Mackenzie Investments Review
Co-Founder & CEO, HalalWallet
Reviewed quarterly and updated when provider terms, ratings, or coverage change.
Mackenzie Investments is in HalalWallet's independent directory with 1 product we currently list in Investing, using Mutual Funds. We do not invent a contract structure when the listing does not name one. Confirm terms and Shariah documentation with Mackenzie Investments.
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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
HalalWallet 2026 Review
Mackenzie Investments - At a Glance
1
Products Reviewed
10
Provinces Served
1
Category
Our Verdict
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.
Pros & Cons
What We Like
- Canada's first widely available halal mutual fund - accessible through advisors across the country in CAD
- Independent certification by Ratings Intelligence, with semi-annual Shariah audits and published certificates
- Active management by Mackenzie's global equity team, selecting from the pre-screened Dow Jones Islamic Market World Index universe
- Purification ratio published so investors can cleanse non-permissible incidental income
- Backed by the scale and compliance infrastructure of a major Canadian asset manager
What Could Be Better
- Mutual-fund fees run well above halal ETF alternatives
- Equity-only - Mackenzie offers no halal fixed-income or balanced option yet
- Short track record (the widely available fund launched in February 2024; a Primerica-exclusive version launched July 2023)
- No in-house Shariah board - religious oversight is outsourced to Ratings Intelligence
Who Is Mackenzie Investments Best For?
Advisor-channel investors who want halal exposure inside an existing plan
The fund is distributed through advisors nationwide, making it the easiest halal option for Canadians who invest through a financial advisor
Investors who prefer active management over index tracking
Mackenzie's team actively selects several hundred stocks from the Dow Jones Islamic Market World Index rather than passively tracking it
Detailed 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.
How It Works
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.
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.
Shariah Compliance Review
Oversight Level
Review details on provider's website
Shariah oversight is delegated to Ratings Intelligence Partners, whose board (Dr. El-Gari, Dr. Hammad, Dr. Qattan) issues the fund's fatwa, audits semi-annually, and supports the purification ratio Mackenzie publishes annually - Mackenzie names no in-house board; the scholars certify the universe and process, not the firm.
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.
Shariah compliance should always be verified directly with Mackenzie Investments. HalalWallet reports publicly available oversight information but does not issue fatwas or certify compliance.
How It Compares
Mackenzie's halal fund is the advisor-channel option. Against ETFs, the trade is convenience and active management versus cost.
vs. Wealthsimple
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.
Products from Mackenzie Investments
Mackenzie Investments
Mackenzie Shariah Global Equity Fund
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.
Opens provider site - no obligation
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
Where Available
Based on listings we track, Mackenzie Investments is listed in the following provinces:
Availability may vary by product type. Always verify current availability directly with Mackenzie Investments.
How We Compare
- • We review publicly available information from providers, including Shariah compliance documentation.
- • We compare financing structures, total costs, down payment requirements, and province availability.
- • We prioritize providers that clearly explain their halal compliance rationale and operate with transparency.
- • We note which products are available nationwide versus regionally.
- • Learn more about our methodology.
Mackenzie Investments is in HalalWallet's independent directory for Investing, with listings covering 10 provinces. Structures we list: Mutual Funds. Confirm terms and Shariah documentation directly with Mackenzie Investments.
- Mackenzie Investments currently has 1 product in our listings (Investing).
- Coverage we list: 10 provinces.
- Contract structures we list: Mutual Funds.
- Always verify compliance directly with Mackenzie Investments and consult qualified Islamic finance advisors when needed.
- Compare Mackenzie Investments with other providers on HalalWallet before you apply.
Source: HalalWallet (halalwallet.ca)
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.
Sources and review process
This page is reviewed against HalalWallet editorial standards and source documentation.
Reviewed by: HalalWallet Editorial Team
Last reviewed: 2026-10-01
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.
Related Guides
Frequently Asked Questions
What types of halal products does Mackenzie Investments offer?
Mackenzie Investments has 1 product we currently list across 1 category. Structures we list: Mutual Funds. Mackenzie Investments is best for advisor-channel investors who want halal exposure inside an existing plan; investors who prefer active management over index tracking. Confirm terms directly with Mackenzie Investments.
How does Mackenzie Investments ensure Shariah compliance?
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 does Mackenzie Investments work?
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.
Is Mackenzie Investments available in my province?
Based on listings we track, Mackenzie Investments is listed in 10 provinces. Availability can vary by product type. Always verify current availability directly with Mackenzie Investments.
What are alternatives to Mackenzie Investments?
Mackenzie's halal fund is the advisor-channel option. Against ETFs, the trade is convenience and active management versus cost. Wealthsimple: 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. Global Growth Assets: 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.
Are Mackenzie Investments's products more expensive than conventional options?
Halal financing structures can have different fee structures compared to conventional products. Some options may be competitive with conventional rates, while others may have different cost structures. Pricing varies by product type, location, and individual circumstances. Always compare total costs and terms when evaluating options.
How do I contact Mackenzie Investments?
Visit Mackenzie Investments at www.assadwealth.ca/contact, or use the product links on this page.
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