HLAL is the Wahed FTSE USA Shariah ETF, a U.S.-listed fund that tracks a Shariah-screened index of American stocks. Launched in 2019 and trading on Nasdaq, it is built for Muslim investors who want diversified equity exposure without hand-picking every ticker. Before you buy, check the live prospectus for the current expense ratio, top holdings, and AUM. Those figures change.
Quick fit check: choose HLAL if you want a broad U.S. Shariah equity sleeve and prefer the FTSE USA Shariah methodology. Compare it directly with SPUS in our SPUS vs HLAL guide before you commit.
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HLAL at a Glance
| Item | Detail |
|---|---|
| Fund name | Wahed FTSE USA Shariah ETF |
| Ticker | HLAL |
| Index | FTSE USA Shariah Index |
| Launch | 2019 |
| Exchange | Nasdaq |
| Job | Diversified Shariah-screened U.S. equities |
| Management style | Passive / index-tracking |
How HLAL's Shariah Screening Works
HLAL does not invent a personal fatwa for each buyer. It tracks an index that removes companies failing Islamic investment screens.
Business activity screening
Companies with material involvement in prohibited activities are removed. Common exclusions include conventional interest-based finance, alcohol, gambling, pork-related business, and similar categories.
Financial ratio screening
Remaining companies must also clear financial thresholds designed to limit excessive interest-bearing debt and interest income. Exact thresholds come from the index methodology; always verify in current fund documents.
What HLAL Typically Holds
Because conventional banks and several other industries are excluded, HLAL (like most U.S. halal equity ETFs) often concentrates in technology, healthcare, and other sectors that clear screens more often. Mega-cap names frequently dominate the top of the book.
Do not memorize an old holdings table from a blog post. Pull the latest factsheet the day you invest.
Pros
- One-ticker access to a diversified Shariah-screened U.S. equity basket
- Passive index approach instead of stock-by-stock DIY screening
- Easy to buy in a normal U.S. brokerage or retirement account that supports ETFs
- Useful core holding for beginners who want simplicity
Limitations
- Expense ratios on niche Shariah ETFs are often higher than broad conventional index funds
- Sector mix will not match the plain S&P 500 because banks and other industries are removed
- Compliance depends on index rules; you still need comfort with the methodology
- Dividends may require purification depending on your scholarly view and any residual non-compliant income
HLAL vs SPUS
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| Question | HLAL | SPUS |
|---|---|---|
| Provider association | Wahed FTSE USA Shariah ETF | SP Funds S&P 500 Sharia ETF |
| Index family | FTSE USA Shariah | S&P 500 Sharia lineage |
| Investor question | Do I want FTSE USA Shariah exposure? | Do I want S&P 500 Sharia exposure? |
| How to choose | Compare fees, holdings overlap, tracking | Same: compare live factsheets |
Neither fund is universally “more halal.” Both apply screening. The practical choice is methodology preference, cost, and portfolio fit. Read SPUS vs HLAL and the SPUS review.
Who Might Consider HLAL?
- Muslim investors who want a simple U.S. equity core
- Beginners not ready to screen individual stocks in Zoya or Musaffa
- Long-term IRA / brokerage investors who rebalance occasionally
Frequently Asked Questions
Is HLAL a halal ETF?
HLAL is designed as a Shariah-screened ETF tracking the FTSE USA Shariah Index. Review the current methodology and your own scholarly standards before investing.
What is HLAL's expense ratio?
It changes. Use the fund’s current prospectus or your brokerage’s ETF profile for the live number.
Does HLAL pay dividends?
Yes, like many equity ETFs it can distribute dividends from underlying holdings. Ask your scholar about purification if needed.
Is HLAL the same as SPUS?
No. Different index families and holdings mixes. Compare both before buying.
Can I hold HLAL in a retirement account?
Often yes if your IRA or 401(k) brokerage window supports the ticker. Availability depends on the custodian.
The Bottom Line
Compare providers in your state
See side-by-side comparisons of Shariah-compliant products, or let our matcher recommend the best options for your situation.
HLAL is one of the main one-fund answers for U.S. Muslims who want screened equity exposure without DIY stock picking. Verify today’s fees and holdings, compare with SPUS, then place it inside a broader plan on the HalalWallet investing hub.
