Less than a month since opening a physical branch designed to provide face-to-face customer service, fintech Wahed has announced the acquisition of Birmingham-based iWill Solicitors and Milton Keynes-based True Wills. The fine details of the transaction remain undisclosed, but the deals are reportedly in the seven-figure range.
The move arrives in part due to strong customer demand and will bolster Wahed’s existing spend and save accounts, investments, and private equity services that are specifically tailored towards members of the Muslim faith.
“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,” said Wahed CEO and founder Junaid Wahedna. "Wills are a vital way to ensure your loved ones are looked after once you pass away in accordance with your faith, as well as allowing you to bequeath to charity, and so the planned addition of will-writing to the Wahed app is especially exciting to offer alongside our savings and pensions products.”
Having advised on over 5,000 wills, iWill Solicitors is the largest Islamic wills provider in the UK. The firm was established in 2007 by Managing Director Haroon Rashid, a figure who championed the UK’s first tax-efficient Islamic will more than 20 years ago, and is regarded as one of the leading Islamic wills professionals in the country.
“At the start of 2022, there were no thoughts of a sale or acquisition, but we are pleased to share that at the beginning of 2023, we became part of Wahed Group,” said iWills Solicitors Director Rizwan Rashid. “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.”
The Islamic will, also known as al wasiyah, is a set of directives that take effect after death. Execution of the will follows the settlement of final expenses and liabilities. Under Sharia law, a person may only leave one-third of their possessions to whomever they choose. By law, the remaining two-thirds will be shared fairly among their closest family, the fixed inheritors.
However, 40% of British Muslims do not know how to form a will, and 43% feel the procedure to be too complex, difficult, or expensive; clearly, a fact that Wahed is aiming to change.
All personnel from iWill Solicitors will be smoothly integrated into Wahed, resulting in 10 individuals joining the financial investment company.