Investing alternatives
Zoya Alternatives
6 halal investing providers in Canada that compete with Zoya, ranked by HalalWallet Index grade, disclosed Shariah oversight, and province coverage. Independent: we are not affiliated with Zoya 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 Zoya for halal investing in Canada are Musaffa, Wealthsimple and Manzil. Musaffa grades TSX stocks C- to A+ with published per-market coverage stats and holding-period purification from verified ratios, but has no Canadian trade execution - Zoya counters with in-app order pass-through via Wealthsimple and Questrade and five switchable rulebooks. The highest HalalWallet Index grade among the alternatives belongs to Manzil (A). Where Zoya still wins: Built around the brokers Canadians already use: connect Wealthsimple or Questrade for portfolio-wide compliance monitoring, and trade in-app through your own account - non-custodial by design.
- 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 (Zoya is not yet graded).
- Manzil and Amana Funds cover provinces Zoya does not (Zoya: 10 provinces).
- Product types across the alternatives: Stock Screener, Index-based, Wealth Management, Actively managed (Zoya: Stock Screener).
- Most common reason to look elsewhere: ETF and mutual fund screening covers US-listed funds only - Canadian-listed funds like WSHR are outside the screen (help center, checked 2026-08-05).
Source: HalalWallet (halalwallet.ca)
Top 6 Zoya alternatives for 2026
- Not graded
#1
Musaffa
- Shariah oversight
- Shariah oversight: Named scholar
- Coverage
- Coverage: 10 provinces
- Structure
- Structure: Stock Screener
vs Zoya: Musaffa grades TSX stocks C- to A+ with published per-market coverage stats and holding-period purification from verified ratios, but has no Canadian trade execution - Zoya counters with in-app order pass-through via Wealthsimple and Questrade and five switchable rulebooks.
- Not graded
- Shariah oversight
- Shariah oversight: Third-party certified
- Coverage
- Coverage: 10 provinces
- Structure
- Structure: Index-based
vs Zoya: Wealthsimple is the execution venue, not the screen: its halal managed portfolios and CAD-listed WSHR ETF are managed products, while Zoya is the companion layer that audits and trades the self-directed side of the account.
- Grade A
#3
Manzil
- Shariah oversight
- Shariah oversight: Formal Shariah board
- Coverage
- Coverage: 13 provinces
- Structure
- Structure: Wealth Management
vs Zoya: Manzil offers managed AAOIFI-screened portfolios across every registered account type under a formal Shariah Supervisory Board - the hands-off route, where Zoya serves investors who pick their own stocks.
Reaches 3 provinces Zoya does not list: Northwest Territories, Nunavut, Yukon.
- Not graded
- Shariah oversight
- Shariah oversight: Third-party certified
- Coverage
- Coverage: all of Canada
- Structure
- Structure: Actively managed
Reaches 3 provinces Zoya 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.
Zoya vs the alternatives at a glance
| Provider | Index grade | Shariah oversight | Coverage | Structure | Since |
|---|---|---|---|---|---|
| Zoya(this review) | Not graded | Named scholar | 10 provinces | Stock Screener | n/a |
| Musaffa | Not graded | Named scholar | 10 provinces | Stock Screener | n/a |
| Wealthsimple | Not graded | Third-party certified | 10 provinces | Index-based | 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 Zoya alternative
- ETF and mutual fund screening covers US-listed funds only - Canadian-listed funds like WSHR are outside the screen (help center, checked 2026-08-05)
- Trading through Questrade supports individual stocks only; basket orders are limited to Wealthsimple among the Canadian brokers (help center broker table, 2026-08-05)
- Advisor-guided rather than board-certified: Zoya describes its screening as an independent interpretation of published methodologies, not certification from the standard-setters
- Zoya is a US company (Investroo Inc., Delaware) and discloses no Canadian securities registration - it is a research and order pass-through layer, not a regulated Canadian dealer (as of 2026-08-05)
- The free tier is thin - compliance status only, one linked account, AAOIFI only - and most of the value (full reports, alerts, trading, multi-methodology) sits in Pro
When Zoya is still the right choice
- Built around the brokers Canadians already use: connect Wealthsimple or Questrade for portfolio-wide compliance monitoring, and trade in-app through your own account - non-custodial by design
- TSX stock coverage with full compliance reports that expose the actual ratios and segment-level revenue breakdowns - verify rather than trust
- Five switchable screening standards for Pro users (AAOIFI default, plus S&P, MSCI, Dow Jones and FTSE Shariah), showing why the same stock passes one rulebook and fails another
- Scholar-grounded worship tooling: zakat per the Simple Zakat Guide across connected accounts, and three documented purification methods with worked examples
- Compliance alerts on status changes with portfolios synced twice daily, plus honest 'Questionable' ratings where scholars genuinely differ
Our verdict on Zoya: For self-directed Canadian investors on Wealthsimple or Questrade, Zoya is the best halal companion app available: AAOIFI-based verdicts on TSX and US stocks with the ratios shown, compliance alerts, non-custodial in-app trading, and scholar-grounded zakat and purification tools. Know its two edges - ETF screening is US-only, and oversight is two respected named advisors rather than a certifying board - and it earns its place in the stack.
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 Zoya). 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 Zoya?
Musaffa ranks first among Zoya alternatives for halal investing, named scholar Shariah oversight, and coverage of 10 provinces. Musaffa grades TSX stocks C- to A+ with published per-market coverage stats and holding-period purification from verified ratios, but has no Canadian trade execution - Zoya counters with in-app order pass-through via Wealthsimple and Questrade and five switchable rulebooks. Wealthsimple 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 Zoya alternative is available in my province?
Zoya lists 10 provinces. Manzil adds 3 provinces Zoya does not list (Northwest Territories, Nunavut, Yukon). Amana Funds adds 3 provinces Zoya does not list (Northwest Territories, Nunavut, Yukon). Coverage comes from each provider's published province list and changes; confirm before you apply.
How do Zoya's alternatives differ in approach?
Zoya is listed as stock screener. Musaffa 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. Zoya itself is classed as named scholar. HalalWallet reports what each provider publishes; we do not certify products.
Should I switch from Zoya?
Reasons readers look elsewhere: ETF and mutual fund screening covers US-listed funds only - Canadian-listed funds like WSHR are outside the screen (help center, checked 2026-08-05); Trading through Questrade supports individual stocks only; basket orders are limited to Wealthsimple among the Canadian brokers (help center broker table, 2026-08-05). Reasons to stay: Built around the brokers Canadians already use: connect Wealthsimple or Questrade for portfolio-wide compliance monitoring, and trade in-app through your own account - non-custodial by design; TSX stock coverage with full compliance reports that expose the actual ratios and segment-level revenue breakdowns - verify rather than trust. Switching mid-contract can trigger payoff terms and new closing costs, so compare the total cost of finishing with Zoya 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