Head-to-head comparison of halal financial providers on HalalWallet — features, fees, Shariah oversight, province availability, and independent editorial verdict. Published by HalalWallet (halalwallet.ca).
Manzil MNZL vs Wahed HLAL
The Cheapest, Broadest Halal ETF vs the Category's Established Name
Co-Founder, HalalWallet
Reviewed quarterly when provider data or pricing changes.
Our Verdict
This is cost-and-breadth versus scale-and-track-record. MNZL undercuts every other halal ETF at 0.40% and holds roughly 450 names through the Russell IdealRatings halal index — the widest US halal equity net available — with Manzil's Shariah Supervisory Board (Dr. Shaher Abbas, Dr. M. Gadhoum, Mufti Faraz Adam) certifying under AAOIFI screening standards. HLAL charges 0.50% for a more concentrated ~200-stock FTSE Shariah portfolio, but brings $752M in assets, tighter spreads that come with scale, and the category's strongest brand. Both are USD-listed, so both carry currency conversion and the 15% US dividend withholding in a TFSA/FHSA/RESP (RRSP exempt) — the listing advantage belongs to neither. Cost-conscious investors who want maximum diversification take MNZL and accept the newer fund's thinner liquidity; investors who prioritize an established fund at scale take HLAL and pay the extra 0.10%.
Side-by-Side Comparison
| Feature | Manzil MNZL | Wahed HLAL |
|---|---|---|
| Expense Ratio | 0.40% — lowest of any halal ETF | 0.50% |
| Holdings | ~450 — the broadest US halal equity exposure available | ~200, tech-heavy tilt |
| Index | Russell IdealRatings Manzil Halal Broad Market Index | FTSE Shariah screen |
| Assets | $50M — newest and smallest in the category | $752M — second-largest halal ETF |
| Screening Standard | AAOIFI standards — excludes companies with over 5% non-compliant income, plus financial-ratio tests; index compliance certificate published | FTSE Shariah business-activity and financial-ratio screens; index fatwa from Yasaar Limited |
| Shariah Board | Dr. Shaher Abbas, Dr. M. Gadhoum, Mufti Faraz Adam | Wahed Shariah Supervisory Board incl. Sheikh Dr. Aznan Hasan (sitting AAOIFI board member) |
| Listing & Tax | USD-listed — 15% withholding in TFSA/FHSA/RESP, exempt in RRSP | USD-listed — same treatment |
| Track Record | Limited — newest fund in the category | Established, with the category's strongest brand recognition |
Which Should You Choose?
You're optimizing for cost over decades of compounding
→ MNZL— 0.40% vs 0.50% compounds meaningfully over a long horizon, and you get more than double the holdings
Fund scale and liquidity matter to you
→ HLAL— $752M in assets versus $50M means tighter spreads and less single-fund risk
You want the broadest halal diversification in one ticker
→ MNZL— ~450 holdings is the widest US halal net available
You follow AAOIFI screening specifically
→ MNZL— Its index screens to AAOIFI standards with a published compliance certificate
Understand the evidence behind this comparison
Prefer a ranked pick for your situation? See our evidence-backed guides:
Manzil MNZL Full Review
Pros, cons, rates & details
Wahed HLAL Full Review
Pros, cons, rates & details
Not sure which is right? Compare all Investing providers.
Browse All Investing OptionsThis is just one of 7 categories. Average score: 63/100.
See yoursFrequently Asked Questions
Is MNZL's small size a real risk?
It's a liquidity and longevity consideration, not a safety-of-assets one. ETF assets are held by a custodian regardless of fund size — if a small ETF ever closed, holders would receive net asset value. The practical costs of small AUM are wider bid-ask spreads and the possibility of eventual fund closure (a taxable event in non-registered accounts). If you're investing inside an RRSP or TFSA and can tolerate a possible future switch, the 0.10% fee saving and broader index are real advantages.
Do MNZL and HLAL screen stocks the same way?
Similar goals, different standards. MNZL's Russell IdealRatings index screens to AAOIFI thresholds — excluding companies with more than 5% of income from non-compliant activities plus financial-ratio tests. HLAL's FTSE Shariah methodology applies its own business-activity and ratio screens under a Yasaar Limited fatwa. Holdings overlap heavily in the large caps, but the edges differ — MNZL's broader net reaches ~450 names versus HLAL's ~200.
Neither escapes the US withholding tax — what should Canadians do?
Hold either inside an RRSP, where the Canada-US treaty exempts dividends from the 15% withholding. In a TFSA, FHSA, or RESP, both funds lose 15% of dividends to withholding — if those are your accounts, consider the Canadian-listed WSHR as the core instead (see our WSHR vs HLAL comparison) and reserve MNZL or HLAL for RRSP dollars.
Halal verdicts for popular stocks
Full AAOIFI-based Shariah screens for individual stocks — business activity, financial ratios, and where scholars and screeners differ.
This is cost-and-breadth versus scale-and-track-record. MNZL undercuts every other halal ETF at 0.40% and holds roughly 450 names through the Russell IdealRatings halal index — the widest US halal equity net available — with Manzil's Shariah Supervisory Board (Dr. Shaher Abbas, Dr. M. Gadhoum, Mufti Faraz Adam) certifying under AAOIFI screening standards. HLAL charges 0.50% for a more concentrated ~200-stock FTSE Shariah portfolio, but brings $752M in assets, tighter spreads that come with scale, and the category's strongest brand. Both are USD-listed, so both carry currency conversion and the 15% US dividend withholding in a TFSA/FHSA/RESP (RRSP exempt) — the listing advantage belongs to neither. Cost-conscious investors who want maximum diversification take MNZL and accept the newer fund's thinner liquidity; investors who prioritize an established fund at scale take HLAL and pay the extra 0.10%.
- You're optimizing for cost over decades of compounding: MNZL — 0.40% vs 0.50% compounds meaningfully over a long horizon, and you get more than double the holdings
- Fund scale and liquidity matter to you: HLAL — $752M in assets versus $50M means tighter spreads and less single-fund risk
- You want the broadest halal diversification in one ticker: MNZL — ~450 holdings is the widest US halal net available
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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: March 2026
How to cite this page
How to use this comparison: HalalWallet is an independent educational comparison platform — by design, we do not provide financial, legal, or religious advice. We do the research homework so your final checks are quick and personal.
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.