Shariah-Compliant Investing
Halal Investing in Canada - Islamic ETFs, Stocks & Robo-Advisors
Compare 28 Shariah-compliant investment products - halal ETFs, index funds, robo-advisors & stock screeners. Find the right halal investing strategy for your goals.
- products compared
- 28 products compared
- platforms & funds
- 10 platforms & funds
- screening methods
- Multiple screening methods
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Top Picks
Top Halal Investing Providers
Trusted platforms and tools for building a Shariah-compliant portfolio.
HalalWallet is an independent, education-only comparison site. Some outbound links earn referral fees.Advertiser disclosure
Important: HalalWallet is not a lender, mortgage broker, loan originator, or settlement agent. We are an educational comparison site and do not originate applications on your behalf.
Items marked “Featured” may include paid placement in that module. Where you control sort order (tables, filters), your selection applies.
Referral fees typically come from the provider's marketing budget and should not increase what you pay - you should receive the same terms as visiting providers directly; confirm with the provider. How we make money · Methodology · Legal disclosures
Shariah Oversight
Shariah Oversight
Shariah Oversight
In-depth reviews: Manzil review · Wahed review · Wealthsimple review
Compare Halal Investment Platforms
Every row shows a HalalWallet Index grade, “best for” guidance, and context-specific CTAs. Toggle between Beginner and Expert views.
Manzil Russell Halal USA Broad Market ETF
For a long-term core US holding, MNZL wins on the three things that actually compound:
- Lowest fee of any halal ETF - 0.40%, beating SPUS (0.45%), HLAL (0.50%) and the SP Funds lineup (0.55%).
- Most holdings of any halal ETF - ~461, more than double SPUS (~210) and HLAL (~200).
- Broadest US exposure in one fund - tracks the Russell 1000, so you get large and mid cap. The S&P-based funds hold large caps only.
Our Analysis
Halal investing has grown from a handful of options into a diverse ecosystem of ETFs, robo-advisors, stock screeners, and self-directed platforms. This growth mirrors a massive global trend: Islamic finance assets reached $5.98 trillion in 2024, with the sukuk (Islamic bond) market alone surpassing $1 trillion in outstanding value (ICD-LSEG Islamic Finance Development Report 2025). Today, Muslim investors have more options than ever for building diversified, Shariah-compliant portfolios across asset classes.
Key comparison factors: management fees (fees vary by platform and account type), screening methodology (AAOIFI vs. proprietary), fund expense ratios, and the breadth of the Shariah advisory board. Our comparison table above lets you sort by these dimensions.
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Answer a few quick questions and get a personalized halal investing strategy with an example portfolio - takes about 30 seconds.
Choose Your Halal Investing Strategy
Click a strategy to filter providers below, or explore the full strategy guide.
Diversified ETFs
Low-cost halal ETFs for steady, long-term wealth building
Managed Portfolios
Let experts build and manage your halal portfolio for you
Stock Picking
Screen and select individual Shariah-compliant stocks yourself
Income / Sukuk
Prioritize steady halal income through sukuk and income funds
Gold & Real Assets
Hedge inflation with Shariah-compliant real assets
Retirement
Build a Shariah-compliant retirement portfolio (RRSP / TFSA)
How do you invest in halal stocks and funds?
Halal investing requires screening stocks and funds for Shariah compliance. Companies must pass two tests: a business activity screen (excluding alcohol, gambling, tobacco, weapons, and conventional finance) and a financial ratio screen (debt-to-assets below 33%, interest income below 5% of revenue (AAOIFI Shariah Standard No. 21)). The easiest way to invest halal in Canada is through Shariah-compliant ETFs and robo-advisors that handle screening automatically.
- Halal ETFs track Shariah-screened indices with low expense ratios
- Halal robo-advisors build diversified portfolios automatically
- Individual stock screening is available through dedicated screening apps
- Sukuk (Islamic bonds) provide fixed-income alternatives with $1T+ in global outstanding issuance
Source: HalalWallet (halalwallet.ca)
How Halal Investing Works
Shariah-compliant investing screens out prohibited sectors and ensures ethical wealth building
Stock Screening
Investments are screened to exclude prohibited industries (alcohol, gambling, pork) and companies with excessive debt.
Halal ETFs & Funds
Pre-screened investment funds that follow Shariah-compliant criteria, managed by Islamic finance specialists.
Shariah Board Oversight
Reputable providers maintain independent Shariah boards that regularly audit holdings for compliance.
Managed Portfolios
Hands-off investing with professionally managed, diversified halal portfolios tailored to your risk level.
Purification
Platforms calculate and facilitate purification of any minor non-halal earnings through charitable giving.
Retirement Accounts
Many platforms support halal registered accounts like RRSPs and TFSAs for tax-advantaged retirement investing.
What a halal portfolio can look like
Example allocations to illustrate how Shariah-compliant investing works in practice. These are not financial advice - consult a qualified advisor for your personal situation.
Moderate risk - a blend of growth and income for most investors.
Core growth engine
International diversification
Stability & income
Inflation hedge
This is an illustrative example only and does not constitute investment advice. Actual allocations should be based on your financial goals, risk tolerance, and consultation with a qualified financial advisor. Past performance does not guarantee future results.
Quick picks by goal
Not sure which provider to start with? Pick a common goal below.
Best for beginners
Hands-off managed investing
- Professionally managed halal portfolios
- Automatic rebalancing & Shariah screening
Lowest fees: Manzil (MNZL)
The cheapest broad US halal ETF - 0.40%
- Lowest fee of any halal ETF (0.40%) + the most holdings (~461)
- Only halal ETF with large + mid cap (Russell 1000)
Best for stock pickers
Screen and trade halal stocks
- Halal stock screeners with AAOIFI-based filtering
- Full control over individual holdings
Investment Guides & Tools
Compare Halal ETFs & Funds →
Compare Shariah-compliant ETFs - performance, fees, and holdings analysis.
Halal Investment Platforms →
Compare halal investing platforms with built-in screening tools.
Halal Investing Strategies →
Explore 6 proven halal investing strategies. Diversified ETFs, managed portfolios, stock picking, and more.
Halal Portfolio Builder →
See example halal portfolio allocations for your risk level and time horizon - with real fund suggestions.
HalalWallet Index - How We Grade →
How we grade every provider on Shariah integrity, transparency, cost and value, track record, and verified data.
Related Guides
Is It Halal? - Full Entity Verdict Index →
356+ AAOIFI stock screens plus crypto, ETF, and fintech app verdicts with dated ratios and cross-standard analysis.
How to Invest Halal →
Step-by-step guide to building a Shariah-compliant portfolio - accounts, screening, and asset mix.
Halal Stocks Guide →
How to identify Shariah-compliant stocks, screening criteria, and top halal picks.
Ethical & ESG Investing →
Where halal investing overlaps with ESG - and where they differ.
Is Crypto Halal? →
Bitcoin, Ethereum, staking, and DeFi - scholarly views and practical guidance.
Sukuk - Islamic Bonds Guide →
What are sukuk, how they work, types of sukuk, and how to invest in Canada.
Find a Muslim Financial Advisor →
What Islamic financial advisors do, how to vet one, and where to find them.
Halal Dividend Stocks →
Shariah-compliant dividend-paying stocks, screening rules, and income strategies.
Halal REITs Guide →
Which real-estate investment trusts are Shariah-compliant and how to evaluate them.
Best Halal Investments 2026 →
Top picks across ETFs, funds, sukuk, and platforms for Muslim investors this year.
Browse by Investment Type
Explore Other Categories
Halal vs Haram Investments: General Screening Principles
Islamic investment screening evaluates companies and financial instruments based on Shariah principles. The following are general guidelines - specific criteria and thresholds vary by Shariah board and screening methodology. Always consult with qualified scholars or use a reputable Shariah screening service.
| Criteria | Generally Halal | Generally Not Permissible |
|---|---|---|
| Industry | Technology, healthcare, real estate, manufacturing, halal food | Alcohol, gambling, pork, tobacco, conventional banking/insurance, adult entertainment, weapons |
| Income Source | Revenue from permissible goods and services | Significant revenue from interest (riba), prohibited activities, or excessive speculation |
| Debt Levels | Companies with low interest-bearing debt ratios (thresholds vary by screening standard) | Companies with excessive interest-bearing debt relative to assets or market capitalization |
| Investment Type | Equities (stocks), Sukuk, real estate, commodities, halal ETFs/mutual funds | Conventional bonds, derivatives, options/futures for speculation, interest-bearing instruments |
This table provides general principles only. Different Shariah boards (e.g., AAOIFI, DJIM, S&P Shariah) may apply different financial ratio thresholds and screening methodologies. What qualifies as halal can differ based on the standard used. Consult with qualified Islamic scholars for guidance specific to your investments.
Best halal investing by investor type
Ranked, evidence-backed picks scored on Shariah oversight, our published screening verdicts where available, cost, and ease of getting started.
Choosing the Right Halal Investment
Quick Platform Reviews
Zoya gives Canadian Muslims a scholar-guided way to check whether individual stocks pass Sharia screening before buying, and its distinguishing habit is showing the work: reports expose the actual debt and revenue ratios behind each verdict, and Pro users can re-screen any stock under S&P, MSCI, Dow Jones, or FTSE Shariah rulebooks to see where methodologies disagree. TSX stocks are covered and Wealthsimple/Questrade portfolios sync twice daily with compliance alerts, though ETF screening remains US-only - a real gap for Canadian index investors. Pricing is friendly: a functional free tier, and Pro at $14.99 USD/month via app stores or pay-what-you-think-is-fair from about $9 on the web. Best for self-directed Canadian investors who want compliance checks - with visible evidence - built into their stock research.
Index Grade
SPTE concentrates the SP Funds Shariah screen on roughly 100 global technology names, delivering a targeted sector bet that broad halal index funds only offer diluted - and unlike US-only tech funds it reaches names like Taiwan Semiconductor. Net assets hit $217M by August 2026, two years after its late-2023 launch. The trade-offs are single-sector volatility, the family's highest expense ratio tier at 0.55%, and its highest purification factors (2.27% of Q1 2026 dividends, a byproduct of tech's interest-earning cash piles). Canadians also absorb USD conversion plus 15% dividend withholding inside a TFSA, FHSA, or RESP. Best for investors who already hold a diversified core and want a deliberate halal tech tilt.
Index Grade
Musaffa's screener puts named-scholar-governed compliance verdicts in front of Canadian investors: AAOIFI three-ratio screening with published formulas, C- to A+ halal grades with up to three years of history, and certification by Amanah Advisors with Shaikh Dr. Aznan Hasan - a sitting AAOIFI Shariah board member - among its named advisors. Canadian coverage is genuinely useful (403 halal stocks of 3,159 screened at mid-2026) and the Wealthsimple, Questrade, and Webull Canada connections automate portfolio tracking and purification math. The trade-offs: it informs decisions rather than executing them since the trading platform is US-only, the $72 USD/year Foundation plan gates the detailed reports, and grades can shift as fresh filings roll through. Best for Canadian stock pickers who want a rigorous, graded screening opinion alongside their research.
Index Grade
What Does Halal Investing Cost?
ETF Expense Ratios
Halal equity ETFs typically carry low expense ratios, while halal mutual funds may have higher expense ratios in exchange for active management and a longer track record. Always verify current expense ratios before investing.
Expense ratios are deducted from fund returns automatically. Check fund documents for the most current figures.
Managed vs. Self-Directed
Managed portfolios (robo-advisors) charge advisory fees on top of underlying fund expenses. Self-directed investing through a brokerage avoids advisory fees but requires you to manage your own allocation and rebalancing.
The cost difference between managed and self-directed can add up significantly over decades of investing.
Stock Screening Costs
Stock screening apps typically offer free tiers plus paid premium plans. If you're actively picking stocks, premium screening saves time vs. manually checking financial ratios.
Verify current pricing directly with each platform.
Which Approach Is Right for You?
You're new to investing and want it handled for you
Use a managed halal portfolio (robo-advisor). Set your risk level, deposit money, and the platform handles screening, allocation, and rebalancing.
You want to pick your own stocks
Use a halal stock screener to research compliance, then buy through a brokerage that supports your holdings.
You want halal ETFs through your existing brokerage
Buy Shariah-screened ETFs directly through your brokerage - no need for a new account. Compare the options available to you in the table above.
You want the longest track record
Established halal mutual funds offer multi-decade track records. Compare their options and fees in the table above.
You need a human financial advisor
Some providers offer personalized halal portfolio management with human advisors. Best for complex financial situations and larger portfolios.
You want sukuk (Islamic bond) exposure
Look for a sukuk ETF or fund to cover the fixed-income portion of a balanced halal portfolio.
Halal Investing by Province
Find halal investing options in your province
Direct answer
How should Canadian Muslims start halal investing today?
Start with diversified halal ETFs or a managed halal portfolio, then move into individual stocks only after learning screening and purification.
Frequently Asked Questions
Learn the Investment Concepts
Understand the Shariah-compliant investment structures that power halal portfolios.
Get the HalalWallet Index report (PDF)
Every Canadian halal provider graded on Shariah integrity, transparency, and value - the full scorecard PDF, plus alerts when grades change
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Calculators for Halal Investors
Free browser tools built specifically for Shariah-compliant investing.
Sources and review process
This page is reviewed against HalalWallet editorial standards and source documentation.
Reviewed by: HalalWallet Editorial Team
Last reviewed: 2026-09-01
How to cite this page
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For time-sensitive claims (rates, fees, province availability), please verify directly with the provider's official documentation and note the retrieval date.
Protect what you're building
A halal portfolio still passes through provincial intestacy law - not Faraid - if you die without the right documents. Put an Islamic estate plan behind your investments.
Editorial Team, HalalWallet
Independent halal finance research
Reviewed quarterly and updated when provider data, product availability, or pricing changes.
Your Next Steps
HalalWallet has done 90% of the homework on halal investing - the comparisons, the contract structures, the Shariah oversight labels, and the trade-offs. This checklist covers the last 10%: the parts that depend on your personal situation. Bring these questions to your scholar and your shortlisted provider so those conversations are about you, not the basics.
Questions to ask your imam or scholar
- Which stock-screening standard (AAOIFI or another) matches the rulings you follow?
- How should I handle purification of incidental non-halal income in my portfolio?
- Are the specific fund structures I'm considering acceptable in my school of thought?
What to verify with the provider
- The current expense ratio or management fee, including any platform or account fees.
- Which Shariah screening standard is applied, and who certifies it.
- Whether purification amounts are calculated and reported for you.
- Current account minimums and whether the product is available in your province.
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.