Wahed Review
Co-Founder & CEO, HalalWallet
Reviewed quarterly and updated when provider terms, ratings, or coverage change.
Wahed is in HalalWallet's independent directory with 2 products we currently list in Investing, using Index-based. We do not invent a contract structure when the listing does not name one. Confirm terms and Shariah documentation with Wahed.
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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
HalalWallet 2026 Review
Wahed - At a Glance
2
Products Reviewed
10
Provinces Served
1
Category
Our Verdict
Wahed operates under a Shariah Supervisory Board composed of multiple Islamic finance scholars who review investment strategies and approve portfolios for Sharia compliance.
Pros & Cons
What We Like
- Institution-level religious governance - a standing Shariah Supervisory Board reviews investment strategies and approves portfolios, not just a one-time fund certification
- HLAL is the second-largest halal ETF ($752M AUM) tracking the FTSE USA Shariah index (~200 holdings)
- UMMA covers international developed and emerging markets (~100 holdings) - a rare non-US halal building block
- Strong global brand with an established track record in halal asset management
What Could Be Better
- Wahed's managed robo-advisory platform is not available to Canadian residents - Canadians access Wahed only through its US-listed ETFs via a brokerage account
- Both ETFs are USD-listed: currency conversion applies, and dividends lose 15% US withholding tax in a TFSA/FHSA/RESP (exempt in an RRSP)
- HLAL's 0.50% and UMMA's 0.65% fees are higher than SPUS (0.45%) and MNZL (0.40%)
- HLAL is US-only and tech-heavy - it needs pairing for global diversification
Who Is Wahed Best For?
Investors who want US halal equity with named-scholar governance
HLAL combines FTSE USA Shariah screening with a standing Shariah Supervisory Board reviewing strategy
Investors adding international (non-US) halal exposure
UMMA's Dow Jones Islamic international mandate complements US-focused halal ETFs
Detailed Analysis
Wahed is one of the most recognized names in global halal investing, and for Canadians its relevance comes through two US-listed ETFs. The Wahed FTSE USA Shariah ETF (HLAL) - at $752M AUM, the second-largest halal ETF - tracks roughly 200 US stocks screened under the FTSE USA Shariah methodology. The Wahed Dow Jones Islamic World ETF (UMMA) covers about 100 international (non-US) names across developed and emerging markets, one of the few halal vehicles for that exposure.
Wahed's governance is a genuine differentiator: a standing Shariah Supervisory Board of multiple Islamic finance scholars reviews investment strategies and approves portfolios on an ongoing basis, giving both funds institution-level religious oversight rather than a one-time certification.
For Canadians the practical caveats matter. Wahed's managed robo-advisory platform does not serve Canadian residents, so access is limited to buying HLAL and UMMA through a brokerage. Both funds are USD-listed - you pay currency conversion, and distributions inside a TFSA, FHSA or RESP lose 15% to US withholding tax (an RRSP is exempt under the Canada-US tax treaty). Fee-wise, HLAL (0.50%) and UMMA (0.65%) sit above SPUS (0.45%) and Manzil's MNZL (0.40%), so cost-focused investors comparing pure US exposure have cheaper options.
How It Works
Both Wahed ETFs are passive index funds. HLAL tracks the FTSE USA Shariah index and UMMA tracks a Dow Jones Islamic international index; each index applies business-activity and financial-ratio screens under recognized Shariah methodologies, and Wahed's own Shariah Supervisory Board reviews and approves the funds' strategies on an ongoing basis.
Open a Brokerage Account
Any Canadian brokerage with US-market access works (Wahed's managed platform is not available in Canada).
Buy HLAL and/or UMMA in USD
Convert CAD to USD (or use Norbert's Gambit to cut conversion costs) and purchase on US exchanges.
Mind the Account Type
Hold in an RRSP to avoid the 15% US dividend withholding tax; in a TFSA/FHSA/RESP the withholding applies.
Shariah Compliance Review
Oversight Level
Third-Party Certified - externally verified for compliance
Wahed operates under a Shariah Supervisory Board composed of multiple Islamic finance scholars who review investment strategies and approve portfolios for Sharia compliance.
Wahed operates under a Shariah Supervisory Board composed of multiple Islamic finance scholars who review investment strategies and approve portfolios for Sharia compliance.
HLAL follows the FTSE USA Shariah screening methodology; UMMA follows Dow Jones Islamic Market international screening.
Shariah compliance should always be verified directly with Wahed. HalalWallet reports publicly available oversight information but does not issue fatwas or certify compliance.
How It Compares
Wahed's ETFs compete on governance and international reach. The choice against alternatives is mostly about fees, listing currency and which market slice you need.
vs. Wealthsimple
WSHR is CAD-listed with no US withholding drag in a TFSA and global developed-market coverage in one fund - the simpler core for most Canadians, though without Wahed's US large-growth concentration.
vs. Manzil
Manzil's MNZL delivers broader US halal exposure (~450 holdings) at 0.40% versus HLAL's 0.50% - cheaper for pure US beta, with the same USD-listing trade-offs.
Bottom Line
Wahed brings institution-level Shariah governance to two useful ETFs - HLAL for US halal equity and UMMA for international exposure - but Canadians can only buy them USD-listed through a brokerage, with currency conversion and TFSA withholding-tax drag, since Wahed's managed platform doesn't serve Canada.
Products from Wahed
Wahed
Wahed FTSE USA Shariah ETF
HLAL is Wahed's flagship ETF and the second-largest halal equity fund in North America at $914M in net assets (August 2026). It passively tracks the FTSE USA Shariah Index - about 200 US stocks passing FTSE's business-activity and financial-ratio screens certified by Yasaar Limited - at a 0.50% expense ratio. Nasdaq-listed since July 2019, it distributes annually, publishes quarterly purification amounts, and sits under Wahed's three-scholar Shariah Supervisory Board. Canadians buy it in USD through any brokerage with US market access.
Opens provider site - no obligation
Wahed
Wahed Dow Jones Islamic World ETF
UMMA is one of the few single-ticker routes to Shariah-compliant international equity: roughly 100 non-US names from developed and emerging markets, loosely tracking the Dow Jones Islamic Market International Titans 100 with ESG data formally incorporated - Wahed markets it as the first US-listed Islamic ETF to do so. Net assets reached $285M in August 2026. The 0.65% expense ratio is the highest among major halal ETFs, the price of active international management. Nasdaq-listed since January 2022 with quarterly distributions.
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
Halal verdicts for Wahed's funds
Our AAOIFI-based Shariah screen - business activity, financial ratios, purification, and where scholars differ - for the specific funds Wahed offers.
Where Available
Based on listings we track, Wahed is listed in the following provinces:
Availability may vary by product type. Always verify current availability directly with Wahed.
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.
Wahed is in HalalWallet's independent directory for Investing, with listings covering 10 provinces. Structures we list: Index-based. Confirm terms and Shariah documentation directly with Wahed.
- Wahed currently has 2 products in our listings (Investing).
- Coverage we list: 10 provinces.
- Contract structures we list: Index-based.
- Always verify compliance directly with Wahed and consult qualified Islamic finance advisors when needed.
- Compare Wahed 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 Wahed offer?
Wahed has 2 products we currently list across 1 category. Structures we list: Index-based. Wahed is best for investors who want us halal equity with named-scholar governance; investors adding international (non-us) halal exposure. Confirm terms directly with Wahed.
How does Wahed ensure Shariah compliance?
Wahed operates under a Shariah Supervisory Board composed of multiple Islamic finance scholars who review investment strategies and approve portfolios for Sharia compliance. HLAL follows the FTSE USA Shariah screening methodology; UMMA follows Dow Jones Islamic Market international screening.
How does Wahed work?
Open a Brokerage Account: Any Canadian brokerage with US-market access works (Wahed's managed platform is not available in Canada). Buy HLAL and/or UMMA in USD: Convert CAD to USD (or use Norbert's Gambit to cut conversion costs) and purchase on US exchanges. Mind the Account Type: Hold in an RRSP to avoid the 15% US dividend withholding tax; in a TFSA/FHSA/RESP the withholding applies.
Is Wahed available in my province?
Based on listings we track, Wahed is listed in 10 provinces. Availability can vary by product type. Always verify current availability directly with Wahed.
What are alternatives to Wahed?
Wahed's ETFs compete on governance and international reach. The choice against alternatives is mostly about fees, listing currency and which market slice you need. Wealthsimple: WSHR is CAD-listed with no US withholding drag in a TFSA and global developed-market coverage in one fund - the simpler core for most Canadians, though without Wahed's US large-growth concentration. Manzil: Manzil's MNZL delivers broader US halal exposure (~450 holdings) at 0.40% versus HLAL's 0.50% - cheaper for pure US beta, with the same USD-listing trade-offs.
Are Wahed'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 Wahed?
Visit Wahed at www.wahed.com/hlal, or use the product links on this page.
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