Investing alternatives
Manzil Alternatives
6 halal investing providers in the U.S. that compete with Manzil, ranked by HalalWallet Index grade, disclosed Shariah oversight, and state coverage. Independent: we are not affiliated with Manzil or any provider listed here.
Co-Founder & CEO, HalalWallet
Re-ranked automatically when Index grades, oversight, or coverage change in our database.
The closest alternatives to Manzil for halal investing in the U.S. are Wahed Invest, Amana Funds and SPFunds. Wahed is the longest-running US halal robo-advisor with Shariyah Review Bureau certification; Manzil counters with self-directed trading alongside managed portfolios and a lower $100 minimum. The highest HalalWallet Index grade among the alternatives belongs to SPFunds (A-). Where Manzil still wins: Operates on an SEC investment-adviser registration active since May 2020 (CRD #308500) with no disciplinary history disclosed in its Form ADV.
- 6 of 13 investing providers we track in the U.S. are ranked here; the rest fell below on Index grade, Shariah oversight, or reviews.
- Index grades among the alternatives: Wahed Invest B, SPFunds A-, Allied Asset Advisors B+, Azzad Asset Management B, ShariaPortfolio B (Manzil holds A).
- Manzil is available nationwide across the U.S., so coverage is not a reason to switch.
- Product types across the alternatives: Index-based, Actively managed, Shariah-Screened Mutual Fund, Wealth Management (Manzil: Wealth Management).
- Most common reason to look elsewhere: US platform only launched in July 2025, so its American operating track record is short.
Source: HalalWallet (halalwallet.us)
Top 6 Manzil alternatives for 2026
- Grade B
- Shariah oversight
- Shariah oversight: Third-party certified
- Coverage
- Coverage: all 50 states
- Structure
- Structure: Index-based
- Track record
- Since: 2015 | Google: 4.5/5
vs Manzil: Wahed is the longest-running US halal robo-advisor with Shariyah Review Bureau certification; Manzil counters with self-directed trading alongside managed portfolios and a lower $100 minimum.
- Not graded
- Shariah oversight
- Shariah oversight: Third-party certified
- Coverage
- Coverage: all 50 states
- Structure
- Structure: Actively managed
- Track record
- Since: 1986
vs Manzil: Amana's actively managed halal mutual funds (via Saturna Capital) have decades of track record; Manzil offers passive index exposure via MNZL and automated portfolios at a lower fee.
- Grade A-
#3
SPFunds
- Shariah oversight
- Shariah oversight: Third-party certified
- Coverage
- Coverage: all 50 states
- Structure
- Structure: Index-based
- Track record
- Since: 2019
vs Manzil: SP Funds sells individual halal ETFs (S&P-based) you hold at any broker; Manzil is a full platform with IRAs, screening, and purification tooling built in.
- Grade B+
- Shariah oversight
- Shariah oversight: Third-party certified
- Coverage
- Coverage: all 50 states
- Structure
- Structure: Shariah-Screened Mutual Fund
- Track record
- Since: 2000
Our take: The Iman Fund is a legitimate, durable pillar of US halal investing: 25 years, one manager, community waqf ownership, and easy access through mainstream brokerages.
- Grade B
- Shariah oversight
- Shariah oversight: Third-party certified
- Coverage
- Coverage: all 50 states
- Structure
- Structure: Wealth Management
- Track record
- Since: 2000
Our take: If you need halal fixed income, WISEX alone justifies Azzad's place in your portfolio - nothing else in a US mutual fund does what it does, and the firm's audited, three-layer Shariah governance is the best-verified in the market.
- Grade B
- Shariah oversight
- Shariah oversight: Named scholar
- Coverage
- Coverage: all 50 states
- Structure
- Structure: Wealth Management
- Track record
- Since: 2013
Our take: If you invest halal in America, you will probably own something ShariaPortfolio built - SPUS and SPSK are the default building blocks of the halal three-fund portfolio, and the firm behind them offers a legitimate full-service path from $1...
Manzil vs the alternatives at a glance
| Provider | Index grade | Shariah oversight | Coverage | Structure | Since |
|---|---|---|---|---|---|
| Manzil(this review) | A | Formal Shariah board | All 50 states | Wealth Management | 2017 |
| Wahed Invest | B | Third-party certified | All 50 states | Index-based | 2015 |
| Amana Funds | Not graded | Third-party certified | All 50 states | Actively managed | 1986 |
| SPFunds | A- | Third-party certified | All 50 states | Index-based | 2019 |
| Allied Asset Advisors | B+ | Third-party certified | All 50 states | Shariah-Screened Mutual Fund | 2000 |
| Azzad Asset Management | B | Third-party certified | All 50 states | Wealth Management | 2000 |
| ShariaPortfolio | B | Named scholar | All 50 states | Wealth Management | 2013 |
Index grades are HalalWallet's independent scorecard. Oversight and coverage are what each provider publishes, last verified 2026-10-27. Not graded means the category or provider is outside the Index, not a negative mark.
Why people look for a Manzil alternative
- US platform only launched in July 2025, so its American operating track record is short
- Published pricing (0.40% + $48/yr, $100 minimum) differs from the January 2025 SEC brochure ($2/mo + 0.49%, $1,000 minimum) - confirm current terms when signing up
- Purification amounts are estimated by Manzil but donating them is the client's own responsibility
- US lineup is investing-only today - home financing, wills, and banking from the Canadian playbook haven't launched yet
When Manzil is still the right choice
- Operates on an SEC investment-adviser registration active since May 2020 (CRD #308500) with no disciplinary history disclosed in its Form ADV
- Transparent Shariah governance: named SSB scholars, a published FTSE Russell-IdealRatings Shariah certificate, and AAOIFI-based purification estimates
- Low barrier to entry - $100 minimum, and the $48/year subscription is waived at $100,000+
- Both self-directed trading with real-time compliance screening and professionally managed portfolios under one roof
- MNZL ETF offers one-ticket halal US large-cap exposure (0.40% expense ratio, Nasdaq-listed) with an AFSC ethical overlay
- Backed by a parent with a CAD $100M+ halal-mortgage track record in Canada
Our verdict on Manzil: Manzil US pairs a young American platform with a proven Canadian parent: SEC-registered, AAOIFI-screened, scholar-certified investing from $100, plus the MNZL ETF for one-ticket halal exposure. The US track record is short and the lineup is investing-only for now, but the governance transparency is among the strongest of any US halal platform.
Still deciding?
The ranking above is category-wide. For a state-by-state, structure-by-structure view of every provider, use the comparison tool.
Compare halal ETFs with live performance dataHow this ranking works
The pool is every provider with active investing listings in the U.S. in HalalWallet's database (13 besides Manzil). Providers our editors have written a direct comparison for appear first; the rest are ordered by live HalalWallet Index grade, then disclosed Shariah oversight (formal board or third-party certification ranks above a named scholar, which ranks above no public review), then Google rating. Nothing here is paid placement. See our methodology and how Index grades are computed.
Frequently asked questions
What is the best alternative to Manzil?
Wahed Invest ranks first among Manzil alternatives for halal investing with a HalalWallet Index grade of B, third-party certified Shariah oversight, and coverage of all 50 states. Wahed is the longest-running US halal robo-advisor with Shariyah Review Bureau certification; Manzil counters with self-directed trading alongside managed portfolios and a lower $100 minimum. Amana Funds and SPFunds follow. The right pick depends on your state, the contract structure you are comfortable with, and total cost, so get quotes from at least two.
Which Manzil alternative is available in my state?
Manzil itself is available nationwide across the U.S.. Wahed Invest, Amana Funds, SPFunds and Allied Asset Advisors also operate nationwide across the U.S..
How do Manzil's alternatives differ in approach?
Manzil is listed as wealth management. Azzad Asset Management and ShariaPortfolio take the same approach. Other approaches among the alternatives: index-based, actively managed, shariah-screened mutual fund. The practical differences are who does the Shariah screening (you, an app, or a manager), what it costs at your balance, and how purification of impermissible income is reported. Match the approach to how hands-on you want to be.
Which alternative has the strongest Shariah oversight?
Wahed Invest (third-party certified), Amana Funds (third-party certified), SPFunds (third-party certified), Allied Asset Advisors (third-party certified), Azzad Asset Management (third-party certified) disclose either a formal Shariah board or third-party certification. Manzil itself is classed as formal shariah board. HalalWallet reports what each provider publishes; we do not certify products.
Should I switch from Manzil?
Reasons readers look elsewhere: US platform only launched in July 2025, so its American operating track record is short; Published pricing (0.40% + $48/yr, $100 minimum) differs from the January 2025 SEC brochure ($2/mo + 0.49%, $1,000 minimum) - confirm current terms when signing up. Reasons to stay: Operates on an SEC investment-adviser registration active since May 2020 (CRD #308500) with no disciplinary history disclosed in its Form ADV; Transparent Shariah governance: named SSB scholars, a published FTSE Russell-IdealRatings Shariah certificate, and AAOIFI-based purification estimates. Switching mid-contract can trigger payoff terms and new closing costs, so compare the total cost of finishing with Manzil against a new contract elsewhere, and check the early-payoff clause first.
How to use this comparison: Scholars rule; we organize the evidence. HalalWallet is an independent educational comparison platform - by design, we do not issue fatwas or provide financial, legal, or tax advice. We do the research homework so your final checks are quick and personal. Where our role ends and who takes over.
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