Mackenzie Investments vs Zoya
Mackenzie Investments and Zoya 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; Zoya uses Stock Screener.
- Shariah oversight: Mackenzie Investments discloses No Public Review; Zoya discloses Named Scholar.
- HalalWallet Index: Mackenzie Investments holds a B-; Zoya 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 Zoya: 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.
Zoya
Pays us: No. Zoya 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 CanadaZoya: All of Canada
Expense ratio
Mackenzie Investments: 2.65% MER (Series A)Zoya: Not listedManagement fee
Mackenzie Investments: 1.95% (Series A) / 0.80% (Series F)Zoya: Not listedMinimum investment
Mackenzie Investments: $500 initial / $50 subsequentZoya: Not listed
Structure
Mackenzie Investments: Mutual FundsZoya: Stock ScreenerShariah oversight
Mackenzie Investments: No Public ReviewZoya: Named ScholarShariah board / scholar
Mackenzie Investments: Ratings Intelligence PartnersZoya: Named ScholarPublished fatwa / certificate
SameMackenzie Investments: NoZoya: NoScreening standard
Mackenzie Investments: Dow Jones Islamic Market World Index screens - Ratings Intelligence fatwa and semi-annual auditsZoya: AAOIFI by default - <=5% non-permissible revenue; interest-bearing debt and securities each under 30% of market cap; S&P/MSCI/DJ/FTSE rulebooks on Pro
Products listed
Mackenzie Investments: Mackenzie Shariah Global Equity FundZoya: 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.Zoya: Canadian self-directed investors - especially Wealthsimple and Questrade users - who want scholar-guided compliance verdicts on stocks they already own; note that ETF screening covers US-listed funds only.Product types
Mackenzie Investments: Mutual FundZoya: Stock Screener
HalalWallet Index grade
SameMackenzie Investments: B-Zoya: B-Assets under management
Mackenzie Investments: $32MZoya: 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
Zoya
- Sharia screening methodology guided by named scholars, including Sheikh Joe Bradford and Sheikh Umer Khan
- Full compliance reports expose actual ratios and revenue breakdowns - verify rather than trust
- Canadian broker integrations: Wealthsimple and Questrade portfolio sync with compliance alerts
- Pay-what-you-think-is-fair web pricing makes Pro accessible from about $9 USD/month
- A research tool only in Canada - you'll still need a separate brokerage to trade, and Zoya Direct's brokers are US-centric
- ETF and mutual fund screening covers US-listed funds only - no TSX-listed fund verdicts
- Pro subscription required for ratio-level reports, alternative rulebooks, and multiple linked accounts
Mackenzie Investments
Pays HalalWallet: No. Mackenzie Investments pays HalalWallet nothing. It is listed and graded on the same terms as providers that do.Zoya
Pays HalalWallet: No. Zoya 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 Zoya compare for investing?
Mackenzie Investments and Zoya 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; Zoya uses Stock Screener.
- Shariah oversight: Mackenzie Investments discloses No Public Review; Zoya discloses Named Scholar.
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: 2026-08-05
How to cite this page
Preferred format (HTML):
https://www.halalwallet.ca/compare/mackenzie-investments-vs-zoya, 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
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What we do not do
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Before you decide, finish with three checks:
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