Mackenzie Investments vs Wahed
Mackenzie Investments and Wahed both offer investing. This page lines up 17 listed data points side by side, with 9 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 Nov 2026
At a glance
- Both are available in all of Canada.
- Mackenzie Investments uses Mutual Funds; Wahed uses Actively managed / Index-based.
- Shariah oversight: Mackenzie Investments discloses No Public Review; Wahed discloses Third-Party Certified.
- HalalWallet Index: Mackenzie Investments holds a B-; Wahed holds a B-.
- They differ on 9 of the 17 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 Wahed: the full side-by-side
17 data points from each provider's published materials, lined up row by row. They differ on 9.
Mackenzie Investments
Pays us: No. Mackenzie Investments pays HalalWallet nothing. It is listed and graded on the same terms as providers that do.
Wahed
Pays us: No. Wahed pays HalalWallet nothing. It is listed and graded on the same terms as providers that do.17 of 17 rows
Provinces covered
SameMackenzie Investments: All of CanadaWahed: All of Canada
Expense ratio
Mackenzie Investments: 2.65% MER (Series A)Wahed: 0.65% (Wahed Dow Jones Islamic Wo…) · 0.50% (Wahed FTSE USA Shariah ETF)Management fee
Mackenzie Investments: 1.95% (Series A) / 0.80% (Series F)Wahed: Not listedMinimum investment
Mackenzie Investments: $500 initial / $50 subsequentWahed: Not listed
Structure
Mackenzie Investments: Mutual FundsWahed: Actively managed / Index-basedShariah oversight
Mackenzie Investments: No Public ReviewWahed: Third-Party CertifiedShariah board / scholar
Mackenzie Investments: Ratings Intelligence PartnersWahed: third_party_certifiedPublished fatwa / certificate
SameMackenzie Investments: NoWahed: NoScreening standard
Mackenzie Investments: Dow Jones Islamic Market World Index screens - Ratings Intelligence fatwa and semi-annual auditsWahed: Dow Jones Islamic Market screens; Shariyah Review Bureau as external advisor (Wahed Dow Jones Islamic Wo…) · FTSE Shariah screens certified by Yasaar Limited (Wahed FTSE USA Shariah ETF)
Products listed
Mackenzie Investments: Mackenzie Shariah Global Equity FundWahed: Wahed Dow Jones Islamic World ETF, Wahed FTSE USA Shariah ETFBest 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.Wahed: International (non-US) halal equity exposureProduct types
Mackenzie Investments: Mutual FundWahed: ETFTickers
Mackenzie Investments: Not listedWahed: UMMA, HLALHoldings
Mackenzie Investments: Not listedWahed: ~100 (Wahed Dow Jones Islamic Wo…) · ~200 (Wahed FTSE USA Shariah ETF)Focus
Mackenzie Investments: Not listedWahed: Global Large Growth (Wahed Dow Jones Islamic Wo…) · US Large Growth (Wahed FTSE USA Shariah ETF)
HalalWallet Index grade
SameMackenzie Investments: B-Wahed: B-Assets under management
Mackenzie Investments: $32MWahed: $298M (2026-11-13) (Wahed Dow Jones Islamic Wo…) · $946M (2026-11-13) (Wahed FTSE USA Shariah ETF)
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
Wahed
- International (non-US) halal exposure in a single ticker
- Dow Jones Islamic Market methodology with ongoing board review
- Complements US-focused ETFs like HLAL and SPUS
- Quarterly purification amounts published
- Formally incorporates ESG data (company claim: first US-listed Islamic ETF to do so)
- Higher expense ratio (0.65%)
- Currency exposure
- Smaller AUM
- Because UMMA trades on a US exchange, currency conversion applies and dividends are reduced 15% by US withholding tax in a TFSA, FHSA, or RESP - RRSP holdings are exempt
- US-focused only
Products behind the numbers
Where a row shows more than one value, it is because the provider lists several investing products. Each is tagged.
Mackenzie Investments
Pays HalalWallet: No. Mackenzie Investments pays HalalWallet nothing. It is listed and graded on the same terms as providers that do.Wahed
Pays HalalWallet: No. Wahed 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 optionsEditorial comparisons
How do Mackenzie Investments and Wahed compare for investing?
Mackenzie Investments and Wahed both offer investing. This page lines up 17 listed data points side by side, with 9 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; Wahed uses Actively managed / Index-based.
- Shariah oversight: Mackenzie Investments discloses No Public Review; Wahed discloses Third-Party Certified.
Source: HalalWallet (halalwallet.ca)
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Sources and review process
This page is reviewed against HalalWallet editorial standards and source documentation.
Reviewed by: HalalWallet Editorial Team
Last reviewed: 2026-11-13
How to cite this page
Preferred format (HTML):
https://www.halalwallet.ca/compare/mackenzie-investments-vs-wahed, 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.
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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
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- We show the range of scholarly opinion on contested questions, with sources.
What we do not do
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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.
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