Wahed Invest is an Islamic Roboadvisor based on US that has been launched in Malaysia. This will be the 3rd Roboadvisor after Stashaway and MyTheo.
Being an Islamic roboadvisor most likely means that it will invest only in Islamic ETFs or funds. These funds supposedly do not invest in companies like hotels, beer brewery, cigarette companies and maybe banks also. (Note : They are not suppose to invest in banks because of the interest part which banks charges)
The company (Wahed Invest) was also recently licensed to operate in Malaysia by Security Commissions Malaysia (http://www.bernama.com/en/news.php?id=1783902)
Signing up was quite straightforward process, just download the mobile app and register. There seems to be a disconnect between the mobile app and the browser version, the mobile app allows Malaysians to register an account but the browser version still lists the Robo advisory services not available in Malaysia.
As usual, the signing up process involves e-Kyc (know your customer) where your identification card picture is required to be uploaded.
The management fees charge are quite similar to what Stashaway is charging but lower than MyTheor Robo Advisor. The fees are less than 1%.
Payments can be done via FPX
Update 20191107 : Finally got my funds in. This Roboadvisor seems to have local flavor as it invests in Malaysia equities. For Stashaway and MyTheor roboadvisors, their ETF selections are all US listed ETFs.
The recommended portfolio generated by Wahed was "Moderately Agressive" based on the risk profile questionnaires.
Update 20191108 : The fund made a slight gain of RM3 :) . It's way too early to tell if it's a good Roboadvisor but there a psychological boost.
Update 20191111 - Updates on portfolio, slight dip and more realistic returns for such a short period of monitoring. The dashboard page interface is quite straightforward that it shows an immediate view of the gains and earnings.
Update 20191111
Update 20191125
thanks to president Donald Trump, US stocks reaching new highs, so money in roboadvisor also rise a bit.
Update 20191216
Seeing some signs of stock market recovery, I just added in a small amount into Wahed Invest. There's now a slight 2.25% increase in my Wahed invest portfolio.
Update 20191218
Update 20191222
I've added in RM200 into total portfolio. Decided to double down as got some spare cash on hand from company bonus. Total amount in my portfolio now is above RM1,000.
Update 20191229
Some meaningful gains here in line with year end funds window dressing activity.
You can use my referral/invite code : cheong1 when signing up. You and I will get RM10 for each activation, from there you can do your invites to friends also.
Links
Disclaimer : I just signed up only and put in less than 1k into the account. I will be writing a series of blog on this new financial service as time progresses.
