Manzil vs Wahed Invest
Manzil and Wahed Invest both offer investing. This page lines up 20 listed data points side by side, with 17 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); Wahed Invest uses Robo-Advisor / Index-based.
- Shariah oversight: Manzil discloses Formal Board; Wahed Invest discloses Third-Party Certified.
- HalalWallet Index: Manzil holds a A; Wahed Invest holds a B.
- On measurable rows, Manzil has the better listed value on 1 and Wahed Invest on 1.
- They differ on 17 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 Wahed Invest: the full side-by-side
20 data points from each provider's published materials, lined up row by row. They differ on 17.
20 of 20 rows
States covered
SameManzil: All 50 statesWahed Invest: All 50 states
Expense ratio
Manzil: 0.40%Wahed Invest: 0.50% (Wahed FTSE USA Shariah ETF) · 0.65% (Wahed Dow Jones Islamic Wo…)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…)Wahed Invest: 0.49% + $60/yr (<$100K); 0.49% ($100K+) (Wahed Invest Robo-Advisor) · 0.75% of AUM annually + 3% sourcing fee per property acquisition; no performance fees (Wahed Real Estate Fund)Minimum investment
Manzil: $100 (Wealth Management) · $100 minimum in assets; fractional shares (Manzil Trading (Self-Direc…)Wahed Invest: $100 (Wahed Invest Robo-Advisor) · $100 (10 shares); no accredited investor requirement; open to US residents 18+ with a US bank account (Wahed Real Estate Fund)
Structure
Manzil: Wealth Management / Self-directed brokerage with real-time AAOIFI screening (Zoya)Wahed Invest: Robo-Advisor / Index-basedShariah oversight
Manzil: Formal BoardWahed Invest: Third-Party CertifiedShariah board / scholar
Manzil: Formal BoardWahed Invest: third_party_certifiedPublished fatwa / certificate
SameManzil: NoWahed Invest: 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…)Wahed Invest: AAOIFI standards (Wahed Invest Robo-Advisor) · FTSE Shariah Index (Wahed FTSE USA Shariah ETF) · Dow Jones Islamic World Index (Wahed Dow Jones Islamic Wo…) · Structural compliance rather than stock screening: zero-debt policy (100% equity acquisitions), income solely from residential rent and appreciation, SRB-certified with ongoing internal monitoring (Wahed Real Estate Fund)
Products listed
Manzil: Wealth Management, Manzil Trading (Self-Directed Halal Stock Trading), Manzil Russell Halal USA Broad Market ETFWahed Invest: Wahed Invest Robo-Advisor, Wahed FTSE USA Shariah ETF, Wahed Dow Jones Islamic World ETF, Wahed Real Estate FundBest for
Manzil: Halal portfolio managementWahed Invest: Hands-off investors who want automationProduct types
Manzil: Investment Platform, Brokerage, ETFWahed Invest: Investment Platform, ETF, Real Estate FundTickers
Manzil: MNZLWahed Invest: HLAL, UMMAHoldings
Manzil: ~490Wahed Invest: ~200 (Wahed FTSE USA Shariah ETF) · ~100 (Wahed Dow Jones Islamic Wo…)Account types
Manzil: Individual taxable brokerage (via the Manzil app), Individual, IRA, Roth IRAWahed Invest: Individual, IRA, Roth IRAFocus
Manzil: Managed Halal Portfolios (Wealth Management) · US Large & Mid Cap (Manzil Russell Halal USA B…)Wahed Invest: Automated Halal Portfolios (Wahed Invest Robo-Advisor) · US Large Growth (Wahed FTSE USA Shariah ETF) · Global Large Growth (Wahed Dow Jones Islamic Wo…)
HalalWallet Index grade
Manzil: A EdgeWahed Invest: BFounded
Manzil: 2019Wahed Invest: 2015 EdgeGoogle rating
Manzil: Not listedWahed Invest: 4.5/5 (1,200 reviews)Assets under management
Manzil: $25.31M (2026-08-04)Wahed Invest: $752M (Wahed FTSE USA Shariah ETF) · $0.2B (Wahed Dow Jones Islamic Wo…)
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
Wahed Invest
- Fully automated halal portfolios matched to your goals
- Certified by the Shariyah Review Bureau (2024), with AAOIFI associate membership
- Supports individual, IRA, and Roth IRA accounts
- Available nationwide in all 50 states
- Second-largest halal ETF at roughly $752M - liquid and established
- The flat $60 stings small accounts: on $1,000 the all-in cost approaches 6.5% a year - fund it meaningfully or wait
- Model portfolios only - no individual stock selection or allocation tweaks
- SEC's February 2022 order (misleading statements, undisclosed conflicts around HLAL's launch, no written Shariah-compliance policies; $300,000 penalty) is recent history worth knowing
- Portfolios lean on Wahed's own ETFs, an inherent conflict the firm discloses
- 0.50% fee sits above SPUS (0.45%) and MNZL (0.40%) for similar US halal exposure
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)
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How do Manzil and Wahed Invest compare for investing?
Manzil and Wahed Invest both offer investing. This page lines up 20 listed data points side by side, with 17 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); Wahed Invest uses Robo-Advisor / Index-based.
- Shariah oversight: Manzil discloses Formal Board; Wahed Invest 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: 2026-10-14
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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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