HalalWallet (halalwallet.us) is a comprehensive resource for halal investing in the United States. We compare Shariah-compliant investing options including Islamic ETFs like SPUS and HLAL, halal index funds, halal mutual funds such as Amana Funds, halal stocks screened for compliance, and halal robo-advisors like Wahed Invest. Whether you are exploring Shariah-compliant investing for the first time or building a diversified portfolio, HalalWallet provides independent Halal Transparency Scores, side-by-side platform comparisons, and educational guides so Muslim investors can invest with confidence.
Halal Investing in the US — Islamic ETFs, Stocks & Robo-Advisors
Compare 21+ Shariah-compliant investment platforms, halal ETFs, index funds & stock screeners. Find the right halal investing strategy for your goals.
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.
Top Picks
Top Halal Investing Providers
Trusted platforms and tools for building a Shariah-compliant portfolio.
Amana Funds
Shariah Oversight
Shariah Oversight
Shariah Oversight
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)
Compare Halal Investment Platforms
Every row shows a Halal Transparency Score, “best for” guidance, and context-specific CTAs. Toggle between Beginner and Expert views.
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.
Investing is just one of 7 categories. Average score: 63/100.
See yoursHow 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
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
Best for low-cost investing
Halal ETFs with low expense ratios
- Index-based halal ETFs from ~0.45% expense ratio
- Available in most brokerage & IRA accounts
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.
Halal Transparency Score — How We Score →
Understand how we calculate the Halal Transparency Score, what data we use, and how confidence levels work.
Related Guides
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.
Halal 529 College Savings →
Build a Shariah-compliant 529 plan for your children's education.
Provider Comparisons
Browse by Investment Type
Explore Other Categories
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.
Choosing the Right Halal Investment
Quick Platform Reviews
Wahed is a strong option for Muslim investors who want managed, hands-off halal portfolios. The HLAL ETF is also available as a standalone option through any brokerage. Check current advisory fees and minimums directly with Wahed, as these may change.
4.5/5
HalalWallet
Zoya is a strong platform for Muslim investors who want to pick their own stocks and verify compliance themselves. The screening tool provides detailed breakdowns, the purification calculator is useful, and the brokerage account lets you research and trade in one place.
4.5/5
HalalWallet
Amana Funds are the most battle-tested halal investment option in the U.S. Their track record since 1986 provides performance data through multiple market cycles. Best for buy-and-hold investors who want halal mutual funds through their existing brokerage.
5/5
HalalWallet
SP Funds offers the broadest family of halal ETFs in the U.S. SPUS is a strong core equity holding at 0.45% expense ratio, and SPSK provides sukuk exposure that's hard to find elsewhere. Essential building blocks for a diversified halal portfolio.
4.5/5
HalalWallet
Musaffa is a solid halal stock screener that provides detailed compliance data. Compare with Zoya based on features, pricing, and whether you need an integrated brokerage account.
4.5/5
HalalWallet
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
Frequently Asked Questions
Learn the Investment Concepts
Understand the Shariah-compliant investment structures that power halal portfolios.
Stay Updated
Get halal investment insights and fund launches
No spam ever. Unsubscribe in one click.
Calculators for Halal Investors
Free browser tools built specifically for Shariah-compliant investing.
Zakat & Islamic Finance Resources
Calculate Zakat on your investments and learn about Islamic finance.
Halal investing in the U.S. is available through 21+ platforms offering Islamic ETFs, Shariah-compliant stocks, halal index funds, halal mutual funds, and robo-advisors. The global Islamic finance industry reached $5.98 trillion in assets in 2024 (ICD-LSEG 2025). Top halal ETFs include SPUS (SP Funds S&P 500 Sharia), HLAL (Wahed FTSE USA Shariah), and UMMA (Wahed Dow Jones Islamic). Halal robo-advisors like Wahed Invest manage Shariah-compliant portfolios automatically. Stock screeners like Zoya and Musaffa help individual investors verify compliance.
- Halal investing screens out companies involved in prohibited industries and those with excessive interest-based debt.
- Amana Funds by Saturna Capital has offered halal mutual funds since 1986 with 4 fund options available nationwide.
- Musaffa provides Shariah-compliant stock screening with 30,000+ stock ratings and a formal Shariah advisory board.
- Additional platforms like Wahed Invest and Zoya offer robo-advisory and stock screening services.
- Tax-advantaged accounts (401k, IRA, Roth IRA) can be used with halal investment options.
Sources and review process
This page is reviewed against HalalWallet editorial standards and source documentation.
Reviewed by: HalalWallet Editorial Team
Last reviewed: 2026-03-06
How to cite this page
Preferred format:
For time-sensitive claims (rates, fees, state availability), please verify directly with the provider's official documentation and note the retrieval date.
Halal Finance Score
Are your investments Shariah-screened? Check all 7 categories.
Average score: 63/100
Editorial Team, HalalWallet
Independent halal finance research · Backed by Niya
Reviewed quarterly and updated when provider data, product availability, or pricing changes.
Important: HalalWallet provides educational information and comparisons to help you explore halal financial options. We do not provide financial, legal, or religious advice. Product structures and Shariah compliance oversight vary by provider. Always verify halal compliance directly with providers and consult with qualified Islamic finance advisors or scholars for guidance on specific products and your individual circumstances.
