Co-Founder & CEO, HalalWallet
Reviewed quarterly and updated when provider terms, ratings, or coverage change.
Musaffa is a halal investment research platform screening 120,000+ stocks and 8,200+ ETFs across 60 markets to AAOIFI standards, including Canadian-listed stocks. Canadians use it as a graded research and compliance layer over their existing brokerage - Musaffa's own trading platform does not serve Canadian residents.
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HalalWallet 2026 Review
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Products Reviewed
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Provinces Served
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Our Verdict
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.
What We Like
What Could Be Better
Wealthsimple and Questrade investors auditing their holdings
The Sharia Compliance Investment Screening service links Canadian brokerage accounts - Wealthsimple, Wealthsimple Trade, Questrade, Webull Canada - for continuous compliance monitoring, purification and zakat automation
TSX stock pickers who want graded verdicts, not binaries
Musaffa's C- to A+ halal ratings cover 3,159 Canadian-listed stocks with the underlying AAOIFI ratios and up to three years of compliance history behind every grade
Investors who take purification seriously
Purification amounts are computed from each company's verified non-permissible income ratio for the period you actually held the position, and can run automatically across linked accounts
Musaffa was founded in New York in 2020 and has grown into the largest halal-investing research platform by coverage: 120,000+ stocks and 8,200+ ETFs screened across 60 markets, produced by roughly 25 in-house equity research analysts across New York, Dubai and Tashkent. For Canadians the relevant slice is the Canadian market table on its own pricing page (2026-08-05): 3,159 Canadian-listed stocks screened with 403 rated halal, 1,281 ETFs screened with just 10 rated halal, and 18.03% of Canadian market capitalization classified Shariah-compliant - all company-reported, but unusually specific for this industry.
The screening methodology is the product, and it is published in full rather than summarized. The business screen excludes ten prohibited activity categories; the financial screen applies AAOIFI's three ratios - non-permissible income at or below 5% of revenue, and interest-bearing assets and interest-bearing debt each at or below 30% - measured against trailing 36-month average market value rather than spot market cap, which damps rating whiplash from share-price swings. Verdicts come in three levels (Halal, Doubtful, Not Halal), and within Halal the C- to A+ Musaffa Halal Rating grades how strongly a stock complies. The methodology carries an independent Shariah Compliance Certificate from Amanah Advisors, and the named advisors are Shaikh Dr. Aznan Hasan - a sitting Shariah Board member of AAOIFI itself - and Mufti Faraz Adam, head of Amanah Advisors.
What Canadians cannot do is trade through Musaffa. The Global Halal Trading System - commission-free US stocks and ETFs cleared through Alpaca Securities under Musaffa, LLC's SEC investment-adviser registration - lists eligible countries on the pricing page, and Canada sits in the 'Access is currently not available - Not Covered' tier with a waitlist button (crawled 2026-08-05). No Canadian securities registration is disclosed anywhere on the site. In practice that makes Musaffa a research and monitoring layer: link a Wealthsimple, Wealthsimple Trade, Questrade or Webull Canada account for portfolio-wide compliance tracking, alerts when a holding's status changes, and automated purification and zakat calculations, then execute trades at your own brokerage.
The purification tooling is the differentiator worth paying for. Because Musaffa publishes each company's exact non-permissible income percentage, purification amounts are computed from verified ratios for the period you actually held the position, not estimates - and its scholars have published operative doctrine for edge cases: no purification owed on capital gains from halal stocks, and a 90-day grace period (per Mufti Faraz Adam and Shaikh Dr. Aznan Hasan) for stocks that turn non-compliant while held at a loss. Pricing is a free tier for basic status checks plus one Foundation plan at $72/year for full reports, the graded ratings, filters, watchlists, portfolio tracking and automated purification.
The honest caveats: Musaffa's headline numbers wander across its own pages (different user counts and market counts in different places, all company-claimed), the MISRI ethics score is explicitly in beta, and every verdict is legally framed as a candidate for further research rather than a fatwa. None of that undermines the core Canadian use case - it just defines it. As a screening and compliance engine over a Canadian brokerage account, Musaffa is best-in-class; as a place for Canadians to invest, it is not currently an option at all.
Musaffa does not restructure transactions or custody assets - it verifies investments. Every covered security is scored against the AAOIFI three-ratio test (non-permissible income at or below 5% of revenue; interest-bearing assets and interest-bearing debt each at or below 30% of trailing 36-month average market value) plus a ten-category business-activity screen. For Canadians it operates purely as research and portfolio monitoring: brokerage accounts link read-only for compliance tracking, purification and zakat, while trades execute at the user's own broker. Musaffa's US trading service and SEC adviser registration do not extend to Canadian residents.
Search any TSX or global ticker
Get an instant Halal / Doubtful / Not Halal verdict across 120,000+ stocks, free - Canadian-listed names included.
Upgrade for the graded depth
The Foundation plan ($72/year) unlocks the C- to A+ rating, full compliance reports with the underlying AAOIFI ratios, filters, and up to three years of status history.
Link your Canadian brokerage
Connect Wealthsimple, Wealthsimple Trade, Questrade or Webull Canada for portfolio-wide compliance monitoring and alerts when a holding's status changes.
Purify and pay zakat from verified data
Purification is calculated from each company's verified non-permissible income ratio for your holding period, with zakat computed across the linked portfolio. Trades still happen at your own brokerage.
Oversight Level
Named Scholar - individual scholar endorsement
Musaffa’s screening methodology is developed under the guidance of named Shariah advisors, including Shaikh Dr. Aznan Hasan and Mufti Faraz Adam.
Screening follows AAOIFI Shariah standards and is independently certified by Amanah Advisors, whose Shariah Compliance Certificate is displayed on the methodology page. Named Shariah advisors: Shaikh Dr. Aznan Hasan, a sitting AAOIFI Shariah Board member, and Mufti Faraz Adam, head of Amanah Advisors (methodology page, checked 2026-08-05).
The financial screen applies AAOIFI's ratios exactly as published: non-permissible income at or below 5% of total revenue, interest-bearing assets at or below 30%, and interest-bearing debt at or below 30%, both measured against trailing 36-month average market value. Compliance reports are prepared by Shariah-trained analysts and ratings update quarterly.
Purification doctrine is published: no purification on capital gains from halal stocks, and a 90-day grace period for stocks that turn non-compliant while held at a loss, per the named scholars.
Regulatory posture for Canadians (as of 2026-08-05): Musaffa, LLC is a US SEC-registered investment adviser (CRD #338525) and not a broker-dealer; its trading platform lists Canada as 'Not Covered,' and no Canadian securities registration is disclosed. Canadian use is research, monitoring, purification and zakat tooling only.
Shariah compliance should always be verified directly with Musaffa. HalalWallet reports publicly available oversight information but does not issue fatwas or certify compliance.
Musaffa's closest peer for Canadians is Zoya - both apply AAOIFI screening to TSX stocks over linked Canadian brokerages. The practical differences are Musaffa's graded C- to A+ scale and published per-market coverage versus Zoya's multi-methodology switching and in-app trade pass-through.
vs. Zoya
Zoya also screens TSX stocks to AAOIFI standards and goes further on execution - passing orders through Wealthsimple and Questrade in-app - while Musaffa counters with graded ratings, broader published coverage stats, and holding-period purification from verified ratios.
vs. Wealthsimple
Wealthsimple is where many Canadians will act on Musaffa's research: its halal managed portfolios and the CAD-listed WSHR ETF are managed products, whereas Musaffa is the research layer that audits what you hold.
vs. Wahed
Wahed manages a halal portfolio for you under a formal Shariah board - the hands-off alternative to Musaffa's research-first, self-directed approach.
For Canadian self-directed investors, Musaffa is the transparency benchmark: published AAOIFI formulas, an independent certification, graded ratings on 3,159 Canadian-listed stocks, and purification from verified ratios - all layered over your existing Wealthsimple or Questrade account for $72/year or less. Just know exactly what it is not: Musaffa's trading platform does not serve Canada, and it holds no Canadian securities registration.
Sharia Compliance Investment Screening
Musaffa is a halal investment research platform screening 120,000+ global stocks and 8,200+ ETFs to AAOIFI standards, with graded verdicts (C- to A+ halal ratings) and up to three years of compliance history per company. For Canadians it works as a research layer over an existing brokerage: mid-2026 coverage counted 403 halal stocks of 3,159 screened on Canadian markets and 10 halal ETFs of 1,281, with portfolio tracking and automated purification through Wealthsimple, Questrade, and Webull Canada connections. The free tier covers basic screening; the Foundation plan at $72 USD/year adds detailed reports, research, and purification. Musaffa's commission-free trading platform serves US residents only.
Opens provider site - no obligation
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
Based on listings we track, Musaffa is listed in the following provinces:
Availability may vary by product type. Always verify current availability directly with Musaffa.
Musaffa is in HalalWallet's independent directory for Investing, with listings covering 10 provinces. Structures we list: Stock Screener. Confirm terms and Shariah documentation directly with Musaffa.
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:
This page is reviewed against HalalWallet editorial standards and source documentation.
Reviewed by: HalalWallet Editorial Team
Last reviewed: 2026-10-01
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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.
Musaffa has 1 product we currently list across 1 category. Structures we list: Stock Screener. Musaffa is best for wealthsimple and questrade investors auditing their holdings; tsx stock pickers who want graded verdicts, not binaries; investors who take purification seriously. Confirm terms directly with Musaffa.
Screening follows AAOIFI Shariah standards and is independently certified by Amanah Advisors, whose Shariah Compliance Certificate is displayed on the methodology page. Named Shariah advisors: Shaikh Dr. Aznan Hasan, a sitting AAOIFI Shariah Board member, and Mufti Faraz Adam, head of Amanah Advisors (methodology page, checked 2026-08-05). The financial screen applies AAOIFI's ratios exactly as published: non-permissible income at or below 5% of total revenue, interest-bearing assets at or below 30%, and interest-bearing debt at or below 30%, both measured against trailing 36-month average market value. Compliance reports are prepared by Shariah-trained analysts and ratings update quarterly. Purification doctrine is published: no purification on capital gains from halal stocks, and a 90-day grace period for stocks that turn non-compliant while held at a loss, per the named scholars. Regulatory posture for Canadians (as of 2026-08-05): Musaffa, LLC is a US SEC-registered investment adviser (CRD #338525) and not a broker-dealer; its trading platform lists Canada as 'Not Covered,' and no Canadian securities registration is disclosed. Canadian use is research, monitoring, purification and zakat tooling only.
Search any TSX or global ticker: Get an instant Halal / Doubtful / Not Halal verdict across 120,000+ stocks, free - Canadian-listed names included. Upgrade for the graded depth: The Foundation plan ($72/year) unlocks the C- to A+ rating, full compliance reports with the underlying AAOIFI ratios, filters, and up to three years of status history. Link your Canadian brokerage: Connect Wealthsimple, Wealthsimple Trade, Questrade or Webull Canada for portfolio-wide compliance monitoring and alerts when a holding's status changes. Purify and pay zakat from verified data: Purification is calculated from each company's verified non-permissible income ratio for your holding period, with zakat computed across the linked portfolio. Trades still happen at your own brokerage.
Based on listings we track, Musaffa is listed in 10 provinces. Availability can vary by product type. Always verify current availability directly with Musaffa.
Musaffa's closest peer for Canadians is Zoya - both apply AAOIFI screening to TSX stocks over linked Canadian brokerages. The practical differences are Musaffa's graded C- to A+ scale and published per-market coverage versus Zoya's multi-methodology switching and in-app trade pass-through. Zoya: Zoya also screens TSX stocks to AAOIFI standards and goes further on execution - passing orders through Wealthsimple and Questrade in-app - while Musaffa counters with graded ratings, broader published coverage stats, and holding-period purification from verified ratios. Wealthsimple: Wealthsimple is where many Canadians will act on Musaffa's research: its halal managed portfolios and the CAD-listed WSHR ETF are managed products, whereas Musaffa is the research layer that audits what you hold. Wahed: Wahed manages a halal portfolio for you under a formal Shariah board - the hands-off alternative to Musaffa's research-first, self-directed approach.
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.
Visit Musaffa at musaffa.com, or use the product links on this page.
6 verified reviews
Game changer for me. I used to just avoid stocks altogether because I didn't know what was halal. Now I check everything on Musaffa before I buy. The compliance reports are detailed and easy to read.
the purification calculator is a feature I didn't even know I needed. tells you exactly how much to give away from any non-compliant income. genius
I subscribe to the premium plan. Worth it if you're actively investing. The free version is fine for casual checking but the detailed breakdowns on the paid tier helped me build a proper portfolio.
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