Aghaz, a Seattle-based Islamic investment platform confirmed that it has successfully secured $400,000 in a pre-seed round. The funds were raised from United States-based angel investors.
Aghaz was founded in 2020 by Khurram Agha. When the platform is launched, it will enable Muslim customers from the United States and subsequently other parts of the world to save money according to their religious values.
“Why, I question, should 5.8 million US Muslims be at a disadvantage relative to our peers when it comes to investing and saving for our goals, just because for many of us, many of the existing solutions do not work. Maybe bonds and fixed-income are out of scope for some of us, but why can we not harness technology, data, and modern financial frameworks to create optimal solutions that, instead, do work for us,” stated Aghaz’s founder in a LinkedIn post earlier this month.
The startup states on its website that it its portfolios will be certified by and audited by IdealRatings based on standards developed by Accounting and Auditing Organization for Islamic Financial Institutions and not-for-profit organization that maintains and promotes Shariah standards for Islamic financial institutions.