Manzil vs SPFunds
Manzil and SPFunds both offer investing. This page lines up 20 listed data points side by side, with 16 differences, so you can see exactly where they part ways before you request quotes.
Built from each provider's listed data · provider data last verified Oct 2026
At a glance
- Both are available in all 50 states.
- Manzil uses Wealth Management / Self-directed brokerage with real-time AAOIFI screening (Zoya); SPFunds uses Index-based / Mutual Funds.
- Shariah oversight: Manzil discloses Formal Board; SPFunds discloses Third-Party Certified.
- HalalWallet Index: Manzil holds a A; SPFunds holds a A-.
- On measurable rows, Manzil has the better listed value on 1 and SPFunds on 0.
- They differ on 16 of the 20 data points we list for investing.
No editorial verdict has been written for this pair yet. The side-by-side below is the full data view; where we have written one, you'll find it under Compare.
Manzil vs SPFunds: the full side-by-side
20 data points from each provider's published materials, lined up row by row. They differ on 16.
States covered
SameManzil: All 50 statesSPFunds: All 50 states
Expense ratio
Manzil: 0.40%SPFunds: 0.55% (SP Funds S&P Global Techno…) · 0.45% (SP Funds S&P 500 Shariah I…) · 0.50% (SP Funds Dow Jones Global…) · 1.31% (SPTAX) / 0.91% (SPTMX) (SP Funds 2030 Target Date…) · 1.32% (SPTBX) / 0.92% (SPTNX) (SP Funds 2040 Target Date…) · 1.33% (SPTCX) / 0.93% (SPTOX) (SP Funds 2050 Target Date…)Management fee
Manzil: 0.40% AUM + $48/yr (waived at $100K+) (Wealth Management) · Core: $48/year + 0.40% of invested assets; Premium ($100K+ in assets): $0/year + 0.40% (Manzil Trading (Self-Direc…)SPFunds: 0.45% (unitary fee to ShariaPortfolio, Inc.)Minimum investment
Manzil: $100 (Wealth Management) · $100 minimum in assets; fractional shares (Manzil Trading (Self-Direc…)SPFunds: $250 ($50,000 institutional); $25 subsequent
Structure
Manzil: Wealth Management / Self-directed brokerage with real-time AAOIFI screening (Zoya)SPFunds: Index-based / Mutual FundsShariah oversight
Manzil: Formal BoardSPFunds: Third-Party CertifiedShariah board / scholar
Manzil: Formal BoardSPFunds: third_party_certifiedPublished fatwa / certificate
SameManzil: NoSPFunds: NoScreening standard
Manzil: Real-time Shariah screening by Zoya against AAOIFI standards, embedded in the platform; non-compliant stocks cannot be traded and status changes trigger notifications (Manzil Trading (Self-Direc…) · Russell Halal USA Index (Manzil Russell Halal USA B…)SPFunds: S&P Global Technology Shariah screening (SP Funds S&P Global Techno…) · S&P 500 Shariah screening (SP Funds S&P 500 Shariah I…) · Dow Jones Sukuk Total Return Index (SP Funds Dow Jones Global…) · AAOIFI standards via underlying SP Funds ETFs (SP Funds 2030 Target Date…) · S&P Global REIT Shariah screening (SP Funds S&P Global REIT S…) · S&P World Shariah screening (SP Funds S&P World ETF)
Products listed
Manzil: Wealth Management, Manzil Trading (Self-Directed Halal Stock Trading), Manzil Russell Halal USA Broad Market ETFSPFunds: SP Funds S&P Global Technology ETF, SP Funds S&P 500 Shariah Industry Exclusions ETF, SP Funds Dow Jones Global Sukuk ETF, SP Funds 2030 Target Date Fund (SPTAX), SP Funds 2040 Target Date Fund (SPTBX), SP Funds 2050 Target Date Fund (SPTCX) +2 moreBest for
Manzil: Halal portfolio managementSPFunds: Halal technology sector exposureProduct types
Manzil: Investment Platform, Brokerage, ETFSPFunds: ETF, Mutual FundTickers
Manzil: MNZLSPFunds: SPTE, SPUS, SPSK, SPTAX, SPTBX +3 moreHoldings
Manzil: ~490SPFunds: ~100 (SP Funds S&P Global Techno…) · ~200 (SP Funds S&P 500 Shariah I…) · ~170 (SP Funds Dow Jones Global…) · 7 (SPSK, SPUS, SPRE, SPWO, SPTE, GLD, cash) (SP Funds 2030 Target Date…) · 6 (SPUS, SPTE, SPWO, SPRE, SPSK, cash) (SP Funds 2040 Target Date…) · ~30 (SP Funds S&P Global REIT S…) · ~400 (SP Funds S&P World ETF)Account types
Manzil: Individual taxable brokerage (via the Manzil app), Individual, IRA, Roth IRASPFunds: Individual, IRA, Roth IRA, Employer retirement planFocus
Manzil: Managed Halal Portfolios (Wealth Management) · US Large & Mid Cap (Manzil Russell Halal USA B…)SPFunds: Global Technology (SP Funds S&P Global Techno…) · US Large Growth (SP Funds S&P 500 Shariah I…) · Global Bond (Sukuk) (SP Funds Dow Jones Global…) · Target Date / Retirement (SP Funds 2030 Target Date…) · Global Real Estate (SP Funds S&P Global REIT S…) · Global Large Blend (SP Funds S&P World ETF)
HalalWallet Index grade
Manzil: A EdgeSPFunds: A-Founded
SameManzil: 2019SPFunds: 2019Awards
Manzil: Not listedSPFunds: Morningstar Silver Medalist Rating (rated Aug 31, 2026; published Sep 29, 2026), U.S. News #3 Best Global Bond ETF (ranked Oct 2026; 3rd of 9 evaluated)Assets under management
Manzil: $25.31M (2026-08-04)SPFunds: $217M (2026-08-04) (SP Funds S&P Global Techno…) · $3.39B (2026-10-07) (SP Funds S&P 500 Shariah I…) · $645M (2026-08-04) (SP Funds Dow Jones Global…) · $6.36M fund total; $3.58M Investor class (2026-10-26) (SP Funds 2030 Target Date…) · $10.17M fund total; $5.36M Investor class (2026-10-26) (SP Funds 2040 Target Date…) · $5.94M fund total (2026-10-26) (SP Funds 2050 Target Date…) · $221M (2026-08-04) (SP Funds S&P Global REIT S…) · $200M (2026-08-04) (SP Funds S&P World ETF)
Edge marks the side with the better listed number on measurable rows (lower fee, wider coverage, higher grade). It is not a verdict - a provider can win more rows and still be the wrong fit for you.
Strengths and trade-offs
Manzil
- Live and accessible: $100 minimum with a simple 0.40% + $48/year price
- Certified professionals manage and rebalance the portfolio for you
- Oversight by an in-house Shariah board plus external scholars, to AAOIFI standards
- Diversified beyond equities: sukuk, REITs, and gold/silver ETFs in the models
- Individual, Traditional IRA, and Roth IRA accounts; excess SIPC coverage raised to $75M via Alpaca
- The $48 subscription is heavy on small accounts - on $1,000 it adds nearly 5% a year on top of the 0.40%
- Fee disclosures conflict: the website says 0.40% + $48/year while the filed Form ADV lists $2/month + 0.49%
- Three broad risk profiles only - no customization or individual stock selection
- US operation is young (Aghaz acquired in November 2024) with small regulatory AUM at the start of 2025
- The 0.40% fee applies to self-directed assets, which costs more than commission-free conventional brokers (Robinhood, Fidelity) where halal-conscious investors screen manually
SPFunds
- Focused halal exposure to the global technology sector, not just US names
- Includes non-US leaders like Taiwan Semiconductor via the S&P Global 1200 universe
- Full SP Funds compliance file: accreditation certificate, auditor report, quarterly purification
- Monthly distributions despite the growth mandate
- Largest halal ETF by AUM at $2.9B - deep liquidity and tight spreads
- Single-sector concentration - this amplifies rather than diversifies most halal portfolios' existing tech tilt
- High volatility inherent to a pure technology fund
- Highest purification burden in the family (2.27% of dividends in Q1 2026)
- At $217M it is mid-sized; spreads run wider than SPUS
- US-focused only - pair with an international fund for global coverage
Products behind the numbers
Where a row shows more than one value, it is because the provider lists several investing products. Each is tagged.
Manzil (3)
SPFunds (8)
- SP Funds S&P Global Technology ETF · SPTEDetails
- SP Funds S&P 500 Shariah Industry Exclusions ETF · SPUSDetails
- SP Funds Dow Jones Global Sukuk ETF · SPSKDetails
- SP Funds 2030 Target Date Fund (SPTAX) · SPTAXDetails
- SP Funds 2040 Target Date Fund (SPTBX) · SPTBXDetails
- SP Funds 2050 Target Date Fund (SPTCX) · SPTCXDetails
- SP Funds S&P Global REIT Shariah ETF · SPREDetails
- SP Funds S&P World ETF · SPWODetails
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How do Manzil and SPFunds compare for investing?
Manzil and SPFunds both offer investing. This page lines up 20 listed data points side by side, with 16 differences, so you can see exactly where they part ways before you request quotes.
- Both are available in all 50 states.
- Manzil uses Wealth Management / Self-directed brokerage with real-time AAOIFI screening (Zoya); SPFunds uses Index-based / Mutual Funds.
- Shariah oversight: Manzil discloses Formal Board; SPFunds discloses Third-Party Certified.
Source: HalalWallet (halalwallet.us)
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Sources and review process
This page is reviewed against HalalWallet editorial standards and source documentation.
Reviewed by: HalalWallet Editorial Team
Last reviewed: 2026-10-27
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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.
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