Wahed Avis 225

BEWARE

This company used to be good. Their customer service was responsive and I made a reasonable return on investment.

However, for 6 weeks now I am unable to withdraw my money. They repeatedly tell me that the compliance team is looking at my income source (which is entirely legal and I have provided bank statements and even my tax return!).

Until then, my repeated withdrawal attempts keep falling. I have a lot of money tied up in this company, and they have literally blocked me from accessing it.

I think this is a fly-by-night organisation and I will be escalating to the FSCS.

DO NOT INVEST HERE!!!

I wouldn’t recommend investing your money. There is no return, great losses and the withdrawal process is complicated and doesn’t work.

Where organisation make it difficult for you to withdraw your rightful investment is a big sign to stay away from.

Alhumdulillāh I only invested a little to test out and see how this investment company is. I can say stay away for sure! Made no gains, only losses. Still waiting for my withdrawal to be processed and waiting for a response from Wahed. Considering the amount I have requested to withdraw its a shocker to say the least that they are struggling to process that small amount promptly and swiftly.

A follow up to my review below. An associate did return my call and guided me through the withdrawal process. It’s always better to speak to someone then to follow on screen instructions.

After seeing the reviews below relating to the withdrawal process i confirm this is by no means smooth.

I requested a withdrawal on 13th June and i received a notification to say there is no connected bank account. Om checking the app, I do have a connected bank account. I've sent an email to the team but received no response and I've called / left a voice message. I've not been able to get through to an actual person.

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I have been using Wahed invest for a few years now and I am happy with the products and services as well as the level of customer importance. It has always been important for me to be able to save/invest my money in an ethical and shariah compliant way which sadly wasn't always possible. Wahed has paved the way for this and made it very accessible, easy to use and without requiring large sums of capital to get started

I have been using Wahed Invest for a number of years now and it has been a great experience. Prior to this I was somewhat excluded from being able to invest / save money anywhere which is ethical and in line with my beliefs and morals. Wahed has provided a platform where this can be achieved whilst also making a return on investment

A great place to invest in shariah compliant funds, bonds and commodities.

The company is also constantly adding to its portfolio of investments - great team of people and great products.

The first platform that allow you to invest in line with islam and very user friendly. I have seen a 25% growth in 5 years

My experience with Wahed has been disappointing. Over nearly two years of investing, my capital has lost over £500. One major issue I encountered is the prolonged process of withdrawing funds. Upon requesting a withdrawal, it takes an excessive amount of time to receive the money, and when it does arrive, it's a different amount from the day I submitted the withdrawal request. In my case, I received around £70 less than what I had initially requested.
Overall, it is disappointing to just keep losing Money that I decided to invest

I am currently waiting to try to get my money out of Wahed and am waiting for an email. I have sent a chaser email and still not heard anything. Please can I withdraw my money. thank you

Don't expect to get a response from customer service. They never answer the phone and do not reply to emails. I would advise against using them, especially as they have recently doubled their fees. You can still invest in halal funds on more reputable platforms like trading 212 which have a functioning customer service department. I will be transferring all of my money away from Wahed as they cannot be trusted to reply to any queries.

A nightmare company to work with. I have to ask is their customer service department people or bots?
I attempted to open an account but could not as they did not accept Australian accounts. Now they have said they can open an Australian account, and keep sending me advertising about it. However, as I previously tried to open an account they say I have a USA one with my email!
The simple answer would be to delete this non existant account connected to my email but no Waheed can't do this and say I have to come up with a new email account as they can't cancel the old account. They are a joke. If they can't resolve something as simple as this how can they manage investments???

I think it's a brilliant platform for investment, easy to create and fund. Investments are auto managed which is headache free. Returns have been quite good so far and has a good diverse portfolio

Terrible customer service. Mine and my wife’s accounts (5 & 7 years old) were called for compliance checks on making a withdrawal.
It’s been over a month and we are still chasing around for basic responses. The ‘compliance officer’ hasn’t replied to an email in over 2 weeks. And he only works 3 days a week. When you call you go through to the same woman Everytime who says I’ll leave a note to call back. With no call back.

Upon requesting the withdrawal and when pulled for a compliance check I pointed out that I was buying a house so we need to be quick that was over 5 weeks ago. Why would you do compliance checks on withdrawal, especially since you’ve had 7 years. Obviously the client is withdrawing because they need the funds. But if you must at least make it fast and efficient.

I went online to see the reviews for this place and seems like a lot of people are having similar issues with withdrawal.

Definitely will not be returning and also closing accounts for my parents and siblings. Also I had heavily recommended Wahed invest to friends and family in the past. I’ll be updating them with my experience, more than likely they will close accounts too.

Update - It’s now been over 2 months and I still have not received my funds. I made a formal complaint to regulatory body and week later Wahed invest closed my account stating ‘you have not met our terms and conditions’. I asked what terms in particular, I haven’t received a response in 2 weeks, and yet to receive a response regarding my funds.

STAY AWAY FROM THIS BROKER.

Terrible customer service. Mine and my wife’s accounts (5 & 7 years old) were called for compliance checks on making a withdrawal.
It’s been over a month and we are still chasing around for basic responses. The ‘compliance officer’ hasn’t replied to an email in over 2 weeks. And he only works 3 days a week. When you call you go through to the same woman Everytime who says I’ll leave a note to call back. With no call back.

Upon requesting the withdrawal and when pulled for a compliance check I pointed out that I was buying a house so we need to be quick that was over 5 weeks ago. Why would you do compliance checks on withdrawal, especially since you’ve had 7 years. Obviously the client is withdrawing because they need the funds. But if you must at least make it fast and efficient.

I went online to see the reviews for this place and seems like a lot of people are having similar issues with withdrawal.

Definitely will not be returning and also closing accounts for my parents and siblings. Also I had heavily recommended Wahed invest to friends and family in the past. I’ll be updating them with my experience, more than likely they will close accounts too.

I withdrew my dwindling funds from the Wahed app. I wish I could say the withdrawal process was smooth. On another note, after receiving my funds, I requested for my Wahed account to be closed. My account remains open. Over the last few months, I have received up to a dozen emails asking for a phone call. No reasons have been given why a phone call is required despite me constantly asking. Wahed staff should be trained to explain to investors why private information such as requesting copies of bank statements is being asked. Especially, when none of this was asked when I emptied my funds. This could have been handled and resolved much faster.

I’m happy there is a Muslim investment bank

I'm a British citizen but global investor. I have almost 1 million USD to invest after sales of property in Dubai. I am currently looking at property investments in Islamabad, Pakistan. However when I tried to access Wahed.com from Pakistan, they have blocked the whole country from accessing their website. What kind of Islamic fund blocks the largest Muslim country in the world?! When I switched on the VPN back to the UK, it worked, so they are geo-locating and blocking Pakistan. Strange!

Hi
I had the worst experience with wahed invest, there is not much explanation or transparency in real, with regards to your money/investment, what sort of shares you hold with them, aprat from name of the company,
the monthly statements which they provide are so confusing that their own customers service team can’t clearly understand, and i had hto speak to the special team which seems in actual is only one person, and he doesn't have enough time to read your emails completely and answer your questions!
Information which I was ever provided about my investment never made any sense!
I was in on going chase with them and then finally decided to take out my investment from this company.
All in all poor communication and and not enough transparency!!
Very very disappointed!!!

Applied for money withdrawal, kept asking when the funds will be returned, received an answer "in 7-10 days" and what happens? 13 days in, haven't received my money back.
Haven't had this problem before, therefore was trusting them, now they ignore my messages and I have no money back.