Shariah-Compliant Investing
Halal Investing in the US - Islamic ETFs, Stocks & Robo-Advisors
Compare 33 Shariah-compliant investment products - halal ETFs, index funds, robo-advisors & stock screeners. Find the right halal investing strategy for your goals.
- products compared
- 33 products compared
- platforms & funds
- 12 platforms & funds
- screening methods
- Multiple screening methods
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Top Picks
Top Halal Investing Providers
Trusted platforms and tools for building a Shariah-compliant portfolio.
HalalWallet is an independent, education-only comparison site. Some outbound links earn referral fees.Advertiser disclosure
Important: HalalWallet is not a lender, mortgage broker, loan originator, or settlement agent. We are an educational comparison site and do not originate applications on your behalf.
Items marked “Featured” may include paid placement in that module. Where you control sort order (tables, filters), your selection applies.
Referral fees typically come from the provider's marketing budget and should not increase what you pay - you should receive the same terms as visiting providers directly; confirm with the provider. How we make money · Methodology · Legal disclosures
Shariah Oversight
Shariah Oversight
Shariah Oversight
In-depth reviews: Manzil review · Wahed Invest review · SPFunds review
Compare Halal Investment Platforms
Every row shows a HalalWallet Index grade, “best for” guidance, and context-specific CTAs. Toggle between Beginner and Expert views.
Manzil Russell Halal USA Broad Market ETF
For a long-term core US holding, MNZL wins on the three things that actually compound:
- Lowest fee of any halal ETF - 0.40%, beating SPUS (0.45%), HLAL (0.50%) and the SP Funds lineup (0.55%).
- Most holdings of any halal ETF - ~461, more than double SPUS (~210) and HLAL (~200).
- Broadest US exposure in one fund - tracks the Russell 1000, so you get large and mid cap. The S&P-based funds hold large caps only.
Our Analysis
Halal investing in the U.S. has evolved from a single mutual fund family (Amana Funds, est. 1986) - now valued at approximately $1.46 billion (Dr. M.K. Hassan, University of New Orleans, 2025) - to a diverse ecosystem of ETFs, robo-advisors, stock screeners, and self-directed platforms. This growth mirrors a massive global trend: Islamic finance assets reached $5.98 trillion in 2024, with the sukuk (Islamic bond) market alone surpassing $1 trillion in outstanding value (ICD-LSEG Islamic Finance Development Report 2025). Today, Muslim investors have more options than ever for building diversified, Shariah-compliant portfolios across asset classes.
Our top picks are Amana Funds and Musaffa. Amana Funds remains the gold standard for those who prefer established, scholar-supervised mutual funds with a 35+ year track record and 4 fund options. Musaffa provides comprehensive stock screening with 30,000+ Shariah ratings, backed by a formal advisory board including prominent scholars. For beginners seeking automation, platforms like Wahed Invest offer robo-advisory services with built-in Shariah screening.
Key comparison factors: management fees (fees vary by platform and account type), screening methodology (AAOIFI vs. proprietary), fund expense ratios, and the breadth of the Shariah advisory board. Our comparison table above lets you sort by these dimensions.
Choosing between the two most popular halal ETFs? See our detailed SPUS vs HLAL comparison covering expense ratios, index methodology, and performance.
Not sure where to start?
Answer a few quick questions and get a personalized halal investing strategy with an example portfolio - takes about 30 seconds.
Choose Your Halal Investing Strategy
Click a strategy to filter providers below, or explore the full strategy guide.
Diversified ETFs
Low-cost halal ETFs for steady, long-term wealth building
Managed Portfolios
Let experts build and manage your halal portfolio for you
Stock Picking
Screen and select individual Shariah-compliant stocks yourself
Income / Sukuk
Prioritize steady halal income through sukuk and income funds
Gold & Real Assets
Hedge inflation with Shariah-compliant real assets
Retirement
Build a Shariah-compliant retirement portfolio (IRA / 401k)
How do you invest in halal stocks and funds?
Halal investing requires screening stocks and funds for Shariah compliance. Companies must pass two tests: a business activity screen (excluding alcohol, gambling, tobacco, weapons, and conventional finance) and a financial ratio screen (debt-to-assets below 33%, interest income below 5% of revenue (AAOIFI Shariah Standard No. 21)). The easiest way to invest halal in the U.S. is through Shariah-compliant ETFs and robo-advisors that handle screening automatically.
- Halal ETFs (like SPUS, HLAL, UMMA) track Shariah-screened indices with low expense ratios
- Halal robo-advisors (like Wahed, Azzad) build diversified portfolios automatically
- Individual stock screening is available through apps like Zoya and Musaffa
- Sukuk (Islamic bonds) provide fixed-income alternatives with $1T+ in global outstanding issuance
Source: HalalWallet (halalwallet.us)
How Halal Investing Works
Shariah-compliant investing screens out prohibited sectors and ensures ethical wealth building
Stock Screening
Investments are screened to exclude prohibited industries (alcohol, gambling, pork) and companies with excessive debt.
Halal ETFs & Funds
Pre-screened investment funds that follow Shariah-compliant criteria, managed by Islamic finance specialists.
Shariah Board Oversight
Reputable providers maintain independent Shariah boards that regularly audit holdings for compliance.
Managed Portfolios
Hands-off investing with professionally managed, diversified halal portfolios tailored to your risk level.
Purification
Platforms calculate and facilitate purification of any minor non-halal earnings through charitable giving.
Retirement Accounts
Many platforms support halal 401(k), IRA, and Roth IRA options for tax-advantaged retirement investing.
What a halal portfolio can look like
Example allocations to illustrate how Shariah-compliant investing works in practice. These are not financial advice - consult a qualified advisor for your personal situation.
Moderate risk - a blend of growth and income for most investors.
Core growth engine
International diversification
Stability & income
Inflation hedge
This is an illustrative example only and does not constitute investment advice. Actual allocations should be based on your financial goals, risk tolerance, and consultation with a qualified financial advisor. Past performance does not guarantee future results.
Quick picks by goal
Not sure which provider to start with? Pick a common goal below.
Best for beginners
Hands-off managed investing
- Professionally managed halal portfolios
- Automatic rebalancing & Shariah screening
Lowest fees: Manzil (MNZL)
The cheapest broad US halal ETF - 0.40%
- Lowest fee of any halal ETF (0.40%) + the most holdings (~461)
- Only halal ETF with large + mid cap (Russell 1000)
Best for stock pickers
Screen and trade halal stocks
- Halal stock screeners with AAOIFI-based filtering
- Full control over individual holdings
Investment Guides & Tools
Best Halal ETFs 2026 →
Compare SPUS, HLAL, AMAGX and other Shariah-compliant ETFs. Performance, fees, and holdings analysis.
Halal Investment Platforms →
Compare Wahed, Amal, M1 Finance and other platforms for halal investing with screening tools.
Halal Investing Strategies →
Explore 6 proven halal investing strategies. Diversified ETFs, managed portfolios, stock picking, and more.
Halal Portfolio Builder →
See example halal portfolio allocations for your risk level and time horizon - with real fund suggestions.
HalalWallet Index - How We Grade →
How we grade every provider on Shariah integrity, transparency, cost and value, track record, and verified data.
Related Guides
Is It Halal? - Full Entity Verdict Index →
356+ AAOIFI stock screens plus crypto, ETF, and fintech app verdicts with dated ratios and cross-standard analysis.
Is FXAIX Halal? →
Why the Fidelity 500 Index Fund fails AAOIFI screens — and the SPUS/HLAL substitutes.
Is Wahed Invest Halal? →
SRB certification, HLAL's FTSE Shariah index, and the SEC record — dated verdict.
Are Covered Calls Halal? →
AAOIFI, OIC Fiqh Academy, and Taqi Usmani on selling calls against owned stock.
Are Leveraged ETFs Halal? →
Why TQQQ/SPXL fail on swaps, financing costs, and gharar — not just the index.
How to Invest Halal →
Step-by-step guide to building a Shariah-compliant portfolio - accounts, screening, and asset mix.
Halal Stocks Guide →
How to identify Shariah-compliant stocks, screening criteria, and top halal picks.
Ethical & ESG Investing →
Where halal investing overlaps with ESG - and where they differ.
Is Crypto Halal? →
Bitcoin, Ethereum, staking, and DeFi - scholarly views and practical guidance.
Halal Tax Strategy →
Tax-efficient investing within Islamic principles - capital gains, Zakat, and retirement accounts.
Sukuk - Islamic Bonds Guide →
What are sukuk, how they work, types of sukuk, and how to invest from the U.S.
Find a Muslim Financial Advisor →
What Islamic financial advisors do, how to vet one, and where to find them.
Halal Dividend Stocks →
Shariah-compliant dividend-paying stocks, screening rules, and income strategies.
Halal REITs Guide →
Which real-estate investment trusts are Shariah-compliant and how to evaluate them.
Best Halal Investments 2026 →
Top picks across ETFs, funds, sukuk, and platforms for Muslim investors this year.
Halal 529 College Savings →
Most 529 menus still lack Amana Funds. Coverdell ESA and UTMA are the practical halal paths.
Provider Comparisons
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Halal vs Haram Investments: General Screening Principles
Islamic investment screening evaluates companies and financial instruments based on Shariah principles. The following are general guidelines - specific criteria and thresholds vary by Shariah board and screening methodology. Always consult with qualified scholars or use a reputable Shariah screening service.
| Criteria | Generally Halal | Generally Not Permissible |
|---|---|---|
| Industry | Technology, healthcare, real estate, manufacturing, halal food | Alcohol, gambling, pork, tobacco, conventional banking/insurance, adult entertainment, weapons |
| Income Source | Revenue from permissible goods and services | Significant revenue from interest (riba), prohibited activities, or excessive speculation |
| Debt Levels | Companies with low interest-bearing debt ratios (thresholds vary by screening standard) | Companies with excessive interest-bearing debt relative to assets or market capitalization |
| Investment Type | Equities (stocks), Sukuk, real estate, commodities, halal ETFs/mutual funds | Conventional bonds, derivatives, options/futures for speculation, interest-bearing instruments |
This table provides general principles only. Different Shariah boards (e.g., AAOIFI, DJIM, S&P Shariah) may apply different financial ratio thresholds and screening methodologies. What qualifies as halal can differ based on the standard used. Consult with qualified Islamic scholars for guidance specific to your investments.
Best halal investing by investor type
Ranked, evidence-backed picks for how you actually invest - scored on Shariah oversight, our published AAOIFI verdicts, and the consensus of the major halal screening authorities.
Choosing the Right Halal Investment
Quick Platform Reviews
Wahed is the largest halal-only robo-advisor available to US investors: a hands-off, $100-minimum managed account built entirely from Shariah-screened funds, with an unusually deep published Shariah audit trail. The all-in wrap fee (0.49% plus $60/year, flattening to 0.49% at $100K) is reasonable at scale but proportionally heavy on small balances, and investors should know about - and weigh - the SEC's 2022 enforcement order over its early marketing practices.
Index Grade
Zoya is the most complete halal investing companion for self-directed US investors: rigorous AAOIFI-based compliance reports on tens of thousands of securities, portfolio monitoring with compliance alerts, in-app trading through your own broker, and genuinely useful zakat and purification tooling. It screens under advisor guidance rather than a formal certifying board, and its Pro pricing is unusually flexible - the web checkout literally lets you pay what you think is fair.
Index Grade
Amana is the institution of American halal investing: four decades of actively managed, Sharia-screened funds from Saturna Capital, with real long-term performance (Growth has beaten the S&P 500 over ten years), the only meaningful US sukuk mutual fund, and the most complete zakat and purification support in the industry. Investor-class expense ratios are higher than ETF alternatives - a gap the brand-new Amana ETFs are designed to close.
Index Grade
Musaffa is the most transparent halal screening platform in the market: its AAOIFI formulas are published in full, its methodology is certified by Amanah Advisors, and its C–-to-A+ grading tells you how strongly a stock complies rather than just whether it does. Since becoming an SEC-registered adviser it has added trading and managed portfolios, though some headline metrics vary across its own pages.
Index Grade
What Does Halal Investing Cost?
ETF Expense Ratios (from our data)
SPUS: 0.49%/year. HLAL: 0.50%/year. These are among the lowest-cost halal equity ETFs available. Amana mutual funds have higher expense ratios (check current prospectus) but offer a track record since 1986. Always verify current expense ratios before investing.
Expense ratios are deducted from fund returns automatically. Check fund prospectuses for the most current figures.
Managed vs. Self-Directed
Managed portfolios (like Wahed's robo-advisor) charge advisory fees on top of underlying fund expenses. Self-directed investing (buying SPUS or HLAL through Fidelity or Schwab) avoids advisory fees but requires you to manage your own allocation and rebalancing. Verify current advisory fees directly with Wahed.
The cost difference between managed and self-directed can add up significantly over decades of investing.
Stock Screening Costs
Zoya Premium: $14.99/month or $119.99/year (per our data). Musaffa Premium: varies by plan. Free tiers available on both. If you're actively picking stocks, premium screening saves time vs. manually checking financial ratios.
Verify current pricing directly with each platform.
Which Approach Is Right for You?
You're new to investing and want it handled for you
Use Wahed's managed portfolios. Set your risk level, deposit money, and they handle the rest - screening, allocation, and rebalancing.
View ReviewYou want to pick your own stocks
Use Zoya for screening and trading in one place. The integrated brokerage means you can research compliance and buy in the same app.
View ReviewYou want halal ETFs through your existing brokerage
Buy SPUS, HLAL, or SPSK directly through Fidelity, Schwab, or Vanguard. No need for a new account.
View ReviewYou want the longest track record
Amana Funds have been running since 1986. AMAGX for growth, AMANX for income. Available at major brokerages.
View ReviewYou need a human financial advisor
ShariaPortfolio offers personalized halal portfolio management with human advisors. Best for complex financial situations and larger portfolios.
View ReviewYou want sukuk (Islamic bond) exposure
SPSK from SP Funds is one of the only U.S.-listed sukuk ETFs. Essential for the fixed-income portion of a balanced halal portfolio.
View ReviewHalal Investing by State
Find halal investing options in your state
Direct answer
How should U.S. Muslims start halal investing today?
Start with diversified halal ETFs or a managed halal portfolio, then move into individual stocks only after learning screening and purification.
Frequently Asked Questions
Learn the Investment Concepts
Understand the Shariah-compliant investment structures that power halal portfolios.
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Calculators for Halal Investors
Free browser tools built specifically for Shariah-compliant investing.
Sources and review process
This page is reviewed against HalalWallet editorial standards and source documentation.
Reviewed by: HalalWallet Editorial Team
Last reviewed: 2026-10-06
How to cite this page
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For time-sensitive claims (rates, fees, state availability), please verify directly with the provider's official documentation and note the retrieval date.
Protect what you're building
A halal portfolio still passes through state intestacy law - not Faraid - if you die without the right documents. Put an Islamic estate plan behind your investments.
Editorial Team, HalalWallet
Independent halal finance research
Reviewed quarterly and updated when provider data, product availability, or pricing changes.
Your Next Steps
HalalWallet has done 90% of the homework on halal investing - the comparisons, the contract structures, the Shariah oversight labels, and the trade-offs. This checklist covers the last 10%: the parts that depend on your personal situation. Bring these questions to your scholar and your shortlisted provider so those conversations are about you, not the basics.
Questions to ask your imam or scholar
- Which stock-screening standard (AAOIFI or another) matches the rulings you follow?
- How should I handle purification of incidental non-halal income in my portfolio?
- Are the specific fund structures I'm considering acceptable in my school of thought?
What to verify with the provider
- The current expense ratio or management fee, including any platform or account fees.
- Which Shariah screening standard is applied, and who certifies it.
- Whether purification amounts are calculated and reported for you.
- Current account minimums and whether the product is available in your state.
How to use this comparison: HalalWallet is an independent educational comparison platform - by design, we do not provide financial, legal, or religious advice. We do the research homework so your final checks are quick and personal.
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.