Investing alternatives
Wahed Invest Alternatives
6 halal investing providers in the U.S. that compete with Wahed Invest, ranked by HalalWallet Index grade, disclosed Shariah oversight, and state coverage. Independent: we are not affiliated with Wahed Invest 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 Wahed Invest for halal investing in the U.S. are ShariaPortfolio, Amana Funds and Musaffa. ShariaPortfolio offers human advisors and the SP Funds ETF family for investors who want personalized management; Wahed is cheaper at small balances and fully automated. The highest HalalWallet Index grade among the alternatives belongs to Manzil (A). Where Wahed Invest still wins: Fully halal by construction - every portfolio holds only Shariah-screened equities, sukuk, and gold, so there is nothing for the investor to screen or purify manually beyond Wahed's published purification amounts.
- 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: ShariaPortfolio B, Manzil A, SPFunds A-, Allied Asset Advisors B+ (Wahed Invest holds B).
- Wahed Invest is available nationwide across the U.S., so coverage is not a reason to switch.
- Product types across the alternatives: Wealth Management, Actively managed, ETF Screener, Index-based, Shariah-Screened Mutual Fund (Wahed Invest: Index-based).
- Most common reason to look elsewhere: The SEC fined Wahed $300,000 in February 2022 for advertising nonexistent proprietary funds, seeding HLAL with client assets without disclosing the conflict, and lacking written Shariah-compliance policies - resolved with a cease-and-desist and an independent compliance consultant.
Source: HalalWallet (halalwallet.us)
Top 6 Wahed Invest alternatives for 2026
- Grade B
- Shariah oversight
- Shariah oversight: Named scholar
- Coverage
- Coverage: all 50 states
- Structure
- Structure: Wealth Management
- Track record
- Since: 2013
vs Wahed Invest: ShariaPortfolio offers human advisors and the SP Funds ETF family for investors who want personalized management; Wahed is cheaper at small balances and fully automated.
- Not graded
- Shariah oversight
- Shariah oversight: Third-party certified
- Coverage
- Coverage: all 50 states
- Structure
- Structure: Actively managed
- Track record
- Since: 1986
vs Wahed Invest: Amana's mutual funds carry the longest halal track record in America (since 1986) but you build your own allocation; Wahed manages the whole portfolio for you from $100.
- Not graded
#3
Musaffa
- Shariah oversight
- Shariah oversight: Formal Shariah board
- Coverage
- Coverage: all 50 states
- Structure
- Structure: ETF Screener
- Track record
- Since: 2020
vs Wahed Invest: Musaffa is self-directed - you screen and pick individual stocks with its AAOIFI-based ratings; Wahed is discretionary and hands-off with no stock-picking required.
- Grade A
#4
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 A-
#5
SPFunds
- Shariah oversight
- Shariah oversight: Third-party certified
- Coverage
- Coverage: all 50 states
- Structure
- Structure: Index-based
- Track record
- Since: 2019
Our take: 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.
- 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.
Wahed Invest vs the alternatives at a glance
| Provider | Index grade | Shariah oversight | Coverage | Structure | Since |
|---|---|---|---|---|---|
| Wahed Invest(this review) | B | Third-party certified | All 50 states | Index-based | 2015 |
| ShariaPortfolio | B | Named scholar | All 50 states | Wealth Management | 2013 |
| Amana Funds | Not graded | Third-party certified | All 50 states | Actively managed | 1986 |
| Musaffa | Not graded | Formal Shariah board | All 50 states | ETF Screener | 2020 |
| Manzil | A | Formal Shariah board | All 50 states | Wealth Management | 2017 |
| 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 |
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 Wahed Invest alternative
- The SEC fined Wahed $300,000 in February 2022 for advertising nonexistent proprietary funds, seeding HLAL with client assets without disclosing the conflict, and lacking written Shariah-compliance policies - resolved with a cease-and-desist and an independent compliance consultant
- The $60 fixed fee makes small accounts proportionally expensive - effective cost runs near 0.9% or more below $20,000 - and the site currently shows two conflicting fee schedules (an older 0.79%/0.49% tier chart alongside the newer 0.49% + $60 structure)
- Conservative portfolios now lean heavily on the brand-new KWIN options ETF (about 79% of Very Conservative) rather than pure sukuk - a strategy with a back-tested, not real, track record before November 2025
- Discretionary management only: no human advisor consultations, portfolio changes happen only in-app, and withdrawals take roughly 7-8 business days end to end
- ETF expense ratios (0.50-0.65% on Wahed's own funds) stack on top of the wrap fee for the portions not offset, and the linked wrap-fee brochure PDF is dated November 2022
When Wahed Invest is still the right choice
- Fully halal by construction - every portfolio holds only Shariah-screened equities, sukuk, and gold, so there is nothing for the investor to screen or purify manually beyond Wahed's published purification amounts
- Genuinely low barrier: $100 minimum for taxable accounts and Traditional, Roth, SEP, and Rollover IRAs, with free ACH deposits, withdrawals, and account closure
- One of the strongest published Shariah audit trails in US fintech - annual SSB reports for 2019 through 2024, per-fund fatwas for HLAL, UMMA, and KWIN, and quarterly purification data
- Credible scholarship: Sheikh Dr. Aznan Hasan sits on AAOIFI's Shariah board and Malaysia's Securities Commission council, with Shariyah Review Bureau providing independent external review
- Assets are held in your name at Apex Clearing with SIPC protection up to $500,000, and the wrap fee covers all management, custody, and trading costs
- Expanding product depth - a halal savings alternative (Everyday Shariah Account) and zero-debt fractional real estate under Regulation A from $100-$500
Our verdict on Wahed Invest: For Muslims who want investing handled end to end - screening, allocation, rebalancing, purification - Wahed is the most complete halal robo-advisor in the US, with governance documentation few competitors match. Go in with open eyes: the 2022 SEC order is real history, the $60 fee stings under $20K, and the conservative tiers now ride a very young options ETF. At $100K+ the flat 0.49% all-in fee is genuinely competitive.
Still deciding?
The ranking above is category-wide. For a state-by-state, structure-by-structure view of every provider, use the comparison tool.
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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 Wahed Invest). 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 Wahed Invest?
ShariaPortfolio ranks first among Wahed Invest alternatives for halal investing with a HalalWallet Index grade of B, named scholar Shariah oversight, and coverage of all 50 states. ShariaPortfolio offers human advisors and the SP Funds ETF family for investors who want personalized management; Wahed is cheaper at small balances and fully automated. Amana Funds and Musaffa 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 Wahed Invest alternative is available in my state?
Wahed Invest itself is available nationwide across the U.S.. ShariaPortfolio, Amana Funds, Musaffa and Manzil also operate nationwide across the U.S..
How do Wahed Invest's alternatives differ in approach?
Wahed Invest is listed as index-based. SPFunds takes the same approach. Other approaches among the alternatives: wealth management, actively managed, etf screener, 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?
Amana Funds (third-party certified), Musaffa (formal shariah board), Manzil (formal shariah board), SPFunds (third-party certified), Allied Asset Advisors (third-party certified) disclose either a formal Shariah board or third-party certification. Wahed Invest itself is classed as third-party certified. HalalWallet reports what each provider publishes; we do not certify products.
Should I switch from Wahed Invest?
Reasons readers look elsewhere: The SEC fined Wahed $300,000 in February 2022 for advertising nonexistent proprietary funds, seeding HLAL with client assets without disclosing the conflict, and lacking written Shariah-compliance policies - resolved with a cease-and-desist and an independent compliance consultant; The $60 fixed fee makes small accounts proportionally expensive - effective cost runs near 0.9% or more below $20,000 - and the site currently shows two conflicting fee schedules (an older 0.79%/0.49% tier chart alongside the newer 0.49% + $60 structure). Reasons to stay: Fully halal by construction - every portfolio holds only Shariah-screened equities, sukuk, and gold, so there is nothing for the investor to screen or purify manually beyond Wahed's published purification amounts; Genuinely low barrier: $100 minimum for taxable accounts and Traditional, Roth, SEP, and Rollover IRAs, with free ACH deposits, withdrawals, and account closure. Switching mid-contract can trigger payoff terms and new closing costs, so compare the total cost of finishing with Wahed Invest 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