Given it’s a financial industry business, also offering bank-like services (multi-currency accounts). However I am not aware of any part of the business involved in savings/interest-based schemes.
Any thoughts on its halal-ness?
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Wise primarily generates revenue through fees from transactions and currency exchange. It’s really difficult to accurately assess shariah compliance until they disclose more information about their financials which I assume they’ll do as the IPO date approaches. There will likely be an element of interest income as well that’s generated from customer account balances.
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Thanks Saad. Wise’s IPO happened on 7 Jul.
Looking at their 2021 results, I see interest income was 1.9M out of 421M revenue. So seems fine (3.9%)
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