Junaid Wahedna started off his business dreams trading Pokemon cards at school. Now he is chief executive and founder of Wahed, the UK’s most successful Islamic finance ethical investment start-up, with nearly 300,000 customers globally.
Islamic finance and banking adheres to Shariah but is open to Muslims and non-Muslims alike. The charging or paying of interest is prohibited and investments are often steadier with lower risk.
Islamic law prohibits investing in areas it deems unethical, such as firearms, adult entertainment, gambling or tobacco, which generally appeals as a more ethical approach for many investors.
When did you first become interested in money?
I’ve always been interested in business, not so much money, so my earliest memory would be in middle school, I would say in fourth or fifth grade where I was trading Pokemon cards and made a serious amount of money for that age.
What is your main business motivator these days?
That would be the fact that our business is very mission-driven. And we genuinely believe we are helping solve the systemic issue of inequality creation by the current financial system, and by making a genuine alternative to banks and interest-based systems we feel we can help inequality in the long run.
How important is money in life? And what is it for?
Money is, of course, important, but the way I look at money is, the more you have the more you’re responsible for. We are merely custodians of it. So it’s not like I necessarily think of it as ‘my’ money, and I think that has a lot to do with my religion. In Islam we’re told our money is already destined for us, so we can’t really change that amount, and the more you have the more you have to answer for… it all belongs to everyone, so we have to do good with it. It’s a big responsibility.
What has been your most extravagant purchase?
My most extravagant purchase would be an apartment that I had never seen. So basically, I bought this beautiful apartment in a week and I have never seen it in person. I guess you can say that’s pretty extravagant.
What is your biggest financial regret?
Luckily, none so far.
Are you a spender or saver?
I’m more of a saver. With my savings, I want to make sure they’re kept very productively. And what I mean by productively is not at the bank. Not in something that’s going to be recycled by the economy.
I like to invest in stocks, I like to invest in businesses, even real estate for that matter. I’m not a big fan of keeping it a fixed deposit.
I’ve never traded in crypto or anything like that, because my background is in mathematics and if something doesn’t make sense to me, then I think it’s probably not the best idea to get involved in it, and ultimately I don’t understand trading in crypto. I do have an Isa: I invested in a diversified portfolio with Wahed.
Other than that I practise what we preach and keep 99 per cent of my wealth in diversified investments including stocks, commodities, real estate and alternatives.
What would you buy if money was no object?
The major banks in the world. So that I could shut them down.
Superyacht or private island?
You’d need a yacht to get to the island.
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