North Africa.

In the fintech sector, Pakistani ecommerce startup Bazaar has acquired payments leader Keenu as it pushes into fintech and aims for profitability. Meanwhile, Pakistani fintech Abhi has launched its earned wage access platform in Saudi Arabia.

For more information about Aghaz Investments, you can reach Khurram Agha on LinkedIn, Twitter, or at [email protected]. The private beta of Aghaz Investments' platform is set to launch later this month. Stay tuned for updates!