Chocolate Industry

Startup MGZN – Manage your funds ethically with COCOA, the halal investment app

An international combination of ethics, culture and long-term vision for the future is what makes COCOA Invest, the halal personalized wealth management app, so unique in its essence that it stands out from your traditional world. wealth management.

Between Europe and Bahrain, Founder and CEO Omar Shaikh is on a mission to reshape every aspect of product development and completely remove any lingering uncertainty and confusion regarding halal investments.

Wondering how he’s going to do all of this? Keep reading to find out.

The idea man.

Omar was frustrated by the lack of transparency in the treatment of investments; whether it is the large minimum funds required or the lack of options conforming to Islam. As a result, after working in the investment industry for many years, he decided to start his own faith-based investment company. “I was convinced that I was not the only one looking for a better solution. While the financial industry is teeming with tactics and hidden fees, we value and operate transparently. ”

The COCOA team draws on their collective experience working in private banking, portfolio management and technology companies to bring their own sophisticated approach to investors. Trusted asset managers and trusted technology developers (who have created their product from scratch, by the way, talk about dedicated!) always work hard to evolve and provide the best personalized investment service.

While it takes five years for a cocoa tree to produce its first cocoa bean, CACAO has created the first in four online and fully Islam-compliant investment companies. (Cue an impressed gasp and a standing ovation!)

Why “COCOA”?

Pure in essence and rich in ingredients, cocoa has always been considered an exclusive and expensive treat, but it has become affordable and accessible. For this reason, Omar sees his brand name as a reflection of his identity. They offer the highest quality, cost-effective Sharia-compliant solutions in a friendly environment for both beginners and seasoned investors. They serve inclusively, just like chocolate!

So how does this COCOA germinate its beans?

Without using sophisticated technical jargon, CACAO defends ethical investing by simply helping investors (it could be you!) start Islamic-compliant investment plans tailored to your risk profile (the level of risk you are willing to accept).

Based on your responses to their carefully crafted questionnaire, CACAO will recommend a personalized investment plan that includes a variety of global equities, Islamic bonds (or sukuks), real estate and commodities. You are in good hands with COCOA, as their team of professionals take care of fund selection, monitoring and rebalancing so you can have peace of mind knowing that they are always doing a job according to your principles. .

“We knew the wealth management industry needed a complete overhaul by looking at how products are delivered and, most importantly, what customers were billed. Omar shared. As a person whose ethics revolve around transparency, he certainly knows how to implement it! CACAO does not charge additional fees under the pretext of obtaining better service, nor does it hide the information it holds about your investments. (All their cards are on the table, a real blow to the king!)

You know what else really cool about them? COCOA breaks down barriers by securing small investor portfolio diversification, which was usually reserved for high net worth people, and they do this by allocating a percentage of investment plans to some of the hottest sectors! (They do everything to take care of their investors, as sweet as real cocoa).

Bahrain’s favorite cocoa.

It’s no surprise that Omar’s idea has caught the attention of several regulators, and of course, the Central Bank of Bahrain – Bahrain’s only financial industry regulator, besides being the one of the most important Islamic finance centers in the world, which has an open framework banking system that best suits their product.

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By choosing to establish its headquarters in Bahrain, CACAO joined the CBB sandbox and was extremely impressed with the Kingdom’s progressive mindset. “The institution’s egalitarian structure and inclusion of women in senior positions, as well as the relationship between FinTechs and regulators, based on mutual trust and respect coupled with their incredible energy, has been quite refreshing and motivating. for us. Omar said.

The positive regulatory environment of the CBB and its leadership position in Open Banking have played an important role in making CACAO prosper as much as they did. He added, “In a competitive market, Bahrain is taking good steps to create a safe space for startups to grow, and they have both the ambition and the knowledge that we were looking for in a hub, which is why we will continue to invest in the country as we scale up our operations.

What future for COCOA?

With a name like that, you can only imagine it would be fruitful and delicious. COCOA aims to become the leading global player in its field, as it assumes the “responsibility to develop the next generation of finance and technology professionals with ethics as a core value”.

Currently, they are welcoming new clients from all over the world, and although they expect to graduate from the CBB sandbox in 2022, they have not stopped planning for their future. They are planning the launch of a new range of Sharia ETFs accessible to retail and institutional investors! In addition, they are developing new features to incorporate Open Banking into their solutions so that investments become even easier and more transparent for retail investors.

Bahrain is the base of COCOA’s operations but their ambition is to add regional offices in Asia, Europe, Africa and North America, in order to be closer to their customers and to offer a 24-hour service. , 7 days a week. Omar said, “We are here for the long haul so the future is very exciting for us, full of new markets and bars to raise. “(We are delighted to see you leading the way!)

We were so excited to hear about COCOA, and we hope you felt it too! Let us know what you think of Cocoa on our social media platforms at Twitter, Facebook, LinkedIn, Instagram – and our new TikTok.