Halal Investing in South Dakota

SPFunds

SP Funds Dow Jones Global Sukuk ETF

A-

SPSK was the first US-listed sukuk ETF (inception December 27, 2019) and remains the cleanest answer to the fixed-income problem in halal portfolios: it tracks the Dow Jones Sukuk Total Return Index, holding investment-grade Islamic certificates whose returns derive from assets rather than interest. At the 2026-08-04 fund page check it held $644.79M in net assets with a 30-day SEC yield of 4.59% - the highest published yield in the SP Funds family - at a 0.50% expense ratio with monthly distributions. No purification is required, per SP Funds' published policy, because sukuk income is not interest.

SPFunds

SP Funds S&P Global REIT Shariah ETF

A-

SPRE gives halal portfolios their real estate allocation: a NYSE-listed ETF tracking the S&P Global All Equity REIT Shariah Capped Index, holding roughly 30 REITs worldwide that pass both business-activity and leverage screens - a structural filter that excludes the highly-indebted REITs dominating conventional real estate funds. At the 2026-08-04 fund page check it held $221.41M in net assets with a 2.18% 30-day SEC yield at a 0.50% expense ratio, paying monthly distributions. Purification factors are the family's lowest (Q1 2026: 0.52% of dividends), published quarterly.

SPFunds

SP Funds S&P 500 Shariah Industry Exclusions ETF

A-

SPUS is the workhorse of American halal investing: roughly 200 S&P 500 companies that pass the S&P 500 Shariah Industry Exclusions Index screens, in a NYSE-listed ETF that has grown to $2.92B in net assets (2026-08-04 fund page). At 0.45% it is among the cheapest halal funds available, with monthly distributions, quarterly purification factors published (Q1 2026: 1.81% of dividends), and per-fund Certificates of Sharia Accreditation. Inception was December 29, 2020; the 30-day SEC yield stood at 0.42% as of 07/31/2026.

SPFunds

SP Funds S&P Global Technology ETF

A-

SPTE is SP Funds' sector bet: the S&P Global 1200 Shariah Information Technology Capped Index in a NYSE-listed ETF, holding roughly 100 technology names across 14 countries - global leaders like Taiwan Semiconductor alongside the US mega-caps. Launched November 30, 2023, it held $216.77M in net assets at the 2026-08-04 fund page check, with a 0.55% expense ratio and monthly distributions. Purification runs are the family's highest (Q1 2026: 2.27% of dividends), published quarterly with a free calculator, and the fund carries its own Certificate of Sharia Accreditation.

SPFunds

SP Funds S&P World ETF

A-

SPWO completes the halal three-fund portfolio: a NYSE-listed ETF tracking the S&P Developed Markets Ex-US & Emerging Markets 50/50 Shariah Index, spreading roughly 400-500 holdings across dozens of countries as the international sleeve alongside SPUS (US equity) and SPSK (sukuk). At the 2026-08-04 fund page check it held $200.07M in net assets at a 0.45% expense ratio - matching SPUS as the family's cheapest - with monthly distributions and a 0.77% 30-day SEC yield. Quarterly purification factors are published (Q1 2026: 1.55% of dividends) with the standard SP Funds compliance documentation.

Manzil

Wealth Management

B+

Manzil's US managed investing service is live: Manzil Investment Advisors, LLC (SEC-registered, Dallas) runs fully managed, Shariah-certified robo portfolios built from AAOIFI-screened halal ETFs, sukuk, REITs, and gold and silver ETFs across three risk profiles, with automatic rebalancing and continuous compliance monitoring that removes and replaces holdings that fall out of compliance. Pricing is a 0.40% AUM fee plus a $48/year subscription waived at $100,000; accounts start at a $100 asset minimum across Individual, Traditional IRA, and Roth IRA types, with custody at Alpaca Securities (SIPC-protected).

Manzil

Manzil Russell Halal USA Broad Market ETF

B+

The Manzil Russell Halal USA Broad Market ETF (MNZL) is a passive Nasdaq-listed fund tracking the Russell IdealRatings Manzil Halal USA Broad Market Index - an AAOIFI-compliant screen of the broad US market with an added human-rights overlay using American Friends Service Committee criteria. At 0.40% it carries the lowest expense ratio of any US halal equity ETF, and with roughly 490 holdings it is also the broadest. The catch is youth and size: inception was November 18, 2025, and net assets were $25.31M at the 2026-08-04 fund page check.

Manzil

Manzil Trading (Self-Directed Halal Stock Trading)

B+

Manzil Trading, launched July 14, 2026, is Manzil Invest USA's self-directed brokerage: trade individual US equities and ETFs where every stock in the universe is pre-screened against AAOIFI standards through an embedded Zoya integration, so non-compliant names simply cannot be traded. Manzil's founder describes it as a halal version of Robinhood and claims it is the first all-in-one halal trading app launched in North America, replacing the old workaround of running a screening app alongside a regular brokerage. It includes fractional shares from $100, real-time compliance monitoring with alerts when a holding's status changes, integrated Zakat and purification calculators, and no interest paid or fees charged on uninvested cash. Brokerage execution and custody are through Alpaca Securities LLC (FINRA member, SIPC coverage up to $500,000); advisory services sit with SEC-registered Manzil Investment Advisors (Dallas). Also live in the UK, UAE, Saudi Arabia, Qatar, and Bahrain.

Actively managed, no-load Islamic mutual fund seeking long-term capital growth while adhering to Islamic principles, managed since its 2000 inception by Dr. Bassam Osman of Allied Asset Advisors, Inc., a wholly owned subsidiary of the North American Islamic Trust (NAIT), the 501(c)(3) waqf institution established in 1973. The fund invests in US-listed domestic and foreign equities that pass Islamic screening, holds uninvested cash in non-interest-bearing deposits, and benchmarks against the Dow Jones Islamic Market World Index. Alongside Amana, Azzad, and Wahed, it is one of the longest-running halal mutual funds in America, and it is purchasable directly or through major brokerages including Schwab, Fidelity, Vanguard, and E-Trade.

Musaffa

Halal ETF Finder

B+

Musaffa's ETF Finder applies holdings-level Shariah screening to 8,241 ETFs - every constituent tested against the published AAOIFI ratios rather than trusting a fund's label. The verdict at the August 2026 check: just 72 of 3,764 US-listed ETFs rated halal, which is precisely why the tool matters - mainstream funds like VOO, QQQ, and SPY are screened alongside dedicated Islamic products so investors can see exactly why they fail. Ratings update quarterly under a methodology certified by Amanah Advisors and overseen by a sitting AAOIFI Shariah Board member, with C- to A+ grades and compliance filters.

Musaffa

Musaffa Halal Stock Screener

B+

Musaffa's stock screener is the research core of a New York fintech (SEC-registered investment adviser, CRD #338525) that has screened 135,030 stocks and 8,241 ETFs across 150+ markets for Shariah compliance, serving a claimed 659,485 users. Every ticker gets a Halal/Doubtful/Not Halal verdict plus a C- to A+ compliance grade under the AAOIFI methodology - independently certified by Amanah Advisors and overseen by Shaikh Dr. Aznan Hasan, a sitting AAOIFI Shariah Board member, with Mufti Faraz Adam. Detailed reports expose the underlying ratios; in the US universe, 1,339 of 6,403 screened stocks rated halal at the August 2026 check.

Automated halal investing platform (Y Combinator W2022) that reconstructs popular ETFs and mutual funds into Shariah-compliant versions by filtering out non-compliant holdings, then manages the portfolio automatically through the investor's own brokerage account (Alpaca in the US, Trading212 in the UK and Europe). Two flagship auto-screened portfolios, Grow and Save, plus a filter engine covering 10,000+ ETFs and mutual funds. If a holding turns non-compliant, Amal automatically sells it and reinvests. Includes a built-in boycott (BDS) filter excluding companies profiting from the occupation of Palestine, and custom blocklists. Priced as a one-time lifetime fee with no assets-under-management percentage.

Zoya

Zoya Brokerage Integration

B

Zoya's brokerage integration solves the maintenance problem in halal investing: portfolios drift out of compliance as companies' revenues and balance sheets change. Users link existing accounts read-only via Plaid - Zoya never sees credentials or custodies assets - and holdings sync twice daily against the screening engine, with alerts when any position's status changes. Company-reported connected assets crossed $1B in May 2026 across 400,000+ users. For action, order pass-through covers seven brokers (Alpaca, Tastytrade, Public, Webull US, Wealthsimple, Questrade, Stake), and scholar-guided remediation covers sale timing and purification when holdings turn non-compliant.

Zoya

Zoya Stock Screener

B

Zoya's screener is the best-known compliance research tool in halal investing: Shariah verdicts on 30,000+ stocks (company materials cite up to 60,000 instruments including funds) across 13 markets, run by Investroo Inc. with methodology guidance from Sheikh Joe Bradford - an AAOIFI-certified adviser and former Al Rajhi Bank sharia consultant - and Sheikh Umer Khan. AAOIFI screening is the default (over 5% non-permissible revenue or 30%+ interest-bearing debt/securities fails), with Pro users able to switch between S&P, MSCI, Dow Jones, and FTSE Russell rulebooks on the same ticker. Full reports expose the actual ratios so users can verify rather than trust.

ShariaPortfolio

Wealth Management

B

ShariaPortfolio Access is the flagship wealth-management program of the Lake Mary, Florida specialist behind the SP Funds ETFs: a fee-only, fiduciary separately-managed-account service for clients with $100,000 or more, pairing a dedicated personal advisor with customized AAOIFI-screened portfolios of halal stocks and funds. Clients get exclusive access to SP Funds RE, a 100% cash, zero-mortgage private real estate fund for accredited investors (1.20% annual management fee), plus alternative assets, Schwab custody, and the firm's purification and zakat tooling. Sharia oversight is by named advisor Shaykh Umer Khan, with per-fund certificates on the affiliated ETFs.

ShariaPortfolio

ShariaPortfolio Express

B

ShariaPortfolio Express is the robo tier of a boutique halal asset manager founded in 2003 in Lake Mary, Florida - a Sharia-compliant digital wrap program that opens at $1,000 and delivers model portfolios (aggressive, moderate, conservative) designed by the firm's money managers. Screening follows AAOIFI rules including the firm's stricter-than-typical exclusion of music, cinema, and broadcasting, with quarterly compliance rebalancing. Oversight is by named Sharia Advisor Shaykh Umer Khan, a mufti with a Wharton Master's in Finance; automated onboarding feeds a path to upgrade into the advisor-led Access program as assets grow.

ShariaPortfolio

ShariaPortfolio Institutional

B

ShariaPortfolio Institutional is the advisor-facing arm of the Florida halal specialist: financial advisors, plan sponsors, and institutions plug ShariaPortfolio's AAOIFI-screened product menu into their own client relationships. Partner advisors retain their clients and share up to 50% of the advisory fees ShariaPortfolio collects; the firm also serves as investment sub-adviser to registered funds, including SP Funds ETFs alongside Toroso and Exponential ETFs, and supports ERISA plans as a limited-scope 3(21) co-fiduciary. Quarterly compliance rebalancing and per-fund Certificates of Sharia Accreditation cover the underlying products.

Wahed Invest

Wahed FTSE USA Shariah ETF

B-

HLAL is Wahed's flagship US-equity Islamic ETF: Nasdaq-listed since July 16, 2019, passively tracking the FTSE Shariah USA Index - large and mid-cap US stocks screened by Yasaar Limited and certified through fatwa - at a 0.50% total expense ratio. It has grown to roughly $752M, making it the second-largest halal ETF after SPUS, with quarterly rebalancing, annual distributions, and quarterly purification amounts published on the fund page. The fund carries its own Shariah certificate plus published Shariah Supervisory Board reports covering 2021 through 2024, with U.S. Bank as custodian.

Wahed Invest

Wahed Dow Jones Islamic World ETF

B-

UMMA is the international half of Wahed's ETF pair: Nasdaq-listed since January 7, 2022, actively managed in loose reference to the Dow Jones Islamic Market International Titans 100 Index, holding roughly 100 Shariah-compliant large caps across developed and emerging markets outside the US. Wahed markets it as the first US-listed Islamic ETF to formally incorporate ESG data into investment decisions. The 0.65% total expense ratio buys quarterly distributions, quarterly purification amounts published on the fund page, a per-fund fatwa, and published Shariah Supervisory Board reports for 2022 through 2024.

Wahed Invest

Wahed Invest Robo-Advisor

B-

Wahed's robo-advisor is the most established automated halal investing platform in the US: an SEC-registered adviser (founded 2015, New York) running six managed risk tiers built exclusively from Shariah-screened components - Wahed's own equity ETFs, sukuk, gold, and the KWIN alternative-income ETF - from a $100 minimum. The all-in wrap fee is 0.49% plus $60/year below $100,000, flattening to 0.49% above; portfolios rebalance automatically and the platform bundles zakat calculation and annual purification reporting. Compliance runs through a three-scholar Shariah board with Shariyah Review Bureau as external advisor and published annual board reports.

Wahed Invest

Wahed Real Estate Fund

B-

The Wahed Real Estate Fund, launched April 30, 2026, is the first Shariah-compliant single-family residential real estate fund in the US open to non-accredited investors. From $100 (10 shares), investors get pooled exposure to a professionally managed portfolio of single-family rental homes, initially concentrated in Texas, North Carolina, and Michigan, building toward a $75 million target portfolio. Every property is acquired with 100% equity: zero debt, zero leverage, no lender claim at any level, versus the 30-35% debt ratios many 'Shariah-compliant' real estate structures permit. Returns come from quarterly rental income distributions plus long-term property appreciation, with a stated target of 5-7% annual net returns.

Amana Funds

Amana Growth Fund (AMAGX)

B-

The Amana Growth Fund (AMAGX) is the largest halal mutual fund in the US, with roughly $6.8B across its two share classes ($3.05B Investor, $3.74B Institutional as of the 2026-08-05 site check). Launched in 1994 and advised by Saturna Capital, it holds large-cap growth stocks screened to Islamic principles - no interest-paying investments anywhere, with cash managed through murabaha and wakala - and its 10-year record is the fund family's headline: 17.60% annualized for AMAGX versus 15.51% for the S&P 500 Total Return Index as of 06/30/2026. Amanie Advisors certifies compliance quarterly.

Amana Funds

Amana Participation Fund (AMAPX)

B-

The Amana Participation Fund (AMAPX) is the first non-equity halal income fund in the US (launched 2015) and the family's answer to the bond problem: capital preservation and current income from sukuk, murabaha, and wakala instruments - never conventional bonds. At the 2026-08-05 site check it held roughly $324M across classes ($49.6M Investor, $274.6M Institutional) with 30-day yields of 2.94% (AMAPX) and 3.18% (AMIPX). The portfolio keeps a 2-5 year dollar-weighted average maturity, at least 50% USD-denominated, with at least 65% in the four highest rating grades. Distributions are monthly; no purification is required.

Amana Funds

Amana Income Fund (AMANX)

B-

The Amana Income Fund (AMANX) is the original US halal fund - operating since June 23, 1986 - seeking current income and capital preservation through dividend-paying stocks, never interest. It holds roughly $2.4B across share classes ($956M Investor, $1.45B Institutional at the 2026-08-05 site check), keeps at least 80% of assets in income-producing securities, and is certified quarterly by Amanie Advisors. Ten-year returns of 12.24% annualized (Investor) trail the S&P 500 TR's 15.51%, the expected cost of its income-and-preservation mandate; the top holding at mid-2026 was Taiwan Semiconductor at about 14%.

Amana Funds

Amana Developing World Fund (AMDWX)

B-

The Amana Developing World Fund (AMDWX) extends the Amana family's halal screens to emerging markets: at least 80% of assets in companies with half or more of their production assets or revenues in a published 33-country developing-economy list. It is the family's smallest fund at roughly $201M across classes ($67.7M Investor, $133.2M Institutional at the 2026-08-05 site check). One-year performance was strong at 41.71%, but the 10-year record of 7.76% annualized trails the MSCI Emerging Markets Index's 10.52%. Amanie Advisors certifies quarterly; purification factors are published annually.

Azzad Asset Management

Azzad Wealth Management

B-

Azzad Asset Management is a fee-only, faith-based SEC-registered investment adviser founded in 1997 in Falls Church, Virginia, managing about $1.8B (company-reported, 12/31/2025) for roughly 1,500 households. Its Ethical Wrap Program delivers halal wealth management through separately managed accounts with direct stock ownership - nine model portfolios run by institutional managers including Kayne Anderson Rudnick, D.F. Dent, SKBA, and Tributary, plus in-house strategies - wrapped with financial planning, zakah and purification accounting, and shareholder advocacy. Custody sits at Goldman Sachs, Fidelity, or Schwab.