Compassionate Capital Review

Compassionate Capital is a 2026 brand on a 2003 firm. The legal entity is Virji Investments, Inc., a Florida corporation incorporated in February 2003 and registered as an investment adviser with the Florida Office of Financial Regulation and the states of California, Illinois, Texas, and Indiana under CRD 137001. It is controlled by Naushad Virji (President, CRD 5027106), who also founded ShariaPortfolio in the same Lake Mary office, and Sabinah Amershi (Chief Compliance Officer, CRD 8037759). The firm reported $33.5 million in regulatory assets under management as of December 31, 2025, across 155 accounts and 58 clients, 53% of assets from seven high-net-worth households, with four employees. Its Form ADV shows no disciplinary disclosures.

The product that matters to most HalalWallet readers is the passive program. The website FAQ describes diversified, Sharia-compliant portfolios of ETFs and mutual funds managed to your goals, risk tolerance, and time horizon, reviewed and rebalanced periodically, for an annual management fee of 0.50% and with no minimum initial deposit. Form ADV Part 2A fills in the mechanics: passively managed portfolios are built 'using the ShariaPortfolio group of SP Fund, sharia compliant ETFs', the 0.50% applies at all account values, fees are billed quarterly in advance on the prior quarter's closing value, and the firm 'generally' requires $50,000 to open a managed account but may waive or reduce it. The discrepancy between the website's 'no minimum' and the brochure's $50,000 is the first thing to clear up on the intake call. Accounts are custodied at Charles Schwab, and the firm offers individual, joint, Traditional, Roth, and SEP IRA, UTMA, and Coverdell ESA registrations, with recurring deposits supported.

Shariah compliance is real but inherited. Compassionate Capital says its investment approach follows AAOIFI guidelines, focusing on companies that avoid prohibited industries and are free from significant debt and interest-based financing, and its intake submission to HalalWallet confirms it retains no Shariah board, scholar, or fatwa of its own. The compliance work happens inside the SP Funds ETFs, SPUS, SPSK, SPRE, SPTE, and SPWO, which track S&P and Dow Jones Shariah indices and are sub-advised by ShariaPortfolio under Sharia Advisor Shaykh Umer Khan, and which publish quarterly purification factors. That is a credible foundation, but it means the adviser's own portfolio construction decisions, how much sukuk versus equity, whether any non-SP fund is used, sit outside any scholar's review.

The affiliation is both the strength and the conflict. Naushad Virji controls Virji Investments, ShariaPortfolio (the SEC-registered adviser that sub-advises the ETFs), ShariaPortfolio Canada, SP Funds Management (the ETF sponsor and manager of the SP Funds RE private real-estate fund), and the ShariaPortfolio Express wrap program. Form ADV states that when the firm puts clients into SP Funds ETFs, Mr. Virji can earn advisory fees, salaries, dividends, and incentive fees across those entities, and it tells clients to consider other options to ensure the affiliated services are comparable. In practical terms a Compassionate Capital client pays the 0.50% advisory fee plus the ETFs' expense ratios, both to the same group. The ADV also discloses that the firm receives economic benefits from Schwab Advisor Services and recommends only Schwab as custodian. None of this is unusual for a fund-sponsor-affiliated adviser, and the disclosure is thorough, but it should shape how much weight you give the 'low-cost' framing.

Beyond the passive program, the firm offers actively managed discretionary portfolios on tiered fees of 2.00% up to $99,999, 1.60% to $499,999, 1.20% to $999,999, and 1.00% above $1 million, with Conservative through Aggressive models including Sharia Growth and Sharia Aggressive objectives. It acts as a limited-scope 3(21) co-fiduciary for ERISA plans without taking 3(38) discretion, and for qualified clients with $500,000 or more it runs a Performance Trading Portfolio charging 25% of quarterly profits above a 1% high-water mark, which the brochure itself describes as aggressive and formula-driven. The team page lists a Senior Investment Advisor serving Tampa-area clients, an accounting manager with the firm since 2007, and an auto-finance administrator from SP ZeroFinance, the group's vehicle-financing partner, which the FAQ names as a key partner.

Coverage is the main practical limit. The firm is registered in five states and relies on de minimis exemptions elsewhere; its intake submission says it can take clients from all 50 states but must register once it exceeds five clients in any state. Service is Monday to Friday, 9 to 5 Eastern, by phone, email, and in person at 1331 S. International Parkway, Suite 2291, Lake Mary, Florida, with online account opening. Compared with Wahed (0.49% plus $60 a year under $100K, $100 minimum, third-party-certified Shariah oversight, SEC-registered nationwide) the fee is similar and the human touch is greater, but the governance, scale, and geographic reach are thinner; compared with ShariaPortfolio's own Access program ($100,000 minimum, adviser-led) it is the lower-cost, lower-minimum door into the same group.