Mackenzie Investments vs Musaffa
Mackenzie Investments and Musaffa both offer investing. This page lines up 14 listed data points side by side, with 7 differences, so you can see exactly where they part ways before you request quotes.
Built from each provider's listed data · provider data last verified Aug 2026
At a glance
- Both are available in all of Canada.
- Mackenzie Investments uses Mutual Funds; Musaffa uses Stock Screener.
- Shariah oversight: Mackenzie Investments discloses No Public Review; Musaffa discloses Named Scholar.
- HalalWallet Index: Mackenzie Investments holds a B-; Musaffa holds a B-.
- They differ on 7 of the 14 data points we list for investing.
No editorial verdict has been written for this pair yet. The side-by-side below is the full data view; where we have written one, you'll find it under Compare.
Mackenzie Investments vs Musaffa: the full side-by-side
14 data points from each provider's published materials, lined up row by row. They differ on 7.
Mackenzie Investments
Pays us: No. Mackenzie Investments pays HalalWallet nothing. It is listed and graded on the same terms as providers that do.
Musaffa
Pays us: No. Musaffa pays HalalWallet nothing. It is listed and graded on the same terms as providers that do.14 of 14 rows
Provinces covered
SameMackenzie Investments: All of CanadaMusaffa: All of Canada
Expense ratio
Mackenzie Investments: 2.65% MER (Series A)Musaffa: Not listedManagement fee
Mackenzie Investments: 1.95% (Series A) / 0.80% (Series F)Musaffa: Not listedMinimum investment
Mackenzie Investments: $500 initial / $50 subsequentMusaffa: Not listed
Structure
Mackenzie Investments: Mutual FundsMusaffa: Stock ScreenerShariah oversight
Mackenzie Investments: No Public ReviewMusaffa: Named ScholarShariah board / scholar
Mackenzie Investments: Ratings Intelligence PartnersMusaffa: Named ScholarPublished fatwa / certificate
SameMackenzie Investments: NoMusaffa: NoScreening standard
Mackenzie Investments: Dow Jones Islamic Market World Index screens - Ratings Intelligence fatwa and semi-annual auditsMusaffa: AAOIFI - non-permissible income <=5% of revenue; interest-bearing assets and debt each <=30% of trailing 36-month average market cap
Products listed
Mackenzie Investments: Mackenzie Shariah Global Equity FundMusaffa: Sharia Compliance Investment ScreeningBest for
Mackenzie Investments: Canadian investors who work through a financial advisor or dealer platform and want an actively managed, certified halal global equity fund in familiar mutual fund form - accepting fees above halal ETFs in exchange for advisor-channel convenience.Musaffa: Canadian investors who want graded, published-methodology halal screening across TSX and global stocks as a research layer over their existing brokerage - Musaffa's trading service itself doesn't serve Canada.Product types
Mackenzie Investments: Mutual FundMusaffa: Stock Screener
HalalWallet Index grade
SameMackenzie Investments: B-Musaffa: B-Assets under management
Mackenzie Investments: $32MMusaffa: Not listed
Strengths and trade-offs
Mackenzie Investments
- Global equity exposure in a single Shariah-screened mutual fund
- Certified compliance chain: Ratings Intelligence fatwa, semi-annual Shariah audits, and an annually published purification ratio
- Mutual fund format familiar to Canadian advisors and fund platforms, with a $500 minimum
- Series F at 1.12% MER is materially cheaper than Canada's legacy halal mutual fund option
- Available across all 10 Canadian provinces
- Series A MER of 2.65% is steep - comparable halal ETF exposure costs about 0.5%
- Small and young: roughly $32M in net assets (March 2025 statements) and an inception of February 2024
- Shariah oversight is delegated to Ratings Intelligence at the index level - Mackenzie maintains no in-house Shariah board and names no Canadian scholar
Musaffa
- Screening methodology developed under named advisors, including Shaikh Dr. Aznan Hasan and Mufti Faraz Adam
- Dedicated Sharia stock screening platform with C- to A+ graded verdicts and compliance history
- Canadian broker connections: Wealthsimple, Questrade, and Webull Canada for portfolio tracking and purification
- Transparent published methodology with AAOIFI three-ratio formulas
- Research platform only for Canadians - trading happens at your own brokerage, since Musaffa's trading service is US-only
- Foundation plan required for detailed compliance reports and purification - the free tier shows basic status only
- Prices are in USD despite serving Canadian users
Mackenzie Investments
Pays HalalWallet: No. Mackenzie Investments pays HalalWallet nothing. It is listed and graded on the same terms as providers that do.Musaffa
Pays HalalWallet: No. Musaffa pays HalalWallet nothing. It is listed and graded on the same terms as providers that do.Not sure which is right? Compare all investing providers.
Browse all Investing optionsHow do Mackenzie Investments and Musaffa compare for investing?
Mackenzie Investments and Musaffa both offer investing. This page lines up 14 listed data points side by side, with 7 differences, so you can see exactly where they part ways before you request quotes.
- Both are available in all of Canada.
- Mackenzie Investments uses Mutual Funds; Musaffa uses Stock Screener.
- Shariah oversight: Mackenzie Investments discloses No Public Review; Musaffa discloses Named Scholar.
Source: HalalWallet (halalwallet.ca)
Get an email when rates change - Mackenzie Investments vs Musaffa
We'll email you only when Mackenzie Investments or Musaffa changes rates, fees, or province availability.
We only email you when something in this comparison actually changes.
Stay Updated
Get halal investment insights and fund launches
No spam ever. Unsubscribe in one click.
Sources and review process
This page is reviewed against HalalWallet editorial standards and source documentation.
Reviewed by: HalalWallet Editorial Team
Last reviewed: 2026-08-05
How to cite this page
Preferred format (HTML):
https://www.halalwallet.ca/compare/mackenzie-investments-vs-musaffa, retrieved 2026-11-14).For time-sensitive claims (rates, fees, province availability), please verify directly with the provider's official documentation and note the retrieval date.
What HalalWallet is and is not
Scholars rule; we organize the evidence. HalalWallet is an independent research and comparison site for halal financial products. It is not a lender, bank, broker or adviser, and it is not a fatwa body.
What we do
- We document each product's contract, Shariah oversight, costs and availability, with the date we last checked.
- We show the range of scholarly opinion on contested questions, with sources.
What we do not do
- We do not lend, hold money, open accounts or take applications. You apply with the provider.
- We do not issue fatwas or certify any product as halal. Rulings belong to a scholar you trust.
- We do not give personal financial, legal or tax advice.
Where our role ends and who takes over · Who pays HalalWallet · HalalWallet Trust Standard, version 1.0
Before you decide, finish with three checks:
- Confirm current terms and halal compliance directly with the provider. Their quote is final.
- Read the contract structure (Murabaha, Ijara, Musharakah and so on) and any published Shariah board opinion.
- Bring your shortlist to a qualified scholar or licensed adviser, so the conversation is about your situation, not the basics.
Spot an error? Report a correction · How we handle corrections