Investing alternatives
ShariaPortfolio Alternatives
6 halal investing providers in Canada that compete with ShariaPortfolio, ranked by HalalWallet Index grade, disclosed Shariah oversight, and province coverage. Independent: we are not affiliated with ShariaPortfolio 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 ShariaPortfolio for halal investing in Canada are Manzil, Wealthsimple and Wahed. Manzil's investing arm (via Corex Financial) covers the registered-account suite in every province and territory and adds halal mortgages and wills - but ShariaPortfolio offers IPP/PPP pension wrappers and a longer asset-management pedigree. Manzil also holds the highest HalalWallet Index grade among them (A). Where ShariaPortfolio still wins: Rare halal coverage of the full registered stack - halal-managed FHSA, IPP and PPP wrappers are nearly impossible to find elsewhere in Canada.
- 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 (ShariaPortfolio is not yet graded).
- Manzil, Wealthsimple and Wahed cover provinces ShariaPortfolio does not (ShariaPortfolio: 4 provinces).
- Product types across the alternatives: Wealth Management, Index-based, Actively managed, Stock Screener (ShariaPortfolio: Wealth Management).
- Most common reason to look elsewhere: The firm's own site says its advisors serve BC, Alberta, Ontario and Quebec - Canadians in other provinces should confirm serviceability directly (2026-08-05).
Source: HalalWallet (halalwallet.ca)
Top 6 ShariaPortfolio alternatives for 2026
- Grade A
#1
Manzil
- Shariah oversight
- Shariah oversight: Formal Shariah board
- Coverage
- Coverage: 13 provinces
- Structure
- Structure: Wealth Management
vs ShariaPortfolio: Manzil's investing arm (via Corex Financial) covers the registered-account suite in every province and territory and adds halal mortgages and wills - but ShariaPortfolio offers IPP/PPP pension wrappers and a longer asset-management pedigree.
Reaches 9 provinces ShariaPortfolio does not list: Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia, Northwest Territories, Nunavut and 3 more.
- Not graded
- Shariah oversight
- Shariah oversight: Third-party certified
- Coverage
- Coverage: 10 provinces
- Structure
- Structure: Index-based
vs ShariaPortfolio: Wealthsimple's halal managed portfolios are cheaper and self-serve on Canada's largest retail platform, with the CAD-listed WSHR ETF - but no human halal advisor, no FHSA-specific halal mandate, and fund-level-only Shariah oversight.
Reaches 6 provinces ShariaPortfolio does not list: Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia, Prince Edward Island, Saskatchewan.
- Not graded
#3
Wahed
- Shariah oversight
- Shariah oversight: Third-party certified
- Coverage
- Coverage: 10 provinces
- Structure
- Structure: Index-based
vs ShariaPortfolio: Wahed is a halal robo-advisor with a formal three-scholar Shariah board and low minimums - more automated and cheaper, but without ShariaPortfolio's full Canadian wrapper coverage or human advice tier.
Reaches 6 provinces ShariaPortfolio does not list: Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia, Prince Edward Island, Saskatchewan.
- Not graded
- Shariah oversight
- Shariah oversight: Third-party certified
- Coverage
- Coverage: all of Canada
- Structure
- Structure: Actively managed
Reaches 9 provinces ShariaPortfolio does not list: Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia, Northwest Territories, Nunavut and 3 more.
- Not graded
#5
SPFunds
- Shariah oversight
- Shariah oversight: Third-party certified
- Coverage
- Coverage: 10 provinces
- Structure
- Structure: Index-based
Reaches 6 provinces ShariaPortfolio does not list: Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia, Prince Edward Island, Saskatchewan.
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.
- Not graded
#6
Akinda
- Shariah oversight
- Shariah oversight: Named scholar
- Coverage
- Coverage: all of Canada
- Structure
- Structure: Stock Screener
- Track record
- Since: 2023
Reaches 9 provinces ShariaPortfolio does not list: Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia, Northwest Territories, Nunavut and 3 more.
Our take: Akinda is a useful free AAOIFI screen for TSX stock pickers who want to see the ratios. It is not a Canadian brokerage, and it is not a higher-scoring platform than Zoya or Musaffa on scholar depth or coverage.
ShariaPortfolio vs the alternatives at a glance
| Provider | Index grade | Shariah oversight | Coverage | Structure | Since |
|---|---|---|---|---|---|
| ShariaPortfolio(this review) | Not graded | Third-party certified | 4 provinces | Wealth Management | n/a |
| Manzil | A | Formal Shariah board | 13 provinces | Wealth Management | n/a |
| Wealthsimple | Not graded | Third-party certified | 10 provinces | Index-based | n/a |
| Wahed | Not graded | Third-party certified | 10 provinces | Index-based | n/a |
| Amana Funds | Not graded | Third-party certified | All of Canada | Actively managed | n/a |
| SPFunds | Not graded | Third-party certified | 10 provinces | Index-based | n/a |
| Akinda | Not graded | Named scholar | All of Canada | Stock Screener | 2023 |
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 ShariaPortfolio alternative
- The firm's own site says its advisors serve BC, Alberta, Ontario and Quebec - Canadians in other provinces should confirm serviceability directly (2026-08-05)
- No standing multi-scholar Shariah supervisory board: governance runs through AAOIFI adherence, one named group advisor (Shaykh Umer Khan), and per-fund certificates on the affiliated ETFs
- Advisory fees of 0.5% to 1.5% sit well above DIY ETF costs - the premium buys advice and the registered-account stack, not extra Shariah rigor
- Account minimums are not published on shariaportfolio.ca (the US affiliate's advised program starts at USD $100,000) - confirm before engaging (2026-08-05)
- Portfolio composition and performance are not published; prospective clients see them only through consultation
When ShariaPortfolio is still the right choice
- Rare halal coverage of the full registered stack - halal-managed FHSA, IPP and PPP wrappers are nearly impossible to find elsewhere in Canada
- Fee-only pricing at 0.5% to 1.5% of assets with no mutual fund commissions (per its FAQ), a cleaner model than commission-based halal advisors
- Custody at Fidelity Clearing Canada ULC, a regulated Canadian custodian participating in the Canadian Investor Protection Fund
- AAOIFI screening with a published Sharia certificate and the group's stricter entertainment exclusions (music, cinema, broadcasting)
- Named Canadian team across two offices, a direct line to the affiliated SP Funds ETF family (including the only US-listed sukuk ETF), and regular Canadian-topic webinars on zakat, Hajj savings and RESPs
Our verdict on ShariaPortfolio: 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. Governance leans on the group's named advisor rather than a standing board, and advisors cover four provinces - but if you want a human managing halal money across your whole financial life, this is the deepest bench in Canada.
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 ShariaPortfolio). 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 ShariaPortfolio?
Manzil ranks first among ShariaPortfolio alternatives for halal investing with a HalalWallet Index grade of A, formal shariah board Shariah oversight, and coverage of 13 provinces. Manzil's investing arm (via Corex Financial) covers the registered-account suite in every province and territory and adds halal mortgages and wills - but ShariaPortfolio offers IPP/PPP pension wrappers and a longer asset-management pedigree. Wealthsimple and Wahed 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 ShariaPortfolio alternative is available in my province?
ShariaPortfolio lists 4 provinces. Manzil adds 9 provinces ShariaPortfolio does not list (Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia, Northwest Territories and 4 more). Wealthsimple adds 6 provinces ShariaPortfolio does not list (Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia, Prince Edward Island and 1 more). Wahed adds 6 provinces ShariaPortfolio does not list (Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia, Prince Edward Island and 1 more). Amana Funds adds 9 provinces ShariaPortfolio does not list (Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia, Northwest Territories and 4 more). Coverage comes from each provider's published province list and changes; confirm before you apply.
How do ShariaPortfolio's alternatives differ in approach?
ShariaPortfolio is listed as wealth management. Manzil takes the same approach. Other approaches among the alternatives: index-based, actively managed, stock screener. 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?
Manzil (formal shariah board), Wealthsimple (third-party certified), Wahed (third-party certified), Amana Funds (third-party certified), SPFunds (third-party certified) disclose either a formal Shariah board or third-party certification. ShariaPortfolio itself is classed as third-party certified. HalalWallet reports what each provider publishes; we do not certify products.
Should I switch from ShariaPortfolio?
Reasons readers look elsewhere: The firm's own site says its advisors serve BC, Alberta, Ontario and Quebec - Canadians in other provinces should confirm serviceability directly (2026-08-05); No standing multi-scholar Shariah supervisory board: governance runs through AAOIFI adherence, one named group advisor (Shaykh Umer Khan), and per-fund certificates on the affiliated ETFs. Reasons to stay: Rare halal coverage of the full registered stack - halal-managed FHSA, IPP and PPP wrappers are nearly impossible to find elsewhere in Canada; Fee-only pricing at 0.5% to 1.5% of assets with no mutual fund commissions (per its FAQ), a cleaner model than commission-based halal advisors. Switching mid-contract can trigger payoff terms and new closing costs, so compare the total cost of finishing with ShariaPortfolio 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