Investing alternatives
Wealthsimple Alternatives
6 halal investing providers in Canada that compete with Wealthsimple, ranked by HalalWallet Index grade, disclosed Shariah oversight, and province coverage. Independent: we are not affiliated with Wealthsimple 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 Wealthsimple for halal investing in Canada are Manzil, Wahed and Amana Funds. Manzil's MNZL ETF offers broader US exposure (~450 holdings) at a lower 0.40% fee, but is USD-listed - currency conversion applies and TFSA distributions lose 15% to US withholding tax. Manzil also holds the highest HalalWallet Index grade among them (A). Where Wealthsimple still wins: The only halal ETF listed in Canada - WSHR trades in CAD on Cboe Canada, eliminating USD conversion costs.
- 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 (Wealthsimple is not yet graded).
- Manzil, Amana Funds and Akinda cover provinces Wealthsimple does not (Wealthsimple: 10 provinces).
- Product types across the alternatives: Wealth Management, Index-based, Actively managed, Stock Screener (Wealthsimple: Index-based).
- Most common reason to look elsewhere: Wealthsimple discloses no company-level Shariah board - certification exists at the fund level only.
Source: HalalWallet (halalwallet.ca)
Top 6 Wealthsimple alternatives for 2026
- Grade A
#1
Manzil
- Shariah oversight
- Shariah oversight: Formal Shariah board
- Coverage
- Coverage: 13 provinces
- Structure
- Structure: Wealth Management
vs Wealthsimple: Manzil's MNZL ETF offers broader US exposure (~450 holdings) at a lower 0.40% fee, but is USD-listed - currency conversion applies and TFSA distributions lose 15% to US withholding tax.
Reaches 3 provinces Wealthsimple does not list: Northwest Territories, Nunavut, Yukon.
- Not graded
#2
Wahed
- Shariah oversight
- Shariah oversight: Third-party certified
- Coverage
- Coverage: 10 provinces
- Structure
- Structure: Index-based
vs Wealthsimple: Wahed's HLAL and UMMA ETFs add US large-growth and international exposure with full Shariah Supervisory Board oversight, but both are USD-listed with the same withholding-tax drag.
- Not graded
- Shariah oversight
- Shariah oversight: Third-party certified
- Coverage
- Coverage: all of Canada
- Structure
- Structure: Actively managed
Reaches 3 provinces Wealthsimple 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
#5
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.
- Not graded
#6
Akinda
- Shariah oversight
- Shariah oversight: Named scholar
- Coverage
- Coverage: all of Canada
- Structure
- Structure: Stock Screener
- Track record
- Since: 2023
Reaches 3 provinces Wealthsimple does not list: Northwest Territories, Nunavut, Yukon.
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.
Wealthsimple vs the alternatives at a glance
| Provider | Index grade | Shariah oversight | Coverage | Structure | Since |
|---|---|---|---|---|---|
| Wealthsimple(this review) | Not graded | Third-party certified | 10 provinces | Index-based | n/a |
| Manzil | A | Formal Shariah board | 13 provinces | Wealth Management | 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 |
| ShariaPortfolio | Not graded | Third-party certified | 4 provinces | Wealth Management | 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 Wealthsimple alternative
- Wealthsimple discloses no company-level Shariah board - certification exists at the fund level only
- The low-volatility tilt underweights the mega-cap tech that has driven US index returns
- 0.50% management fee on WSHR (MER slightly higher after taxes)
- One halal ETF - investors wanting US large-cap growth concentration must pair it with USD-listed funds like SPUS or MNZL
When Wealthsimple is still the right choice
- The only halal ETF listed in Canada - WSHR trades in CAD on Cboe Canada, eliminating USD conversion costs
- No US withholding tax drag on distributions inside a TFSA, FHSA or RESP (a structural advantage over every US-listed halal ETF)
- Global developed-market diversification across ~160 holdings with a quality and low-volatility screen (US ~48%)
- Certified by Ratings Intelligence Partners with quarterly purification data published for investors
- Halal managed portfolios with automatic rebalancing on a platform most Canadians already use
Our verdict on Wealthsimple: WSHR is the default core holding for Canadian halal investors: the only Shariah-compliant ETF listed on a Canadian exchange, trading in CAD with no US withholding drag in a TFSA, FHSA or RESP. Certification is fund-level (Ratings Intelligence Partners) rather than company-level, and the low-volatility tilt trades away mega-cap tech upside - pair accordingly.
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 Wealthsimple compares
Side-by-side reviews against the other top halal finance providers - structure, scholarly review, coverage, and our verdict on which fits which buyer.
How this ranking works
The pool is every provider with active investing listings in Canada in HalalWallet's database (11 besides Wealthsimple). 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 Wealthsimple?
Manzil ranks first among Wealthsimple alternatives for halal investing with a HalalWallet Index grade of A, formal shariah board Shariah oversight, and coverage of 13 provinces. Manzil's MNZL ETF offers broader US exposure (~450 holdings) at a lower 0.40% fee, but is USD-listed - currency conversion applies and TFSA distributions lose 15% to US withholding tax. Wahed and Amana Funds 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 Wealthsimple alternative is available in my province?
Wealthsimple lists 10 provinces. Manzil adds 3 provinces Wealthsimple does not list (Northwest Territories, Nunavut, Yukon). Amana Funds adds 3 provinces Wealthsimple does not list (Northwest Territories, Nunavut, Yukon). Akinda adds 3 provinces Wealthsimple does not list (Northwest Territories, Nunavut, Yukon). Coverage comes from each provider's published province list and changes; confirm before you apply.
How do Wealthsimple's alternatives differ in approach?
Wealthsimple is listed as index-based. Wahed and SPFunds take the same approach. Other approaches among the alternatives: wealth management, 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), Wahed (third-party certified), Amana Funds (third-party certified), ShariaPortfolio (third-party certified), SPFunds (third-party certified) disclose either a formal Shariah board or third-party certification. Wealthsimple itself is classed as third-party certified. HalalWallet reports what each provider publishes; we do not certify products.
Should I switch from Wealthsimple?
Reasons readers look elsewhere: Wealthsimple discloses no company-level Shariah board - certification exists at the fund level only; The low-volatility tilt underweights the mega-cap tech that has driven US index returns. Reasons to stay: The only halal ETF listed in Canada - WSHR trades in CAD on Cboe Canada, eliminating USD conversion costs; No US withholding tax drag on distributions inside a TFSA, FHSA or RESP (a structural advantage over every US-listed halal ETF). Switching mid-contract can trigger payoff terms and new closing costs, so compare the total cost of finishing with Wealthsimple 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