Halal Investing in Canada - Islamic ETFs, Stocks & Robo-Advisors

Zoya is the halal investing companion that best fits how Canadians already invest. Connect a Wealthsimple or Questrade account and the app screens every holding against AAOIFI-based rules, alerts you when a stock falls out of compliance, computes zakat using Sheikh Joe Bradford's Simple Zakat Guide methodology, and - unusually - lets you place orders that pass through to your own broker without Zoya ever holding your assets. Canadian-listed (TSX) stocks are covered by the screen; the meaningful gap is that ETF and mutual fund screening remains US-market only, so WSHR and other Canadian-listed funds sit outside it (help center, checked 2026-08-05). Governance is scholar-guided rather than board-certified: Sheikh Joe Bradford (an AAOIFI-certified Shariah adviser and auditor, formerly of Al Rajhi Bank) and Sheikh Umer Khan (a mufti with a Wharton finance master's) guide a methodology Zoya candidly describes as an independent replication of published standards, with full reports exposing the actual ratios so users verify rather than trust. Zoya is a US company (Investroo Inc., Delaware) with no Canadian securities registration disclosed - it operates as a research layer and order pass-through, with your assets staying at your CIRO-regulated brokerage. For self-directed Canadian stock investors, it is the most complete companion app available.

SP Funds is the ETF family most Canadian halal investors end up considering once they outgrow the single Canadian-listed option. Five NYSE-listed funds cover US equity (SPUS), global sukuk (SPSK), global REITs (SPRE), global technology (SPTE), and international ex-US equity (SPWO), all screened to AAOIFI standards with published Sharia accreditation certificates and quarterly purification factors. For Canadians the access question is practical rather than regulatory: the funds trade in US dollars on the NYSE, so any Canadian brokerage with US market access can hold them, in registered or non-registered accounts. The trade-offs are structural. Every purchase involves currency conversion, and distributions held inside a TFSA, FHSA or RESP lose 15% to US withholding tax - the drag that Wealthsimple's CAD-listed WSHR avoids. SP Funds publishes no Canada-specific guidance: there is no Canadian entity, no Canadian securities registration, and no CAD-listed version of any fund (checked 2026-08-05). Its sister firm ShariaPortfolio Canada offers an advised route to the same fund family for those who want the registered-account stack managed. As self-directed building blocks, though, SPUS and SPSK remain the closest thing to a halal three-fund portfolio a Canadian can assemble.

Musaffa is the most transparent halal screening engine a Canadian can point at the TSX - and it is research-only here. The methodology is the AAOIFI three-ratio test, published in full and independently certified by Amanah Advisors, with two named scholars including a sitting AAOIFI Shariah Board member. Canadian coverage is real: 3,159 Canadian-listed stocks screened with 403 rated halal, graded C- to A+ with up to three years of compliance history, and portfolio connections to the brokers Canadians actually use - Wealthsimple, Wealthsimple Trade, Questrade, and Webull Canada - for continuous monitoring, purification and zakat math. The hard limit is equally clear: Musaffa's own trading platform does not serve Canada. The pricing page's country list marks Canada 'Not Covered' with a waitlist (checked 2026-08-05), and its SEC investment-adviser registration is a US credential; no Canadian securities registration is disclosed. So treat Musaffa as a compliance research layer over your existing Canadian brokerage, priced at a free tier plus one $72/year Foundation plan. Fund investors will find thin pickings - only 10 of 1,281 screened ETFs rate halal for Canada - but for TSX stock pickers who want to see exactly why a company passes or fails, nothing else publishes this much of its work.