Investing alternatives
SPFunds Alternatives
6 halal investing providers in the U.S. that compete with SPFunds, ranked by HalalWallet Index grade, disclosed Shariah oversight, and state coverage. Independent: we are not affiliated with SPFunds 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 SPFunds for halal investing in the U.S. are Wahed Invest, Amana Funds and Manzil. HLAL (0.50% expense ratio) competes with SPUS (0.45%) as a halal large-cap equity ETF. Compare index methodology and performance. The highest HalalWallet Index grade among the alternatives belongs to Manzil (A). Where SPFunds still wins: SPUS expense ratio of 0.45% is among the lowest for halal equity ETFs (per our data).
- 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, Manzil A, Allied Asset Advisors B+, Azzad Asset Management B, ShariaPortfolio B (SPFunds holds A-).
- SPFunds is available nationwide across the U.S., so coverage is not a reason to switch.
- Product types across the alternatives: Index-based, Actively managed, Wealth Management, Shariah-Screened Mutual Fund (SPFunds: Index-based).
- Most common reason to look elsewhere: SP Funds manages ETFs but doesn't offer a brokerage or advisory platform.
Source: HalalWallet (halalwallet.us)
Top 6 SPFunds 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 SPFunds: HLAL (0.50% expense ratio) competes with SPUS (0.45%) as a halal large-cap equity ETF. Compare index methodology and performance.
- Not graded
- Shariah oversight
- Shariah oversight: Third-party certified
- Coverage
- Coverage: all 50 states
- Structure
- Structure: Actively managed
- Track record
- Since: 1986
vs SPFunds: Amana offers mutual funds with a longer track record since 1986. ETFs generally have lower ongoing costs.
- Grade A
#3
Manzil
- Shariah oversight
- Shariah oversight: Formal Shariah board
- Coverage
- Coverage: all 50 states
- Structure
- Structure: Wealth Management
- Track record
- Since: 2017
Our take: 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.
- 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...
SPFunds vs the alternatives at a glance
| Provider | Index grade | Shariah oversight | Coverage | Structure | Since |
|---|---|---|---|---|---|
| SPFunds(this review) | A- | Third-party certified | All 50 states | Index-based | 2019 |
| 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 |
| Manzil | A | Formal Shariah board | All 50 states | Wealth Management | 2017 |
| 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 SPFunds alternative
- SP Funds manages ETFs but doesn't offer a brokerage or advisory platform
- SPSK and specialty ETFs may have lower liquidity than SPUS
- Newer fund family compared to Amana's track record since 1986
When SPFunds is still the right choice
- SPUS expense ratio of 0.45% is among the lowest for halal equity ETFs (per our data)
- SPSK is one of the only U.S.-listed sukuk ETFs - provides fixed-income-like exposure without conventional bonds
- Five ETFs enabling diversified halal portfolios: equity (SPUS), sukuk (SPSK), tech (SPTE), real estate (SPRE), international (SPWO)
- Traded on NYSE Arca - buy through any brokerage
Our verdict on SPFunds: SP Funds provides essential building blocks for a diversified halal investment portfolio. SPUS for equities at 0.45%, SPSK for sukuk, and specialty ETFs for targeted exposure. If you're a self-directed investor, SP Funds ETFs should be on your shortlist.
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 ShariaPortfolio compares
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How this ranking works
The pool is every provider with active investing listings in the U.S. in HalalWallet's database (13 besides SPFunds). 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 SPFunds?
Wahed Invest ranks first among SPFunds alternatives for halal investing with a HalalWallet Index grade of B, third-party certified Shariah oversight, and coverage of all 50 states. HLAL (0.50% expense ratio) competes with SPUS (0.45%) as a halal large-cap equity ETF. Compare index methodology and performance. Amana Funds and Manzil 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 SPFunds alternative is available in my state?
SPFunds itself is available nationwide across the U.S.. Wahed Invest, Amana Funds, Manzil and Allied Asset Advisors also operate nationwide across the U.S..
How do SPFunds's alternatives differ in approach?
SPFunds is listed as index-based. Wahed Invest takes the same approach. Other approaches among the alternatives: actively managed, wealth management, 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), Manzil (formal shariah board), Allied Asset Advisors (third-party certified), Azzad Asset Management (third-party certified) disclose either a formal Shariah board or third-party certification. SPFunds itself is classed as third-party certified. HalalWallet reports what each provider publishes; we do not certify products.
Should I switch from SPFunds?
Reasons readers look elsewhere: SP Funds manages ETFs but doesn't offer a brokerage or advisory platform; SPSK and specialty ETFs may have lower liquidity than SPUS. Reasons to stay: SPUS expense ratio of 0.45% is among the lowest for halal equity ETFs (per our data); SPSK is one of the only U.S.-listed sukuk ETFs - provides fixed-income-like exposure without conventional bonds. Switching mid-contract can trigger payoff terms and new closing costs, so compare the total cost of finishing with SPFunds 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