Investing alternatives
Mackenzie Investments Alternatives
6 halal investing providers in Canada that compete with Mackenzie Investments, ranked by HalalWallet Index grade, disclosed Shariah oversight, and province coverage. Independent: we are not affiliated with Mackenzie Investments or any provider listed here.
Co-Founder & CEO, HalalWallet
Re-ranked automatically when Index grades, oversight, or coverage change in our database.
The closest alternatives to Mackenzie Investments for halal investing in Canada are Wealthsimple, global growth assets and Manzil. WSHR delivers certified global halal equity as a CAD-listed ETF at 0.50% - far cheaper than mutual-fund pricing - but is passive and self-directed rather than advisor-managed. The highest HalalWallet Index grade among the alternatives belongs to Manzil (A). Where Mackenzie Investments still wins: Canada's first widely available halal mutual fund - accessible through advisors across the country in CAD.
- 6 of 11 investing providers we track in Canada are ranked here; the rest fell below on Index grade, Shariah oversight, or reviews.
- Index grades among the alternatives: Manzil A (Mackenzie Investments is not yet graded).
- Manzil and Amana Funds cover provinces Mackenzie Investments does not (Mackenzie Investments: 10 provinces).
- Product types across the alternatives: Index-based, Mutual Funds, Wealth Management, Actively managed (Mackenzie Investments: Mutual Funds).
- Most common reason to look elsewhere: Mutual-fund fees run well above halal ETF alternatives.
Source: HalalWallet (halalwallet.ca)
Top 6 Mackenzie Investments alternatives for 2026
- Not graded
- Shariah oversight
- Shariah oversight: Third-party certified
- Coverage
- Coverage: 10 provinces
- Structure
- Structure: Index-based
vs Mackenzie Investments: WSHR delivers certified global halal equity as a CAD-listed ETF at 0.50% - far cheaper than mutual-fund pricing - but is passive and self-directed rather than advisor-managed.
- Not graded
- Shariah oversight
- Shariah oversight: Named scholar
- Coverage
- Coverage: 10 provinces
- Structure
- Structure: Mutual Funds
vs Mackenzie Investments: The Global Iman Fund is Canada's longest-running halal mutual fund (since 2009) with a UBS-managed portfolio, but carries a 2.89% MER on Series A versus Mackenzie's newer, larger-scale offering.
- Grade A
#3
Manzil
- Shariah oversight
- Shariah oversight: Formal Shariah board
- Coverage
- Coverage: 13 provinces
- Structure
- Structure: Wealth Management
Reaches 3 provinces Mackenzie Investments does not list: Northwest Territories, Nunavut, Yukon.
Our take: Manzil is Canada's most established halal mortgage provider, offering AAOIFI-aligned Musharaka (co-ownership) alongside a Murabaha structure.
- Not graded
- Shariah oversight
- Shariah oversight: Third-party certified
- Coverage
- Coverage: all of Canada
- Structure
- Structure: Actively managed
Reaches 3 provinces Mackenzie Investments does not list: Northwest Territories, Nunavut, Yukon.
- Not graded
- Shariah oversight
- Shariah oversight: Third-party certified
- Coverage
- Coverage: 4 provinces
- Structure
- Structure: Wealth Management
Our take: ShariaPortfolio Canada is the most complete advised halal offering in the country: every registered wrapper from TFSA to IPP managed under AAOIFI rules, fee-only at 0.5-1.5%, with custody at Fidelity Clearing Canada.
- Not graded
#6
SPFunds
- Shariah oversight
- Shariah oversight: Third-party certified
- Coverage
- Coverage: 10 provinces
- Structure
- Structure: Index-based
Our take: SP Funds is the deepest halal fund shelf a Canadian can reach: SPUS and SPSK are the default core and fixed-income building blocks, with REIT, tech and international satellites no Canadian-listed fund matches.
Mackenzie Investments vs the alternatives at a glance
| Provider | Index grade | Shariah oversight | Coverage | Structure | Since |
|---|---|---|---|---|---|
| Mackenzie Investments(this review) | Not graded | n/a | 10 provinces | Mutual Funds | n/a |
| Wealthsimple | Not graded | Third-party certified | 10 provinces | Index-based | n/a |
| global growth assets | Not graded | Named scholar | 10 provinces | Mutual Funds | n/a |
| Manzil | A | Formal Shariah board | 13 provinces | Wealth Management | n/a |
| Amana Funds | Not graded | Third-party certified | All of Canada | Actively managed | n/a |
| ShariaPortfolio | Not graded | Third-party certified | 4 provinces | Wealth Management | n/a |
| SPFunds | Not graded | Third-party certified | 10 provinces | Index-based | n/a |
Index grades are HalalWallet's independent scorecard. Oversight and coverage are what each provider publishes, last verified 2026-10-27. Not graded means the category or provider is outside the Index, not a negative mark.
Why people look for a Mackenzie Investments alternative
- Mutual-fund fees run well above halal ETF alternatives
- Equity-only - Mackenzie offers no halal fixed-income or balanced option yet
- Short track record (the widely available fund launched in February 2024; a Primerica-exclusive version launched July 2023)
- No in-house Shariah board - religious oversight is outsourced to Ratings Intelligence
When Mackenzie Investments is still the right choice
- Canada's first widely available halal mutual fund - accessible through advisors across the country in CAD
- Independent certification by Ratings Intelligence, with semi-annual Shariah audits and published certificates
- Active management by Mackenzie's global equity team, selecting from the pre-screened Dow Jones Islamic Market World Index universe
- Purification ratio published so investors can cleanse non-permissible incidental income
- Backed by the scale and compliance infrastructure of a major Canadian asset manager
Our verdict on Mackenzie Investments: The Mackenzie Shariah Global Equity Fund is Canada's first widely available halal mutual fund - actively managed, certified by Ratings Intelligence with semi-annual audits, and distributed through advisors nationwide. Fees run above halal ETFs and the track record is short, but for advisor-channel investors it is the most practical certified option.
Still deciding?
The ranking above is category-wide. For a province-by-province, structure-by-structure view of every provider, use the comparison tool.
Compare halal ETFs with live performance dataHow this ranking works
The pool is every provider with active investing listings in Canada in HalalWallet's database (11 besides Mackenzie Investments). Providers our editors have written a direct comparison for appear first; the rest are ordered by live HalalWallet Index grade, then disclosed Shariah oversight (formal board or third-party certification ranks above a named scholar, which ranks above no public review), then Google rating. Nothing here is paid placement. See our methodology and how Index grades are computed.
Frequently asked questions
What is the best alternative to Mackenzie Investments?
Wealthsimple ranks first among Mackenzie Investments alternatives for halal investing, third-party certified Shariah oversight, and coverage of 10 provinces. WSHR delivers certified global halal equity as a CAD-listed ETF at 0.50% - far cheaper than mutual-fund pricing - but is passive and self-directed rather than advisor-managed. global growth assets and Manzil follow. The right pick depends on your province, the contract structure you are comfortable with, and total cost, so get quotes from at least two.
Which Mackenzie Investments alternative is available in my province?
Mackenzie Investments lists 10 provinces. Manzil adds 3 provinces Mackenzie Investments does not list (Northwest Territories, Nunavut, Yukon). Amana Funds adds 3 provinces Mackenzie Investments does not list (Northwest Territories, Nunavut, Yukon). Coverage comes from each provider's published province list and changes; confirm before you apply.
How do Mackenzie Investments's alternatives differ in approach?
Mackenzie Investments is listed as mutual funds. global growth assets takes the same approach. Other approaches among the alternatives: index-based, wealth management, actively managed. The practical differences are who does the Shariah screening (you, an app, or a manager), what it costs at your balance, and how purification of impermissible income is reported. Match the approach to how hands-on you want to be.
Which alternative has the strongest Shariah oversight?
Wealthsimple (third-party certified), Manzil (formal shariah board), Amana Funds (third-party certified), ShariaPortfolio (third-party certified), SPFunds (third-party certified) disclose either a formal Shariah board or third-party certification. HalalWallet reports what each provider publishes; we do not certify products.
Should I switch from Mackenzie Investments?
Reasons readers look elsewhere: Mutual-fund fees run well above halal ETF alternatives; Equity-only - Mackenzie offers no halal fixed-income or balanced option yet. Reasons to stay: Canada's first widely available halal mutual fund - accessible through advisors across the country in CAD; Independent certification by Ratings Intelligence, with semi-annual Shariah audits and published certificates. Switching mid-contract can trigger payoff terms and new closing costs, so compare the total cost of finishing with Mackenzie Investments against a new contract elsewhere, and check the early-payoff clause first.
How to use this comparison: Scholars rule; we organize the evidence. HalalWallet is an independent educational comparison platform - by design, we do not issue fatwas or provide financial, legal, or tax advice. We do the research homework so your final checks are quick and personal. Where our role ends and who takes over.
Product structures and Shariah oversight vary by provider, so finish with three built-in steps:
- Confirm current terms and halal compliance directly with the provider - their quote is final.
- Review the contract structure (Murabaha, Ijara, Musharakah, etc.) and any disclosed Shariah board opinions.
- Bring your shortlist to a qualified Islamic finance advisor or scholar, so the conversation is about your situation, not the basics.
Sources and review process
This page is reviewed against HalalWallet editorial standards and source documentation.
Reviewed by: HalalWallet Editorial Team
Last reviewed: 2026-10-01