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).
Wealthsimple WSHR vs Wahed HLAL
The Only Canadian-Listed Halal ETF vs the Second-Largest Halal ETF in the World
Co-Founder, HalalWallet
Reviewed quarterly when provider data or pricing changes.
Our Verdict
For most Canadian halal investors, WSHR should be the core holding and HLAL the satellite — not because HLAL is weaker, but because of where each is listed. WSHR trades on Cboe Canada in CAD, which means no currency conversion and, crucially, no 15% US dividend withholding tax inside a TFSA, FHSA, or RESP. HLAL is USD-listed: in those same registered accounts its dividends lose 15% to withholding (an RRSP is exempt). Structurally they differ too — WSHR tracks a global developed-markets quality/low-volatility index (~160 holdings, roughly 48% US weight) certified by Ratings Intelligence Partners, while HLAL applies the FTSE Shariah screen to about 200 US large-caps and leans tech-heavy, with $752M in assets and Wahed's Shariah Supervisory Board (including AAOIFI board member Sheikh Dr. Aznan Hasan) overseeing. Both charge 0.50%. Use WSHR for the CAD-denominated core, HLAL when you deliberately want concentrated US growth exposure — ideally inside an RRSP.
Side-by-Side Comparison
| Feature | Wealthsimple WSHR | Wahed HLAL |
|---|---|---|
| Listing | Cboe Canada — trades in CAD | USD-listed — currency conversion applies |
| Withholding Tax | No US withholding drag in a TFSA/FHSA/RESP | Dividends lose 15% US withholding in a TFSA/FHSA/RESP (exempt in an RRSP) |
| Index | Dow Jones Islamic Market Developed Markets Quality & Low Volatility | FTSE Shariah screen applied to about 200 US stocks |
| Holdings | ~160 global developed-market names, US ~48% | ~200 US names, tech-heavy tilt |
| Expense Ratio | 0.50% management fee (MER slightly higher after taxes) | 0.50% |
| Assets | C$480M | $752M — second-largest halal ETF |
| Shariah Certification | Ratings Intelligence Partners at the fund level; quarterly purification data published. Wealthsimple discloses no company-level Shariah board | Index fatwa from Yasaar Limited; Wahed Shariah Supervisory Board incl. Sheikh Dr. Aznan Hasan (sitting AAOIFI board member); quarterly purification published |
| Style Tilt | Quality/low-volatility — deliberately underweights mega-cap tech | US large growth — concentrated in the tech that drives index returns |
Which Should You Choose?
Your halal investing lives in a TFSA, FHSA, or RESP
→ WSHR— CAD listing means no currency conversion and no 15% US dividend withholding in those accounts
You want concentrated US large-cap growth in an RRSP
→ HLAL— The RRSP exemption removes the withholding penalty, and HLAL's FTSE Shariah screen delivers exactly that exposure
You want one fund covering developed markets globally
→ WSHR— ~160 holdings across developed markets versus HLAL's US-only mandate
You want both stability and growth
→ Both— WSHR's low-volatility global core plus HLAL's US growth satellite is a coherent two-fund halal portfolio
Understand the evidence behind this comparison
Prefer a ranked pick for your situation? See our evidence-backed guides:
Wealthsimple WSHR 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
Why does the 15% withholding tax matter so much?
US-listed ETFs pay dividends that lose 15% to US withholding tax when held in a TFSA, FHSA, or RESP — those accounts aren't covered by the treaty exemption that protects RRSPs. On a 1.5% dividend yield that's roughly 0.22% of annual drag, comparable to paying a second management fee. WSHR sidesteps this entirely by being Canadian-listed. If you hold HLAL, the RRSP is its natural home.
Do WSHR and HLAL overlap?
Partially. About 48% of WSHR is US equity, and its quality/low-volatility screen holds some of the same large US names HLAL owns. But WSHR deliberately underweights the mega-cap tech that dominates HLAL, and it adds developed-market exposure outside the US that HLAL has none of. Held together, HLAL concentrates what WSHR diversifies — which is exactly why the pairing works as core-plus-satellite.
Which has stronger Shariah oversight?
Both publish quarterly purification data, which puts them ahead of most funds. HLAL's chain is deeper: the FTSE index carries its own fatwa from Yasaar Limited, and Wahed's Shariah Supervisory Board includes Sheikh Dr. Aznan Hasan, a sitting AAOIFI Shariah board member. WSHR's compliance is certified at the fund level by Ratings Intelligence Partners, but Wealthsimple itself discloses no company-level Shariah board. Fund-level oversight is what matters for the ETF itself; HLAL simply has more layers.
Halal verdicts for popular stocks
Full AAOIFI-based Shariah screens for individual stocks — business activity, financial ratios, and where scholars and screeners differ.
For most Canadian halal investors, WSHR should be the core holding and HLAL the satellite — not because HLAL is weaker, but because of where each is listed. WSHR trades on Cboe Canada in CAD, which means no currency conversion and, crucially, no 15% US dividend withholding tax inside a TFSA, FHSA, or RESP. HLAL is USD-listed: in those same registered accounts its dividends lose 15% to withholding (an RRSP is exempt). Structurally they differ too — WSHR tracks a global developed-markets quality/low-volatility index (~160 holdings, roughly 48% US weight) certified by Ratings Intelligence Partners, while HLAL applies the FTSE Shariah screen to about 200 US large-caps and leans tech-heavy, with $752M in assets and Wahed's Shariah Supervisory Board (including AAOIFI board member Sheikh Dr. Aznan Hasan) overseeing. Both charge 0.50%. Use WSHR for the CAD-denominated core, HLAL when you deliberately want concentrated US growth exposure — ideally inside an RRSP.
- Your halal investing lives in a TFSA, FHSA, or RESP: WSHR — CAD listing means no currency conversion and no 15% US dividend withholding in those accounts
- You want concentrated US large-cap growth in an RRSP: HLAL — The RRSP exemption removes the withholding penalty, and HLAL's FTSE Shariah screen delivers exactly that exposure
- You want one fund covering developed markets globally: WSHR — ~160 holdings across developed markets versus HLAL's US-only mandate
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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.