Wahed acquires iWill Solicitors to help Muslims prepare for the future
Provides U.K. investors access to wills that align with their values
- Wahed has acquired iWill Solicitors, the UK pioneers in Islamic wills, in a seven-figure transaction.
- iWill Solicitors will become a pillar of Wahed’s financial platform—helping ethical investors to secure the next generation.
- Wahed also acquires True Wills, a pioneering online Islamic will-writing service.
LONDON, February 8, 2023 — Wahed, a financial investment company that aims to advance financial inclusion through accessible, affordable, and values-based investing, today announced that it has acquired leading online Islamic wills provider iWill Solicitors.
iWill Solicitors is the largest Islamic wills provider in the UK, having advised on over 5,000 wills for the UK’s Muslim community. The firm was established in 2007 by managing director Haroon Rashid, who is widely regarded as one of the leading Islamic wills professionals in the country and pioneered the UK’s first tax-efficient Islamic will more than 20 years ago.
The acquisition, a seven-figure deal, will see Wahed expand its financial services offering to include wills alongside pensions and savings. It follows Wahed’s launch in January of its physical branch at 89 Baker Street in Central London and the announcement of Wahed’s new gold-backed debit card that will allow customers to store their money in gold.
iWill Solicitors will continue trading as usual and Wahed is committed to improving the client experience with an aim to allow anyone to log into the Wahed app to begin drafting their will.
“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, the founder and chief executive of Wahed. “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.”
Wahed also announces that it has acquired True Wills, the first fully-online Islamic wills service in the UK.
All personnel from iWill Solicitors will be smoothly integrated into Wahed, resulting in 10 individuals joining the financial investment company.
As the latest addition to Wahed’s platform, iWill Solicitors and True Wills will help investors with:
- Connecting customers with Sharia scholars and specialist solicitors
- Sharia compliant Wills
- Quick and affordable legal advice for Muslims across the UK.
- Investments safeguarded for the next generation
More than 75% of people who prepared Islamic wills through iWill Solicitors included a charitable donation, according to data compiled by the company.
“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 Rizwan Rashid, director at iWill Solicitors. “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. Nonetheless, 40% of British Muslims do not know how to form a will, and 43% feel the procedure to be too complex, difficult, or expensive.
There is a rising demand to provide the 3.9 million Muslims in the United Kingdom with wills, as 90% of Muslims over the age of 18 lack one. The average British citizen creates a will at the age of 47, but the average British Muslim considers writing a will before the age of 40, with 86% believing it is required under Islamic law.
Founded in 2015, Wahed is a financial investment company that aims to advance financial inclusion through accessible, affordable, and values-based investing. The company has made significant in-roads in the world of ethical and halal investing by creating an easy-to-use digital platform that provides portfolio options to clients that align with their risk appetite. Wahed’s services have already attracted over 300,000 customers in the US, UK, Malaysia, and beyond through its website or mobile app. For more information, visit: wahed.com