Verified
Hands-off halal investing
Went with ShariaPortfolio for managed halal investing. They built a diversified portfolio based on my risk profile and handle all the screening. Hands-off which is what I wanted.
Kamran A.TX
9 found helpful
ShariaPortfolio RRSP - Registered Retirement Savings Plan
Halal Retirement Accounts in Quebec
Best for: Long-horizon retirement savers who want the RRSP tax deduction working for decades without a conventional bond sleeve - the standard balanced-fund default that quietly puts Muslim savers into interest.
ShariaPortfolio Canada's RRSP delivers the standard deduction-now, tax-later arithmetic with a fully AAOIFI-screened portfolio behind it: tax-deductible contributions grow tax-deferred, and the conventional bond sleeve that quietly puts most RRSP savers into interest is replaced by sukuk and Islamic funds. Active or passive managed strategies are available, the account converts to a halal-managed RRIF with the same firm at retirement, and the Canadian team runs education webinars on retirement planning and zakat. Custody sits at Fidelity Clearing Canada ULC, advisors serve BC, Alberta, Ontario, and Quebec, and fees are disclosed in the initial consultation.
This RRSP delivers the standard deduction-now, tax-later arithmetic with ShariaPortfolio Canada's screening and fatwa-backed compliance behind the investments - and it solves the specific problem that sinks most halal RRSP attempts: the balanced-fund default quietly allocates to bonds, and this firm fills that role with sukuk and Islamic funds instead. The relationship continues into retirement, converting to a halal-managed RRIF with the same advisor. Withdrawals are taxed as income, so it rewards savers in higher brackets today, and the two unknowns are cost and formal governance - no published fees, and third-party certification rather than a standing Shariah board. Best for Canadians prioritizing the RRSP deduction who won't compromise on halal screening and want a human managing the allocation.
Pros
- Tax-deductible contributions with tax-deferred investment growth
- Portfolios screened with formal Sharia compliance opinions
- No conventional bond allocation - fixed-income roles filled by sukuk and Islamic funds
- Custody at Fidelity Clearing Canada ULC, a CIRO-regulated custodian in the Fidelity group
Cons
- Withdrawals are taxed as income
- Third-party certification rather than a formal in-house Shariah board
- No fees or minimums published - confirm pricing in the initial consultation
Wealth Management4 provinces
Updated August 2026
Start Planning
Visit ShariaPortfolio's website to learn more and get started.
See pricing & termsOpens ShariaPortfolio's site - no obligation
Product Details
Structure
Wealth Management
Best For
Long-horizon retirement savers who want the RRSP tax deduction working for decades without a conventional bond sleeve - the standard balanced-fund default that quietly puts Muslim savers into interest.
Screening Method
AAOIFI - under 5% impure revenue; interest-bearing debt below 30-33% of market cap; music/cinema/broadcasting excluded
ShariaPortfolio in Quebec
ShariaPortfolio's RRSP - Registered Retirement Savings Plan is available to Quebec residents, structured as a Wealth Management retirement product. Retirement savings in a halal vehicle helps ensure your nest egg grows without exposure to prohibited industries or interest-bearing instruments. ShariaPortfolio serves 4 provinces, including Quebec.
Our Take on ShariaPortfolio
ShariaPortfolio Canada Inc. is the advised route to halal investing in Canada: a boutique wealth manager, operating since 2017 as the Canadian arm of the Florida-based ShariaPortfolio group (founded 2003), with offices in Richmond Hill, Ontario and Vancouver, BC. Its homepage bills it as Canada's only licensed portfolio management firm fully dedicated to Sharia-compliant investing - a company claim, but one that matches how rare the offering is. The practical appeal is coverage: it manages the entire Canadian registered-account stack - RRSP, TFSA, RESP, RRIF, LIRA, FHSA, and even IPP and PPP pension wrappers - under AAOIFI screening, with custody at Fidelity Clearing Canada ULC (a CIPF participant) and advisors serving BC, Alberta, Ontario and Quebec. Fees are fee-only at 0.5% to 1.5% of portfolio value annually, with no mutual fund commissions per its FAQ. Religious governance mirrors the US parent: AAOIFI adherence, a published Sharia certificate, and one named group advisor (Shaykh Umer Khan) rather than a standing multi-scholar board. For Canadians who have outgrown DIY ETFs, or who need halal money managed inside wrappers no robo touches, this is the most complete advised option in the market - priced accordingly.
How ShariaPortfolio Works
1
Book a consultation
Start with a free consultation or the Get Started form on shariaportfolio.ca. Advisors serve clients in BC, Alberta, Ontario and Quebec, in English, French or Arabic.
2
Open your accounts
Choose from RRSP, TFSA, RESP, RRIF, LIRA, FHSA, IPP/PPP, or non-registered personal and joint accounts. Assets are custodied at Fidelity Clearing Canada ULC.
3
Get a managed halal portfolio
Your portfolio is assigned by risk, return and life-cycle objectives - active or passive - holding only AAOIFI-screened stocks, Islamic ETFs and sukuk.
4
Pay one transparent fee
Management costs 0.5% to 1.5% of portfolio value annually, fee-only with no mutual fund commissions. Track everything through the mobile app.
Financing Structure
ShariaPortfolio Canada provides discretionary halal wealth management: portfolios of Shariah-screened stocks, Islamic ETFs and sukuk built under AAOIFI standards, using a core-satellite approach with active or passive mandates. The business screen excludes companies earning over 5% of income from prohibited sources (including music, cinema and broadcasting); financial screens cap interest-bearing debt relative to market capitalization. No preferred shares, conventional bonds or interest-paying securities are held, and client assets sit at Fidelity Clearing Canada ULC, a CIPF-participating custodian.
In-Depth Analysis
ShariaPortfolio Canada Inc. is the Canadian arm of a group that has been managing halal money since 2003, when Naushad Virji founded ShariaPortfolio in Florida. Virji led the expansion into Canada in 2017 and remains CEO of the Canadian entity and chairman of the group, which spans ShariaPortfolio USA (a fee-only SEC-registered adviser), ShariaPortfolio Canada, SP International (global clients since 2020), and SP Funds - the ETF business behind SPUS and SPSK, North America's largest Sharia-compliant fund family. The Canadian firm operates from two offices: 225 Leslie Street in Richmond Hill, Ontario and 885 West Georgia Street in Vancouver, BC (contact page, 2026-08-05).
The service is classic discretionary wealth management with a halal constraint set. Portfolios are built from Shariah-screened stocks, Islamic ETFs and sukuk - never preferred shares, conventional bonds or interest-paying securities - using a core-satellite approach: core holdings mitigate active risk while stock and sector selection add active return. Clients choose active or passive managed solutions, and the firm assigns standard models by risk, return and life-cycle objectives. The account menu is the broadest halal lineup in Canada: RRSP, TFSA, RESP, RRIF, LIRA, FHSA, non-registered personal and joint accounts, and IPP and PPP pension structures for incorporated professionals. Custody sits with Fidelity Clearing Canada ULC, which participates in the Canadian Investor Protection Fund.
Pricing is fee-only: 0.5% to 1.5% of portfolio value annually depending on assets and service type, with no mutual fund commissions accepted - stated plainly in the firm's FAQ. Account minimums are not published on the Canadian site; the US affiliate's advised Access program starts at USD $100,000, so Canadians should confirm the local threshold in consultation. The homepage claim worth noting verbatim: 'Canada's only licensed Portfolio Management firm fully dedicated to Sharia-compliant investing' - a company claim we have not independently verified against provincial registration databases, though the advisors serve clients in BC, Alberta, Ontario and Quebec per the site (2026-08-05).
Shariah governance follows the group template. All portfolios are managed to AAOIFI rules: a business-activity screen excludes companies deriving more than 5% of income from alcohol, tobacco, gambling, pork, adult entertainment, weapons, interest-based businesses, highly leveraged businesses, and - stricter than most peers - music, cinema and broadcasting; financial-ratio screens cap interest-bearing debt at 30-33% of market capitalization. The Canadian site publishes a viewable Sharia certificate. The honest gap is the same one the US parent carries: no standing multi-member Shariah supervisory board is named anywhere, with religious oversight anchored by Shaykh Umer Khan, the group's Sharia Advisor since October 2022 - a mufti with ifta' from Darulifta Birmingham and a Wharton Master's in Finance. The Canadian team - CEO Virji, chief compliance officer and portfolio manager Irfan Chaudhry (CFA, CAIA), and advisors including Anis Rahman and Siddiq Mohamed - fronts client service and education, not religious rulings.
Who is this for? The fee proposition only makes sense if you value what DIY cannot buy: a human advisor who understands zakat, purification and faraid alongside RRSP meltdown strategy; halal management inside wrappers no robo or ETF covers (FHSA, IPP, PPP, LIRA); and one relationship consolidating a family's accounts. Self-directed investors with a TFSA and simple goals will do the math and buy SPUS or WSHR directly. The firm seems comfortable with that split - its webinars and free consultations are pitched at households whose financial lives have outgrown a single ticker.
Shariah Compliance Details
- All portfolios are managed in accordance with AAOIFI rules (stated on shariaportfolio.ca, crawled 2026-08-05): a business-activity screen excludes companies deriving more than 5% of total income from alcohol, tobacco, adult entertainment, gambling, pork products, interest-based businesses, highly leveraged businesses, weapons, and music, cinema or broadcasting; preferred shares and interest-paying securities are excluded outright.
- The Canadian site publishes a viewable Sharia certificate. Group-level religious oversight is anchored by Shaykh Umer Khan, ShariaPortfolio's Sharia Advisor since October 2022 (mufti, ifta' from Darulifta Birmingham, Wharton MSF). No standing multi-member Shariah supervisory board is named on either shariaportfolio.ca or shariaportfolio.com (as of 2026-08-05).
- The affiliated SP Funds ETFs each publish a Certificate of Sharia Accreditation and a Sharia Auditor Report, with quarterly purification factors and a free calculator.
- Client assets are held at Fidelity Clearing Canada ULC, which the firm's FAQ describes as registered with the Investment Industry Regulatory Organization of Canada (IIROC, since consolidated into CIRO) and a participant in the Canadian Investor Protection Fund.
How ShariaPortfolio Compares
ShariaPortfolio Canada competes on breadth of advised coverage - the question against Manzil and the robo options is whether you need a human advisor and the exotic wrappers, or just a managed portfolio.
Manzil's investing arm (via Corex Financial) covers the registered-account suite in every province and territory and adds halal mortgages and wills - but ShariaPortfolio offers IPP/PPP pension wrappers and a longer asset-management pedigree.
Wealthsimple's halal managed portfolios are cheaper and self-serve on Canada's largest retail platform, with the CAD-listed WSHR ETF - but no human halal advisor, no FHSA-specific halal mandate, and fund-level-only Shariah oversight.
Wahed is a halal robo-advisor with a formal three-scholar Shariah board and low minimums - more automated and cheaper, but without ShariaPortfolio's full Canadian wrapper coverage or human advice tier.
Bottom Line
ShariaPortfolio Canada is the most complete advised halal offering in the country: every registered wrapper from TFSA to IPP managed under AAOIFI rules, fee-only at 0.5-1.5%, with custody at Fidelity Clearing Canada. Governance leans on the group's named advisor rather than a standing board, and advisors cover four provinces - but if you want a human managing halal money across your whole financial life, this is the deepest bench in Canada.
Read full ShariaPortfolio reviewShariah Compliance & Oversight
Shariah Board
ShariaPortfolio manages all portfolios - Canadian accounts included - under AAOIFI rules, and the group's religious oversight is anchored by Shaykh Umer Khan, Sharia Advisor since October 2022. His credentials are unusually deep for the role: Shahadah al-'Alimiyyah from Al-Salam Institute, ifta' (the license to issue Islamic legal verdicts) from Darulifta Birmingham - carrying the title of mufti - plus a Master's in Finance from Wharton and a second Master's in Islamic Finance. Fund-level attestation exists for the affiliated SP Funds ETFs, each of which publishes a Certificate of Sharia Accreditation and a Sharia Auditor Report. The honest gap: neither shariaportfolio.com nor shariaportfolio.ca names a standing multi-member Shariah supervisory board - governance runs through AAOIFI adherence, one named advisor, and per-fund certificates. ShariaPortfolio Canada's own team (Anis Rahman, Siddiq Mohamed, Irfan Chaudhry CFA) fronts client education, not religious rulings.
Last Verified
2026-08-05
Start Planning - ShariaPortfolio
Visit ShariaPortfolio's website to get current terms, check eligibility for Quebec, and get started today.
See pricing & termsOpens ShariaPortfolio's site - you're not committing to anything
Compare With Other Options in Quebec
7 other retirement products available to Quebec residents
Wealth Management · 4 provinces
Wealth Management · 4 provinces
Wealth Management · 4 provinces
User Reviews for ShariaPortfolio
4 verified reviews
4.54 reviews
5★
2
4★
2
3★
0
2★
0
1★
0
Verified
Transparent and well-managed
The portfolio construction is thoughtful and the compliance documentation is thorough. Transparently managed - you can see exactly what you're invested in and why it's halal.
Leila T.NY
6 found helpfulVerified
Consistent and reliable
Good service. Fees are reasonable for active management. Performance has been in line with my expectations. Nothing flashy, just consistent halal investing.
Zainab M.VA
4 found helpfulFrequently Asked Questions
What is ShariaPortfolio RRSP - Registered Retirement Savings Plan?
ShariaPortfolio Canada's RRSP delivers the standard deduction-now, tax-later arithmetic with a fully AAOIFI-screened portfolio behind it: tax-deductible contributions grow tax-deferred, and the conventional bond sleeve that quietly puts most RRSP savers into interest is replaced by sukuk and Islamic funds. Active or passive managed strategies are available, the account converts to a halal-managed RRIF with the same firm at retirement, and the Canadian team runs education webinars on retirement planning and zakat. Custody sits at Fidelity Clearing Canada ULC, advisors serve BC, Alberta, Ontario, and Quebec, and fees are disclosed in the initial consultation.
What Shariah oversight does ShariaPortfolio RRSP - Registered Retirement Savings Plan have?
ShariaPortfolio Canada provides Sharia screening and compliance review for investment portfolios and issues formal Sharia compliance opinions (fatwas).
Is ShariaPortfolio RRSP - Registered Retirement Savings Plan available in Quebec?
Yes. ShariaPortfolio RRSP - Registered Retirement Savings Plan is available in Quebec and 3 other provinces. Verify current availability directly with the provider.
What Shariah oversight does ShariaPortfolio have?
ShariaPortfolio's Shariah compliance is overseen by: ShariaPortfolio manages all portfolios - Canadian accounts included - under AAOIFI rules, and the group's religious oversight is anchored by Shaykh Umer Khan, Sharia Advisor since October 2022. His credentials are unusually deep for the role: Shahadah al-'Alimiyyah from Al-Salam Institute, ifta' (the license to issue Islamic legal verdicts) from Darulifta Birmingham - carrying the title of mufti - plus a Master's in Finance from Wharton and a second Master's in Islamic Finance. Fund-level attestation exists for the affiliated SP Funds ETFs, each of which publishes a Certificate of Sharia Accreditation and a Sharia Auditor Report. The honest gap: neither shariaportfolio.com nor shariaportfolio.ca names a standing multi-member Shariah supervisory board - governance runs through AAOIFI adherence, one named advisor, and per-fund certificates. ShariaPortfolio Canada's own team (Anis Rahman, Siddiq Mohamed, Irfan Chaudhry CFA) fronts client education, not religious rulings..
What financing structure does ShariaPortfolio RRSP - Registered Retirement Savings Plan use?
ShariaPortfolio RRSP - Registered Retirement Savings Plan uses a Wealth Management structure. This is a Shariah-compliant financing arrangement that avoids interest (riba).
How do I apply for ShariaPortfolio RRSP - Registered Retirement Savings Plan in Quebec?
You can apply for ShariaPortfolio RRSP - Registered Retirement Savings Plan directly through the provider's website. Visit their official site to start your application, check current requirements, and get personalized information for Quebec residents.
Stay Updated
Get halal retirement planning insights
No spam ever. Unsubscribe in one click.
Explore All Retirement in Quebec
Compare every retirement option side-by-side with filters, ratings, and Shariah oversight details.
Reviewed by: HalalWallet Editorial Team•Last reviewed: 2026-10-08•Disclosure: Featured partners may compensate HalalWallet for clicks. Editorial policy and full disclosures.
Reviewed monthly and updated when product availability or terms change.
RM
Robert Mallon
Co-Founder, HalalWallet
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.