Investing · ShariaPortfolio
ShariaPortfolio TFSA - Tax-Free Savings Account
Co-Founder & CEO, HalalWallet
Facts are re-verified against ShariaPortfolio's published materials; this page updates when the provider's terms, rates, or coverage change.
ShariaPortfolio Canada's TFSA puts the account most Canadians should fill first under professional AAOIFI-screened management: completely tax-free growth and withdrawals, with withdrawn amounts restoring contribution room the following year. Instead of the interest-paying savings products TFSAs usually default to, the portfolio holds screened equities, Islamic funds, and sukuk - never conventional bonds, preferred shares, or interest-bearing instruments - in an active or passive strategy matched to your goal. Advisors serve BC, Alberta, Ontario, and Quebec; custody is at Fidelity Clearing Canada ULC; and the mobile app covers accounts in English, French, and Arabic.
Opens provider's 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
What is the ShariaPortfolio TFSA - Tax-Free Savings Account?
ShariaPortfolio Canada's TFSA puts the account most Canadians should fill first under professional AAOIFI-screened management: completely tax-free growth and withdrawals, with withdrawn amounts restoring contribution room the following year. Instead of the interest-paying savings products TFSAs usually default to, the portfolio holds screened equities, Islamic funds, and sukuk - never conventional bonds, preferred shares, or interest-bearing instruments - in an active or passive strategy matched to your goal.
- Contract structure: Wealth Management.
- Available in 4 provinces.
- Shariah oversight disclosed: Third-Party Certified.
- Verified against ShariaPortfolio's published materials on 2026-08-05.
Source: HalalWallet (halalwallet.ca)
Key facts
- Structure
- Wealth Management
- Screening method
- AAOIFI - under 5% impure revenue; interest-bearing debt below 30-33% of market cap; music/cinema/broadcasting excluded
- Availability
- 4 provinces
- Shariah oversight
- Third-Party Certified
- Shariah board
- Third Party Certified
- Last verified
- 2026-08-05
Facts are taken from ShariaPortfolio's published product materials and were last verified on 2026-08-05. Fields the provider does not publish are omitted rather than estimated.
Our take
ShariaPortfolio Canada brings its screening-and-fatwa approach to the TFSA, the account most Canadians should fill first, replacing the high-interest savings account default with managed portfolios of screened equities, Islamic funds, and sukuk. Growth and withdrawals are entirely tax-free within CRA limits ($7,000 of new room in 2026), and the AAOIFI screen here is stricter than most rivals - music, cinema, and broadcasting are excluded alongside the standard list. The oversight model is third-party certification anchored by group Sharia Advisor Shaykh Umer Khan rather than a standing multi-scholar board, and neither fees nor minimums are published, so budget a consultation before committing. Best for Canadians who want their most flexible tax shelter professionally managed to halal standards.
Strengths
- Completely tax-free investment growth and withdrawals
- Flexible enough for short- or long-term goals
- Sharia screening under AAOIFI standards, backed by SP Funds' published ETF compliance certificates
- Available across all 10 Canadian provinces
Watch-outs
- CRA contribution limits cap how much you can shelter ($7,000 of new room in 2026)
- Compliance relies on third-party certification rather than a formal in-house board
- No fees or minimums published - confirm pricing in the initial consultation
Is the ShariaPortfolio TFSA - Tax-Free Savings Account halal?
Managed under AAOIFI standards: portfolios hold only Shariah-screened stocks, sukuk, and Islamic funds - never conventional bonds, preferred shares, or interest-bearing instruments. Companies earning over 5% of revenue from prohibited industries or carrying interest-bearing debt above 30–33% of market capitalization are excluded, residual impure income is purified quarterly, and Shaykh Umer Khan (mufti, Wharton MSF) serves as Sharia Advisor. TFSA growth compounds tax-free with no interest-bearing holdings.
Shariah oversight disclosed by ShariaPortfolio
ShariaPortfolio Canada provides Sharia screening and compliance review for investment portfolios and issues formal Sharia compliance opinions (fatwas).
HalalWallet reports the Shariah documentation a provider publishes. We do not issue certifications; consult a qualified scholar for a personal ruling.
What you get
- Completely tax-free growth and withdrawals inside an AAOIFI-screened portfolio
- Flexible for short- or long-term goals - withdrawals restore contribution room the following year
- No interest-bearing holdings: screened equities, Islamic funds, and sukuk only
- Active or passive managed strategies
- Custody at Fidelity Clearing Canada ULC; advisors in BC, Alberta, Ontario, and Quebec
- Mobile app access; service in English, French, and Arabic
Cost and terms
No management fees or account minimums published on shariaportfolio.ca (crawled 2026-08-05) - Canadian pricing is disclosed in the initial consultation; for reference, the US affiliate uses tiered asset-based fees with a $100,000 minimum for its advisor-led Access program and $1,000 for its Express robo tier - confirm CAD fees and minimums directly
How it compares
Other investing providers we list in Canada, ordered by HalalWallet Index grade.
| Product | Structure | Shariah oversight | Availability | Grade |
|---|---|---|---|---|
| ShariaPortfolio TFSA - Tax-Free Savings Account (this page) | Wealth Management | Third-Party Certified | 4 provinces | — |
| Manzil TFSA - Tax-Free Savings Account | Wealth Management | Formal Board | every province | A |
| Wahed FTSE USA Shariah ETF | Index-based | Third-Party Certified | 10 provinces | B |
| Assad Wealth Management Wealth Management | Wealth Management | No Public Review | 10 provinces | — |
| SPFunds SP Funds S&P World ETF | Index-based | Third-Party Certified | 10 provinces | — |
Other ShariaPortfolio products
- Wealth Management
Investing · Wealth Management
- RESP - Registered Education Savings Plan
Investing · Wealth Management
- RRIF - Registered Retirement Income Fund
Retirement · Wealth Management
- IPP - Individual Pension Plan
Retirement · Wealth Management
- Personal Account (Non-Registered)
Investing · Wealth Management
- Joint Account (Non-Registered)
Investing · Wealth Management
- RRSP - Registered Retirement Savings Plan
Retirement · Wealth Management
- PPP - Personal Pension Plan
Retirement · Wealth Management
- LIRA - Locked-In Retirement Account
Retirement · Wealth Management
- FHSA - First Home Savings Account
Investing · Wealth Management
Where it's available
ShariaPortfolio lists the TFSA - Tax-Free Savings Account as available in 4 provinces.
Availability may vary by product and can change; verify with ShariaPortfolio before applying.
Frequently asked questions
Is the ShariaPortfolio TFSA - Tax-Free Savings Account halal?
Managed under AAOIFI standards: portfolios hold only Shariah-screened stocks, sukuk, and Islamic funds - never conventional bonds, preferred shares, or interest-bearing instruments. Contract structure: Wealth Management. Shariah oversight disclosed by ShariaPortfolio: Third-Party Certified. HalalWallet reports what the provider documents; we do not certify products.
How does the ShariaPortfolio TFSA - Tax-Free Savings Account work?
ShariaPortfolio Canada's TFSA puts the account most Canadians should fill first under professional AAOIFI-screened management: completely tax-free growth and withdrawals, with withdrawn amounts restoring contribution room the following year.
What does the ShariaPortfolio TFSA - Tax-Free Savings Account cost?
No management fees or account minimums published on shariaportfolio.ca (crawled 2026-08-05) - Canadian pricing is disclosed in the initial consultation; for reference, the US affiliate uses tiered asset-based fees with a $100,000 minimum for its advisor-led Access program and $1,000 for its Express robo tier - confirm CAD fees and minimums directly
Where is the ShariaPortfolio TFSA - Tax-Free Savings Account available?
ShariaPortfolio lists this product as available in 4 provinces. Availability can change and may differ by province; verify directly with ShariaPortfolio.
What are the alternatives to the ShariaPortfolio TFSA - Tax-Free Savings Account?
In the same category we also list Manzil TFSA - Tax-Free Savings Account (HalalWallet Index A), Wahed FTSE USA Shariah ETF (HalalWallet Index B), Assad Wealth Management Wealth Management. Compare every option side by side on our Halal Investing hub.
When was this ShariaPortfolio product information last verified?
HalalWallet last verified the ShariaPortfolio TFSA - Tax-Free Savings Account details against ShariaPortfolio's published materials on 2026-08-05. Rates, fees, and availability can change after that date.
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: 2026-08-05
How to cite this page
Preferred format (HTML):
For time-sensitive claims (rates, fees, province availability), please verify directly with the provider's official documentation and note the retrieval date.