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Investing comparison

Musaffa vs Wahed

Musaffa and Wahed both offer investing. This page lines up 15 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 Nov 2026

At a glance

  • Both are available in all of Canada.
  • Musaffa uses Stock Screener; Wahed uses Actively managed / Index-based.
  • Shariah oversight: Musaffa discloses Named Scholar; Wahed discloses Third-Party Certified.
  • HalalWallet Index: Musaffa holds a B-; Wahed holds a B-.
  • They differ on 7 of the 15 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.

Musaffa vs Wahed: the full side-by-side

15 data points from each provider's published materials, lined up row by row. They differ on 7.

Musaffa - halal finance provider logo

Musaffa

B-
Pays us: No. Musaffa pays HalalWallet nothing. It is listed and graded on the same terms as providers that do.
Wahed - halal finance provider logo

Wahed

B-
Pays us: No. Wahed pays HalalWallet nothing. It is listed and graded on the same terms as providers that do.

15 of 15 rows

Availability

  • Provinces covered

    Same
    Musaffa: All of Canada
    Wahed: All of Canada
Costs

  • Expense ratio

    Musaffa: Not listed
    Wahed: 0.65% (Wahed Dow Jones Islamic Wo…) · 0.50% (Wahed FTSE USA Shariah ETF)
Shariah

  • Structure

    Musaffa: Stock Screener
    Wahed: Actively managed / Index-based

  • Shariah oversight

    Musaffa: Named Scholar
    Wahed: Third-Party Certified

  • Shariah board / scholar

    Musaffa: Named Scholar
    Wahed: third_party_certified

  • Published fatwa / certificate

    Same
    Musaffa: No
    Wahed: No

  • Screening standard

    Musaffa: AAOIFI - non-permissible income <=5% of revenue; interest-bearing assets and debt each <=30% of trailing 36-month average market cap
    Wahed: 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

  • Products listed

    Musaffa: Sharia Compliance Investment Screening
    Wahed: Wahed Dow Jones Islamic World ETF, Wahed FTSE USA Shariah ETF

  • Best for

    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.
    Wahed: International (non-US) halal equity exposure

  • Product types

    Musaffa: Stock Screener
    Wahed: ETF

  • Tickers

    Musaffa: Not listed
    Wahed: UMMA, HLAL

  • Holdings

    Musaffa: Not listed
    Wahed: ~100 (Wahed Dow Jones Islamic Wo…) · ~200 (Wahed FTSE USA Shariah ETF)

  • Focus

    Musaffa: Not listed
    Wahed: Global Large Growth (Wahed Dow Jones Islamic Wo…) · US Large Growth (Wahed FTSE USA Shariah ETF)
Track record

  • HalalWallet Index grade

    Same
    Musaffa: B-
    Wahed: B-

  • Assets under management

    Musaffa: Not listed
    Wahed: $298M (2026-11-13) (Wahed Dow Jones Islamic Wo…) · $946M (2026-11-13) (Wahed FTSE USA Shariah ETF)

Strengths and trade-offs

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

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.

Musaffa (1)

  • Sharia Compliance Investment Screening

Wahed (2)

  • Wahed Dow Jones Islamic World ETF · UMMADetails
  • Wahed FTSE USA Shariah ETF · HLALDetails
Musaffa - halal finance provider logo

Musaffa

Pays HalalWallet: No. Musaffa pays HalalWallet nothing. It is listed and graded on the same terms as providers that do.
Visit Musaffa Full review
Wahed - halal finance provider logo

Wahed

Pays HalalWallet: No. Wahed pays HalalWallet nothing. It is listed and graded on the same terms as providers that do.
Visit Wahed Full review

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Editorial comparisons

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How do Musaffa and Wahed compare for investing?

Musaffa and Wahed both offer investing. This page lines up 15 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.
  • Musaffa uses Stock Screener; Wahed uses Actively managed / Index-based.
  • Shariah oversight: Musaffa discloses Named Scholar; 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):

According to HalalWallet (“Musaffa vs Wahed”, https://www.halalwallet.ca/compare/musaffa-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.

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.

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