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[2024 Updated] RM11k Invested, 4+ Years In: The Ultimate Wahed Invest Review

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As per popular request, here is my long-due in-depth Wahed Invest review. Wahed Invest is a roboadvisor platform (the technical term is Digital Investment Manager (DIM) as per the Securities Commission) and falls under the umbrella of wealthtech services.

As of the time of writing, I have been using Wahed investment platform for 4+ years, since November 2019. Here you can see my deposit of RM1,000 on 3 November 2019 and an additional deposit of RM10,000 on 7 November 2019.

wahed invest review

If you liked this review and want to open an account and try Wahed Invest yourself, download the Wahed Invest app from Appstore/iOS and use my referral code ‘surbin1’ to get free RM10 bonus

See my Wahed Invest review and rating for each process/category below:

#1 – Opening a Wahed Invest account – 4 out of 5

Opening an account with Wahed Invest is a simple process: all you need to do is download the app, create an account, upload your identification documents, add funds into the portfolio recommended for you (guided process), and just continue to add funds until you reach your goal(s).

You will need:

  • Your phone to download the Wahed Invest app from Appstore/iOS
  • Initial fund to deposit into your account- it’s RM100 minimum to start
  • ID card/passport
  • Proof of address document – MYKad, driving license, utility bill, etc
  • 1-2 working days for verification and funds transfer to complete
  • (Optional but recommended) Use my referral code ‘surbin1’ to get free RM10 bonus

The only reason I gave it 4 out of 5 is because there is no web platform for Malaysians yet, only app.

#2 – The Account Registration Process – 4 out of 5

My own experience opening an account with Wahed Invest was slightly bumpy. What happened was I got stuck at proof of address document (driving licence) upload stage. I think they tried to use software to automate the registration process but it was not perfect and I was rejected FOUR times.

However, their support team was helpful and it got sorted out soon enough. Aside from this, I personally have not experienced any other problems – it’s a solid investment app in Malaysia market. In fact it might be one of the best investment apps in Malaysia.

Note: Some users were unaware that the registration process needs 1-2 working days for verification and funds transfer to complete

#3 – Is Wahed Invest legit – 5 out of 5

Yes, Wahed Invest is legit. It is one of the seven licenced roboadvisory platforms in Malaysia, and the only Syariah-compliant option.

Note: legitimacy doesn’t mean profits are guaranteed, it just means the company is unlikely to steal your funds, and *if* they do anything shady, you can lodge a complaint at Securities Commission Malaysia and they will look into it.

Ultimately, your profits with Wahed Invest (or lack thereoff) still depends on market conditions – if the market goes up, you’ll make some money. If the market goes down, you’ll lose some.

The good news is the market *tends* to go up over the long term, so as long as you stay invested and don’t panic sell when you get short-term losses and (even better) continue to top up your account, you *should* end up with more than you started with.

Here’s a projection of your portfolio balance if you invest RM500 per month for 20 years.

wahed investment

#4 – Is Wahed Invest Halal – 5 out of 5

So you might wonder, is Wahed Invest halal type of investment?

The answer is yes, Wahed Invest practices halal investing, structured in accordance to Islamic principles.

Halal investing is not just for Muslims – Non-Muslims reading this, you are free to practice halal investing as well if you strongly dislike the following industries:

  • Excess debt
  • Tobacco
  • Alcohol
  • Firearms
  • Gambling
  • Adult entertainment
  • Impure foodstock
  • Usurious institutions
wahed invest halal nvesting

But that’s not all. What impresses me about Wahed Invest is they go above and beyond to also purify the <5% of revenues that may come from prohibited business activities, which is technically allowable as per halal investing guidelines.

This is what they say in their own words (received via email newsletter):

Companies which have less than 5% of their revenues coming from prohibited business activities are said to have passed the Sector-based Shariah-compliant Screens. But the proportion of dividends attributed to revenue generated from such non-permissible business activities and interest income will have to be purified.

Wahed helps you purify all dividend income from the ETFs automatically, without any action on your side.

We do so by calculating the amount to be purified every time a dividend payout happens and we channel the purification amount directly to Malaysian Medical Relief Society (MERCY Malaysia) on your behalf.

And sure enough, they followed through. I received an update on amount purified and donated to MERCY Malaysia on my behalf.

wahed invest hlal etf

They could have skipped this step, but they didn’t. I am honestly very happy and impressed with this level of dedication to halal investing.

That’s not all. They also help you in..

#5 – Paying Zakat with Wahed Invest – 5 out of 5

Paying zakat pelaburan (investment zakat? Idk the term in English) is easy via Wahed Invest.

They will send you an email with the calculations AND a payment link, and all you have to do is click on the button and complete the payment yourself. There is also prompt encouraging non-Muslims to donate the money to charity, if they want to.

wahed invest zakat

Note: You will only receive the email if you had an active account for a full calendar year, which means you have completed a full haul (time required). The zakat money will be channelled to a zakat collection body and distributed to people who are qualified to receive it.

Important: The nisab for 2020 calendar year was RM15,762 (this amount may change). If the money in your account is lower than this at any point during the year, then you don’t need to pay zakat.

#6 – Wahed Invest Returns – 5 out of 5

Your return on investment with Wahed Invest depends on which Portfolio you select. There are twelve portfolios to choose from:

*All average returns are accurate as of writing time, as shown in the Wahed Invest app

  1. Very Aggressive (highest risk, potentially highest rewards) – 11.04% Average return
  2. Aggressive – 9.61% Average return
  3. Moderately Aggressive (this is the one I picked for myself) – 8.49% Average return
  4. Moderate – 7.16% Average return
  5. Moderately Conservative – 5.32% Average return
  6. Very Conservative (lowest risk and safest) – 2.98% Average return
  7. Thematic Portfolio: Gold (basically like investing in gold, but digitally) – 3.96% Average return
  8. Thematic Portfolio: US Stocks (97.50% invested in the US stock market) – 12.86% Average return
  9. Thematic Portfolio: Global ex-US Stocks
  10. Thematic Portfolio: China Stocks – for long term investors
  11. Thematic Portfolio: Emerging Market Stocks – for long term investors
  12. Thematic Portfolio: Local REITs portfolios – Real Estate Investment Trusts; for long term investors
  13. Thematic Portfolio: Money Market Fund – low-risk; a great fixed deposit alternative

Each Wahed Invest portfolio invests your money in two or more of the below individual assets/funds:

  • US Stocks – Wahed FTSE USA Syariah ETF (HLAL)
  • Global ex-US Stocks – Wahed Dow Jones Islamic World ETF (UMMA)
  • Malaysia Stocks
  • China Stocks
  • Sukuk (aka Islamic bonds)
  • Gold
  • Cash
  • REITs

What makes each portfolio different, if they more or less contain the same thing? The allocations of the assets/funds of each portfolio, the breakdown.

For example, this is the breakdown of Wahed Invest Very Aggressive portfolio. See how the majority or 89% is allocated in Global Stocks, while only 10% is allocated for Emerging Market Stocks?

This is the breakdown of Wahed Invest Moderately Aggressive portfolio. See how is has lower allocations for Global Stocks and Emerging Market Stocks, and bigger allocation (30%) for Sukuk? There is also 5% allocation for Gold.

And this is the breakdown of Wahed Invest Very Conservative portfolio. See how it’s mostly comprised of Sukuk, plus a little bit of Money Market Funds?

As you can see, the allocation breakdown makes all the difference.

#7 – Which Wahed Invest Portfolio to choose

Even though there are only 13 portfolios in Wahed Invest (6 if you take out the 7 thematic portfolios), one of the questions I get a lot is which portfolio to select.

The way I see it, there are two main methods:

1) Let them suggest one for you

This method is great especially for new investors. You can take a quiz to find out your risk appetite, aka the reason why so many investment advice boils down to ‘it depends’, because they have no idea what you can stomach without knowing you better.

Important: You don’t have to pick the portfolio selected, you can select another one. Initially, my quiz outcome recommended Aggressive but I chose Moderately Aggressive instead.

(The reason I reduced my risk – My risk appetite is actually pretty high. However, considering my overall portfolio is already super high risk – cryptocurrencies make up a big chunk of my investment portfolio – I thought I’d take my risk down a notch).

2) Get multiple portfolios

The second way is to simply pick more than one portfolio, so you don’t wonder how the one you didn’t choose will perform.

Since Wahed Invest allows multiple portfolios in one account, you can get different ones at the same time and monitor their performances. This may be a good idea for those of you who feels paralysed by fear by the choices available and end up not deciding/investing at all.

Alternatively, you can also get multiple portfolios and earmark each of them for different purposes, like so:

#8 – My Wahed Invest Returns – 4.5 out of 5

As mentioned, I have one portfolio in Wahed Invest account – Moderately Aggressive.

Important: Your Wahed Invest returns will be different from mine. I have seen people share negative returns all the way to 5X% returns. The ROI % depends on:

  • At which point you entered the market. Remember, in a bull market, every investor is a genius
  • The portfolio(s) you selected. As a general rule, the more aggressive the portfolio, the higher the risks and potential rewards

Personally, my Wahed Invest performance has been great, ngl. I expected low single-digit returns, but it performed better than that. I think I got lucky with the timing.

(1) My Wahed Invest returns 8 months in:

wahed invest returns

(2) My Wahed Invest returns 1-year in:

Note: the huge drop is due to withdrawal – I took some money out

wahed invest returns

(3) My Wahed Invest returns 1.5 years in:

wahed invest returns

(4) My Wahed Invest returns 2 years in:

(5) My Wahed Invest returns 2.5 years in:

(6) My Wahed Invest returns 3+ years in

*Note: I added more during market downturn. They say to be greedy when others are fearful, so…

(7) My Wahed Invest returns 4+ years in

As you can see, there were some short-term dips, but over the long term, my portfolio value increased steadily.

So don’t panic too much if your Wahed Invest portfolio value is negative – continue investing consistently and at the same time increase your salary and/or side income to add more every month and you should be okay.

This is what you should remember if your investment is losing money.

#9 – Wahed Invest Fees – 4.5/5

Wahed Invest has one of the lowest fee structures among the robo advisory platforms in Malaysia:

  • 0.79% for RM100-RM499,999 deposited
  • 0.39% for >RM500k deposited
  • For each additional account, you are charged the 0.79%/0.39% fee structure OR RM2.50 per month, whichever is higher.

There are no other fees, EXCEPT:

  • Fees charged by investment funds, which you can’t escape from regardless, and
  • Additional charges for fund transfers – (manual) bank transfers are still free, but as of 10 May 2021 there is a RM1 charge for recurring deposit collections (its not their fault, but yes this is why I took 0.5 stars off. Charging for this means people are less likely to automate their investment)
  • 1% currency exchange fee for deposits, withdrawals and inter-fund transfers to portfolios denominated in USD. Applicable to US Stocks and Emerging Markets Stocks portfolios

Other than that, can’t complain. I think Wahed Invest fees are very reasonable. Just 0.79% is tremendous value for money, when unit trusts charge ~1.8% per year in management fee (not to mention up to 5% sales charge when you buy it).

#10 – Wahed Invest vs Stashaway

Wahed Invest vs Stashaway – which is better? Which one should you pick?

Both are good but Wahed Invest is Syariah-compliant and Stashaway is not. So if halal investing is important to you (it is to me), then Wahed Invest is your pick.

If you don’t mind either way, you have more choices beyond Wahed Invest. See my roboadvisors in Malaysia comparison article

#11 – Final verdict of this Wahed Invest Review

In case this Wahed Invest Review wasn’t obvious, I am a happy Wahed Invest user. I’m especially won over by:

  • The exposure to US stock market, which is usually expensive and mafan for retail investors (I can say I indirectly invest in Apple and Tesla!), and
  • The exposure to Global stock market, and
  • The ability to easily buy local REITs, and
  • The dedication to halal investing, especially the voluntary purification of <5% of revenues that may come from non-halal investing (but still satisfy halal investing guidelines)

As for withdrawals, I’ve had no problems withdrawing money from Wahed Invest, but leave a comment if you did.

How’s your experience like with Wahed Invest? What do you like/don’t like about it? Do you have any other questions not covered here? Let me know in the comments!

Obligatory final reminder: This is not a sponsored post. If you liked this review and want to open an account and try Wahed Invest yourself, download the Wahed Invest app from Appstore/iOS and use my referral code ‘surbin1’ to get free RM10 bonus


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46 Comments

  1. Great article. Just a quick question. Say we invested RM1000. Then we have a profit of RM10, thus the amount becomes RM1010.
    Do they reinvest the RM1010? Or the base investment does not change?

  2. Nonissue with withdrawal for mw too.. requested it on 8th May and got my money on 12 th.. All smooth so far woth Wahed.

  3. I use wahed since 5 months ago but I only put small amount into it as, “asalkan invest” rather than the money goes elsewhere, tau tau habis. But lately i found many reviews on how transparent wahed is and overall it’s profiting la for long term. I can agree on it from my own experience with wahed too. So yeah, i love it too!!

  4. I signed up on Feb 2020 because of your article. Honestly at first I only wanted to try out, but just like you, I was impressed with their Halal commitment too. I love their weekly email updates on their performance, and yes US stocks are damn expensive, so this is a good way to dip toes into the US market without breaking the bank. Now I’m making Wahed a monthly commitment. Thanks babe for the introduction!

    1. Hi Aiena,

      Oh yes you’re right, I forgot about the weekly email updates. Those are good too (even though admittedly I rarely open them haha)

      Glad its going well for you and all the best going forward!

  5. Hi Suraya,
    I’ve been thinking to deposit 10k in my wahed invest, probably in nextmonth July 2021, and maybe to hold it until 6 months – 1 year. But, i worried if in this MCO and pandemic i would lose my initial paid or end up with less profit.
    What say you? Btw i’m under moderately aggressive portfolio.
    Thanks!

    1. Hi MR,

      You wouldn’t lose your initial capital, but yes there’s always the possibility of negative returns. If that’s your worry, then you could (1) put the RM10k somewhere lower risk and safer, like ASB or Tabung Haji, (2) reduce your portfolio risk in Wahed (do conservative?), or (3) combine 1 and 2 – RM5k here, RM5k there

      Also I just want to say, this worry that you have, it’s normal. Over time one kind of gets used to it, it’s out of your control. Just focus on what you CAN control – earning more

    2. Hi Suraya,
      Thank u so much for your enlightment. Need advise here..been on ASBF for over 3 yrs..should i terminate the loan n invest the extra money to wahed or just hold both?

      1. Hi Jasmine,

        It would be irresponsible of me to give a definitive answer without knowing your full financial picture and goals. Plus, ASB and Wahed are both investments but can consider used for different purposes. ASB is for general savings (can withdraw whenever), and Wahed is for long-term (don’t withdraw unless necessary, leave it there for decades even). But it does sound like you are investing your excess money which is good

        I also don’t know what rate you got for ASBF. If it is consistently higher than ASB dividend rate, then you might consider termination or even refinancing to lower rate.

    1. meh, to the investor, more or less the same. both can automate and do monthly DCA. wahed gold does have better fees though – 0.79% vs 2% annual management fee via hellogold. but hellogold is also local company so I’m partial to them

  6. Hi Suraya,

    may i know if student is suitable to put some of their monthly allowance into this? or how’d you suggest for student to invest their money?

    Thanks!

  7. Hi, what’s your view on thematic portfolios that will be introduced by Wahed as well as the 1% charged for US stocks?

    1. Hi Suraya, are those returns (for each screenshot) the annualised % or cumulative since inception?

      (and then there’s time weighted vs simple *confused*)

        1. The link doesn’t work — it led us to wahid.com main page instead of the specific article. I’ve browsed their website, couldn’t find that particular article.

  8. Assalamualaikum Ms Suraya,

    Saya baru mula invest di Wahed. Betul ke konsep ni, kalau portfolio negative return, sebaiknya kita pump more money jadi bila market shoot up semula, we will get more in return? or we should invest more when the portfolio is positive? Please help me.

    Terima Kasih

    1. Wasalam Muhammad,

      Lagi penting ialah konsisten tambah duit tiap2 bulan, tak kira market positive atau negative. Nak letak extra ke apa ke boleh je asalkan duit tu bukan duit nak pakai the next 3 years (at least)

  9. Hi Suraya,
    Great review. I personally love Wahed Invest due to the option to select the US Stocks portfolio. It has been giving me greater returns. Thinking of moving a bigger portion of my investments here but not a fan of the RM1 charge on the deposits though.
    Thanks.

  10. Recently, I heard about Wahed from Youtube and I am actually interested to invest with Wahed since it so reliable and trustworthy. As a beginner, what should I do to start my invest in this platform and it is okay to start investing more than rm100?

  11. Hi I opened a account already but haven’t invested yet so doing some research on how good they are. Their fees are very high in UK and returns are very low. I wanted to check out their app but turns out I have to make a deposit of £50before even using it. Anyway i would have used your code because I found your review useful but already signed up with a random one I found online. I think I will have my profile to the lowest one just to see how their app is and hopefully it’s less than the £50 they are asking for, each month. Jzk.

    1. Hi Naz,

      I’m not familiar with how the UK one is like, nor the difference with the Malaysian version. Suggest you use info from UK sources, those may be more accrate

  12. Hi Suraya,

    Baru baca pasal artikel you ni arini. Memang tengah cari tempat nak investment. Nak tanya kalau kita letak selepuk rm10k lepas tu buat donno je sampai let’s say 1 year boleh ke? kiranya tak topup2 la tiap2 bulan..

    1. Hi iz, boleh je. Itu nama glamour dia ‘lump sum investing’. yang bulan2 tu nama dia ‘dollar cost averaging’ atau DCA. Dua-dua method pun ok

  13. Thank you so much for this. I’ve been conflicted on if I should invest for the past 2 years haha, but after reading your article and the comments I’m thinking about taking the risk. Really good and clear information. Thank you.

  14. Hi Suraya, I baca artikel you last year & lepas baca your artikel tentang Wahed I terus join. Pernah withdraw once but then, continue buat yg monthly. Thanks Suraya!

  15. Just found out about Wahed in your article, very great explanation.
    Previously I just keep my monthly saving in a save Tabung Haji account (TH help to pay zakat for us). I think I want to try to save in Wahed now. TQ for your article.

  16. I think of all the roboadvisors, I like its asset allocation style the best. Simple, straightforward – they don’t muddy the waters by including 101 ETFs in your portfolio. I love that. Now that they have the UMMA fund, it’s even easier to get world exposure to equities. Awesome stuff.

    The only thing is the expense ratio for their proprietary ETFs are on the pricey side, but knowing what kind of analysis goes into determining if a fund is halal or not, that’s understandable. Definitely a thumbs up, and a big recommendation for me as well for those who want to DCA small amounts into foreign markets.

  17. Hi Suraya! Saya student in college now and was wondering if it’s okay to invest minimally RM100 into the Gold portfolio. Is it okay kalau I biarkan je my RM100 and tak topup monthly? Saw someone commented earlier pasal being a student as well, but I already have an ASB account. So is it time for me to start investing on Wahed or should I just stick to ASB?

    1. Hi Fawa,

      Godd question, let me give you some pros and cons, and you can make your decision from there. Also, I assume you mean invest in Gold portfolio under Wahed Invest

      Pro of investing in gold in addition to asb:
      – skin in the game, you’ll naturally be interested to learn about gold and its price movement
      – not that risky, probably will have minimal impact to overall financial life (RM100 is a small amount, comparatively)
      – potential to get higher returns than asb (the reverse is true)

      Con of investing in gold in addition to asb:
      – possible unnecessary stress if (when) gold price goes down
      – distract you from studies or work (since you’ll always look out for price)
      – will take RM100 away from ASB account (and its dependable returns)

  18. Hi Suraya, how can I be actually profitable from investing here. I have invested for 2 years, through out the years I can see up and down in the graph (shows profit n loss). At one time, I profited RM21 and quickly withdraw to see how it works. But literally, my deposit was withdrawn instead (now less RM21) from the investment. My question is, how do we take profit? Do we have to sell the whole investment so that we able to withdraw together with the profit? How you do it. Thank you

    1. Hi Hafiz,

      I don’t really get your question. The RM21 was taken from the (higher) value of your investment, rather than taken from the deposit. Hope that helps

  19. i have a dillemma. invested regularly in 1 year and made profit about 20%. Question is :
    1. how can i secure the profit? in unit trust we can switch the fund.
    2. if i sell some unit to secure the profit, what is the different? beause later on i’ll invest again into the same portfolio.

    1. Hi Syed,

      1) You can realise profit from investing by withdrawing. Switching funds in UT is not realising profits btw
      2) ..Why would you sell units with the intention to invest again in the same portfolio? Just leave it be. Only realise profit (sell) if you need the money

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