A New York-based niche financial technology business has made two UK acquisitions - one an SRA-regulated law firm - to expand its offering in the fast growing sector of sharia-complaint wills. The legal practice is Birmingham firm iWill Solicitors, a UK pioneer in 'al wasiyah' wills. 

Under the deal, which it said was worth a ‘seven-figure sum’ iWill 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. 

Portrait of Junaid Wahedna

Junaid Wahedna, Wahed’s founder and chief executive

Source: Wahed

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.’

The Islamic will, also known as al wasiyah, is a set of directives that take effect after death. Under sharia, a person may leave only one third of their possessions to whomever they choose. By law, the remaining two-thirds will be shared among their closest family, the fixed inheritors. Nonetheless, according to the firm, 40% of British Muslims do not know how to draw up a will, and 43% feel the procedure to be too complex, difficult, or expensive.   

Wahed said it will simplify the process by allowing anyone to log into the company’s app to begin drafting their will.

Wahed, which opened its first UK branch in London last month, operates a ‘halal investment’ app. It already offers a debit card which allows customers to store money in gold.

'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 Junaid Wahedna, Wahed’s founder and chief executive. 'We are determined to bring innovative and accessible financial options to this growing market.'

 

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