Mackenzie Investments Mackenzie Shariah Global Equity Fund
Halal Investing in Manitoba
The Mackenzie Shariah Global Equity Fund (inception February 2024) packages actively managed halal global equity in the mutual fund format Canadian advisors already use. Mackenzie's Global Quantitative Equity Team, led by Arup Datta, selects from companies pre-approved for the Dow Jones Islamic Market World Index, with Ratings Intelligence's Shariah advisory board issuing the fatwa, auditing semi-annually, and supporting an annually published purification ratio. Series A carries a 1.95% management fee and 2.65% MER; fee-based Series F runs 0.80% and 1.12%. Minimum investment is $500.
Mackenzie's Shariah Global Equity Fund packages worldwide halal equity exposure in the conventional mutual fund format Canadian advisors already use, and its compliance chain is real: constituents come pre-screened from the Dow Jones Islamic Market World Index, Ratings Intelligence issues the fatwa and audits semi-annually, and Mackenzie publishes a purification ratio annually. The costs split sharply by series - commission-based Series A runs a 2.65% MER while fee-based Series F costs 1.12%, so the access channel determines whether this is reasonable or expensive. The fund is young (February 2024) and small (about $32M at its March 2025 fiscal year-end). Best for Canadians investing through a traditional advisor who want a certified Shariah-screened option inside that relationship - ideally in a fee-based series.
Pros
- 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
Cons
- 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
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Product Details
Type
Mutual Fund
Expense Ratio
2.65% MER (Series A)
Min Investment
$500 initial / $50 subsequent
Fee
1.95% (Series A) / 0.80% (Series F)
Screening Method
Dow Jones Islamic Market World Index screens - Ratings Intelligence fatwa and semi-annual audits
Mackenzie Investments in Manitoba
Mackenzie Investments's Mackenzie Shariah Global Equity Fund is available to investors in Manitoba, structured as a Mutual Funds. The fund carries an expense ratio of 2.65% MER (Series A). Mackenzie Investments serves 10 provinces, including Manitoba.
Our Take on Mackenzie Investments
Mackenzie's Shariah funds are certified by the Shariah advisory board of Ratings Intelligence, which issues compliance certificates (fatwas) and conducts semi-annual audits; Mackenzie publishes the certificates and the fund's purification ratio.
How Mackenzie Investments Works
Talk to Your Advisor
The fund is distributed through the advisor channel; series and codes are listed on Mackenzie's fund page.
Invest in CAD
Buy inside registered (TFSA, RRSP, RESP, FHSA) or non-registered accounts like any Canadian mutual fund.
Review Audits and Purify
Semi-annual Shariah audit certificates and the purification ratio are published on the fund page for investor use.
Financing Structure
The Mackenzie Shariah Global Equity Fund is an actively managed mutual fund. Its investable universe is the Dow Jones Islamic Market World Index - companies already screened for prohibited business activities and financial ratios under Ratings Intelligence's methodology - from which Mackenzie's global equity team selects holdings. Ratings Intelligence certifies the fund (fatwa), audits it semi-annually, and supports calculation of the published purification ratio.
In-Depth Analysis
Mackenzie Investments brought halal investing into the Canadian mainstream. After launching the Mackenzie FuturePath Shariah Global Equity Fund exclusively for Primerica clients in July 2023, it released the Mackenzie Shariah Global Equity Fund broadly in February 2024 - Canada's first widely available halal mutual fund, distributed through the advisor channel nationwide in Canadian dollars.
The fund is actively managed: Mackenzie's portfolio team selects from companies pre-approved for the Dow Jones Islamic Market World Index, which excludes businesses in alcohol, tobacco, pork products, gambling, weapons, conventional financial services and adult entertainment, and applies financial-ratio screens. Certification comes from the Shariah advisory board of Ratings Intelligence, which issues compliance fatwas and audits the fund semi-annually; Mackenzie publishes the audit certificates and a purification ratio on the fund page so investors can cleanse incidental non-permissible income.
The considerations are cost, breadth and age. Mutual-fund pricing sits meaningfully above halal ETFs like WSHR (0.50%) or MNZL (0.40%), the lineup is equity-only with no halal fixed-income option, and the broad fund has traded only since early 2024. For advisor-channel investors, however, it is the most practical route to certified halal exposure inside an existing financial plan.
Shariah Compliance Details
- Certified by the Shariah advisory board of Ratings Intelligence, which issues judgments (fatwas) on compliance and audits the fund on a semi-annual basis.
- Mackenzie publishes the Certificate of Shariah Compliance, semi-annual audit certificate and purification ratio on the fund's web page.
- The investable universe is the Dow Jones Islamic Market World Index, screened under Ratings Intelligence's methodology.
How Mackenzie Investments Compares
Mackenzie's halal fund is the advisor-channel option. Against ETFs, the trade is convenience and active management versus cost.
WSHR delivers certified global halal equity as a CAD-listed ETF at 0.50% - far cheaper than mutual-fund pricing - but is passive and self-directed rather than advisor-managed.
The Global Iman Fund is Canada's longest-running halal mutual fund (since 2009) with a UBS-managed portfolio, but carries a 2.89% MER on Series A versus Mackenzie's newer, larger-scale offering.
Bottom Line
The Mackenzie Shariah Global Equity Fund is Canada's first widely available halal mutual fund - actively managed, certified by Ratings Intelligence with semi-annual audits, and distributed through advisors nationwide. Fees run above halal ETFs and the track record is short, but for advisor-channel investors it is the most practical certified option.
Read full Mackenzie Investments reviewShariah Compliance & Oversight
The fund's Shariah oversight is delegated to Ratings Intelligence Partners, the London/Kuwait consultancy whose Shariah Supervisory Board stands behind the Dow Jones Islamic Market indices - the same board identified in June 2026 Dow Jones Islamic Market fund disclosures as Dr. Muhammad Ali El-Gari, Dr. Nazih Hammad, and Dr. Mohammad Amin Ali Qattan. That board issues a judgment (fatwa) on the Shariah compliance of each company included in the Dow Jones Islamic Market World Index, conducts a semi-annual Shariah audit of the index, and has additionally been retained by the fund itself to help ensure compliance and support the accurate calculation of the purification ratio Mackenzie publishes annually on its website. Mackenzie names no in-house Shariah board of its own - the governance chain is index-level screening plus the retained Ratings Intelligence advisory relationship, which is standard for bank- and dealer-channel Islamic funds but worth understanding: the scholars certify the universe and the fund's compliance process, not Mackenzie the firm.
2026-08-05
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Halal Investment Growth Estimate
See how your halal investments could grow over time
Total Value
$343,778
Contributed
$130,000
Growth
$213,778
Hypothetical projection. Past performance does not guarantee future results.
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Product structures and Shariah oversight vary by provider, so finish with three built-in steps:
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- Review the contract structure (Murabaha, Ijara, Musharakah, etc.) and any disclosed Shariah board opinions.
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