Wahed Wahed Dow Jones Islamic World ETF

Wahed is one of the most recognized names in global halal investing, and for Canadians its relevance comes through two US-listed ETFs. The Wahed FTSE USA Shariah ETF (HLAL) - at $752M AUM, the second-largest halal ETF - tracks roughly 200 US stocks screened under the FTSE USA Shariah methodology. The Wahed Dow Jones Islamic World ETF (UMMA) covers about 100 international (non-US) names across developed and emerging markets, one of the few halal vehicles for that exposure.

Wahed's governance is a genuine differentiator: a standing Shariah Supervisory Board of multiple Islamic finance scholars reviews investment strategies and approves portfolios on an ongoing basis, giving both funds institution-level religious oversight rather than a one-time certification.

For Canadians the practical caveats matter. Wahed's managed robo-advisory platform does not serve Canadian residents, so access is limited to buying HLAL and UMMA through a brokerage. Both funds are USD-listed - you pay currency conversion, and distributions inside a TFSA, FHSA or RESP lose 15% to US withholding tax (an RRSP is exempt under the Canada-US tax treaty). Fee-wise, HLAL (0.50%) and UMMA (0.65%) sit above SPUS (0.45%) and Manzil's MNZL (0.40%), so cost-focused investors comparing pure US exposure have cheaper options.