Co-Founder & CEO, HalalWallet
Reviewed quarterly and updated when provider terms, ratings, or coverage change.
Provides Sharia compliance screening tools for investments based on methodologies reviewed and approved by Islamic scholars.
Opens provider's site - no obligation
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.
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HalalWallet 2026 Review
3
Products Reviewed
50
States Served
2
Categories
2020
Founded
Our Verdict
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.
What We Like
What Could Be Better
Self-directed investors who want to see exactly why a stock passes or fails - published AAOIFI ratios, per-company reports, and three-year compliance history
Investors holding stocks at existing brokerages - link an account from 25+ supported brokers and get portfolio-wide compliance monitoring, purification, and zakat automatically
Values-driven investors who want to screen beyond halal ratios using the MISRI ethics score across labor, community, governance, and environmental pillars
Musaffa was founded in New York in 2020 by three co-founders - CEO Dilshod Jumaniyazov (CFA) has said he invested $250,000 of his own savings to launch it - and has grown into the largest halal-investing research platform by coverage: 120,000+ stocks and 8,200+ ETFs screened across 60 markets, with roughly 31,700 currently classified Shariah-compliant and a claimed 600,000+ registered users across 200+ countries (company figures vary between pages). The team spans New York, Dubai, and Tashkent, where about 25 in-house equity research analysts produce the compliance reports and quarterly rating updates.
The screening methodology is Musaffa's core asset, and unusually, it's published in full. The business screen excludes ten prohibited activities (alcohol, gambling, adult entertainment, tobacco, marijuana, weapons, human cloning, non-halal foods, interest-based finance, excess debt). The financial screen applies the three AAOIFI ratios: non-permissible income must not exceed 5% of total revenue, and interest-bearing assets and interest-bearing debt must each stay at or below 30% - measured against the trailing 36-month average market value rather than spot market cap, which reduces rating whiplash from share-price swings. A stock must pass all three to be classified Halal. The methodology is independently certified by Amanah Advisors, and Musaffa's Shariah advisors are Shaikh Dr. Aznan Hasan - a sitting AAOIFI Shariah Board member - and Mufti Faraz Adam.
Verdicts come in three levels - Halal, Doubtful ('mixed activities; caution advised; better to avoid'), and Not Halal - and within Halal, the Musaffa Halal Rating grades compliance strength from C - to A+ (on the homepage, for example, NVIDIA rates A - while Apple rates C+). Layered on top is MISRI, a proprietary Islamic social-responsibility score built on Maqasid al-Shariah: five weighted pillars (community impact 35%, labor and human rights 25%, product involvement 20%, governance 10%, environment 10%) scored through 50 binary, publicly verifiable indicators, with an automatic zero for red-line breaches like forced labor. MISRI is explicitly in beta.
In 2025 Musaffa completed SEC registration as an investment adviser (Musaffa, LLC, CRD #338525) and launched its Global Halal Trading System: commission-free US stock and ETF trading with no account minimum and fractional shares, cleared through Alpaca Securities (FINRA/SIPC member; assets protected up to $500,000). Musaffa is not a broker-dealer - trades execute through third-party broker-dealers. In 2026 it added four managed 'ready-made' US portfolios (Core, Growth, Income, Innovation), each in five risk-weighted versions with sector and holding caps, scheduled and conditional rebalancing, and continuous compliance screening. One caveat: the pricing page's country list marks the United States itself as 'coming soon' for trading access even as other pages market US trading - worth confirming before signup.
The purification and zakat tooling is a genuine differentiator. Because Musaffa publishes each company's exact non-permissible income percentage, purification amounts are computed from verified ratios for the period you actually held the position - not estimates - and can be calculated (and donated to selected charities) automatically across linked accounts. Its scholars have also published a clear doctrine for edge cases: capital gains on halal stocks need no purification, and a stock that turns non-compliant while underwater carries a 90-day grace period (per Mufti Faraz Adam and Shaikh Dr. Aznan Hasan) before it must be sold, with excess profit above the announcement-date price donated.
Commercially, Musaffa runs a freemium model - free basic screening, one Foundation plan at $72/year for ratings, reports, filters, watchlists, portfolio tracking, and automated purification - plus a B2B halal-data API (Starter/Pro/Premium tiers, 12 institutional clients to date across six countries) and Reg-CF fundraising advisory. A January 2026 bridge round led by UCEA Capital Partners targets $5M; the company reports raising under $6.3M since inception with about $30,000 in monthly recurring subscription revenue before trading activation, and regulatory expansion underway in the DIFC (DFSA Category 4) and Malaysia. Those traction figures are company- and investor-claimed.
Musaffa is a research-first platform with a regulated advisory arm, not a bank or broker-dealer. The free and Foundation tiers are legally 'non-advisory services' - education, screening, purification, and zakat tools whose outputs are framed as candidates for further research, not recommendations or fatwas. Trading and managed portfolios are advisory services provided by Musaffa, LLC as an SEC-registered investment adviser, with execution and clearing through Alpaca Securities (FINRA/SIPC). Screening itself follows AAOIFI standards: a ten-category business screen plus the 5%/30%/30% financial ratios measured against trailing 36-month average market value, certified by Amanah Advisors.
Search any ticker
Get an instant Halal / Doubtful / Not Halal verdict for 120,000+ stocks and 8,200+ ETFs across 60 markets, free.
Go deeper with Foundation
The $72/year plan unlocks the C - to A+ rating, full compliance reports, three-year status history, filters, and MISRI ethics scores.
Link your portfolio
Connect accounts from 25+ supported brokerages for continuous compliance monitoring, alerts on status changes, and automated purification and zakat.
Trade or automate
Invest commission-free through Musaffa's SEC-registered platform (cleared via Alpaca Securities) or pick a ready-made managed portfolio matched to your risk profile.
Oversight Level
Formal Shariah Board - highest level of independent oversight
Shariah advisors include Shaikh Dr. Aznan Hasan and Mufti Faraz Adam. Board continuously monitors compliance methodology.
Screening follows AAOIFI Shariah standards and is independently certified: a Shariah Compliance Certificate from Amanah Advisors is displayed on the methodology page. Musaffa's named Shariah advisors are Shaikh Dr. Aznan Hasan, a Shariah Board member of AAOIFI itself, and Mufti Faraz Adam, head of Amanah Advisors.
The financial screen applies AAOIFI's three ratios exactly as published: non-permissible income ≤ 5% of total revenue, interest-bearing assets ≤ 30%, and interest-bearing debt ≤ 30%, both measured against trailing 36-month average market value. All three must pass. Compliance reports are prepared by Shariah-trained analysts and ratings are updated quarterly.
Purification is treated as a mandatory Shariah obligation, calculated from each company's verified non-permissible income ratio for the investor's holding period, per AAOIFI. The scholars' published positions cover edge cases: no purification on capital gains from halal stocks, and a 90-day grace period for stocks that turn non-compliant while held at a loss.
Regulatory posture: Musaffa, LLC is an SEC-registered investment adviser (CRD #338525 / SEC #801-134527) and explicitly not a broker-dealer; trades clear through Alpaca Securities LLC (FINRA/SIPC). Screening output is legally framed as research candidates - 'not a fatwa' - and Form ADV Part 2A and the wrap fee brochure are published in the site's disclosure library.
Shariah compliance should always be verified directly with Musaffa. HalalWallet reports publicly available oversight information but does not issue fatwas or certify compliance.
Musaffa's closest peer is Zoya - both are AAOIFI-based screening apps - and the practical differences are coverage breadth, the graded C - -to-A+ scale, and Musaffa's integrated trading; managed-portfolio seekers may compare Wahed instead.
vs. Zoya
Zoya is the other leading AAOIFI-based screening app with a polished US-focused experience; Musaffa counters with far broader global coverage, graded ratings, and built-in trading.
vs. Wahed Invest
Wahed is a managed halal robo-advisor - a hands-off alternative to Musaffa's research-first, self-directed approach with newer managed portfolios.
vs. Amana Funds
Amana's actively managed halal mutual funds suit investors who want decades of track record over tooling; Musaffa is for those who want to see and control the screening themselves.
For halal stock research, Musaffa sets the transparency bar: published AAOIFI formulas, certified methodology, graded ratings, and purification computed from exact ratios. Treat the headline traction numbers with the site's own inconsistency in mind, and if you're in the US, confirm trading availability - but as a screening and compliance engine, it's best-in-class.
Evidence and verification
Provider portal attestation every 30 days; editorial re-check at least quarterly.
Named oversight: formal_board
No fatwa or certificate link on record. Ask Musaffa for the document before you sign.
Labels follow the four-level oversight taxonomy.
Grades are published only after the rubric inputs are verified. Ungraded is not a negative signal. How grades work
HalalWallet reader reviews: 4.8 / 5 from 6 reviews.
External ratings are recorded, not endorsed. For complaints and licensing history, check the public registers below and the BBB directory.
This does not change the grade, the data shown, or default comparison order. Links carry a sponsored attribute. What each click does
If Musaffa offers a Shariah-compliant product we do not list, tell us. Gaps are reported on the coverage map.
General to the category, not a statement about Musaffa. Use the public registers to confirm licensing and history.
See something outdated or wrong?
This data was last verified . Report a correction and we will re-check the primary source, fix the record, and log the change on our public corrections page.
Report a correctionThis page is the quick profile - Index grade, products, and availability. For the step-by-step walkthrough, costs, and our detailed take:
Halal ETF Finder
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.
Opens provider site - no obligation
Musaffa Halal Stock Screener
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.
Opens provider site - no obligation
Zakat Calculator
Musaffa's zakat calculator walks through the categories a real zakat reckoning requires - cash in hand and bank accounts, gold and silver, stock and fund investments, business assets, property held for trading, loans, and deductions for immediate bills, taxes, rent, and wages - rather than reducing the obligation to a single input box. Investment treatment follows the scholarly distinction Musaffa teaches in its Academy: long-term holders assess either 2.5% of market value or their proportional share of the company's zakatable assets, while active traders assess full market value. Manual calculation is free; the paid Foundation plan imports live portfolio data from linked brokerages, and purification is tracked separately from zakat.
Opens provider site - no obligation
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
Based on listings we track, Musaffa operates nationwide across the U.S.:
Nationwide availability
Availability may vary by product type. Always verify current availability directly with Musaffa.
Musaffa is in HalalWallet's independent directory for Investing, Zakat Calculator, with listings covering nationwide across the U.S.. Structures we list: ETF Screener, Stock Screener, Tool. Confirm terms and Shariah documentation directly with Musaffa.
Source: HalalWallet (halalwallet.us)
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:
This page is reviewed against HalalWallet editorial standards and source documentation.
Reviewed by: HalalWallet Editorial Team
Last reviewed: 2026-10-01
Preferred format (HTML):
For time-sensitive claims (rates, fees, state availability), please verify directly with the provider's official documentation and note the retrieval date.
Musaffa has 3 products we currently list across 2 categories. Structures we list: ETF Screener, Stock Screener, Tool. Review the products listed above for current offerings. Confirm terms directly with Musaffa.
Screening follows AAOIFI Shariah standards and is independently certified: a Shariah Compliance Certificate from Amanah Advisors is displayed on the methodology page. Musaffa's named Shariah advisors are Shaikh Dr. Aznan Hasan, a Shariah Board member of AAOIFI itself, and Mufti Faraz Adam, head of Amanah Advisors. The financial screen applies AAOIFI's three ratios exactly as published: non-permissible income ≤ 5% of total revenue, interest-bearing assets ≤ 30%, and interest-bearing debt ≤ 30%, both measured against trailing 36-month average market value. All three must pass. Compliance reports are prepared by Shariah-trained analysts and ratings are updated quarterly. Purification is treated as a mandatory Shariah obligation, calculated from each company's verified non-permissible income ratio for the investor's holding period, per AAOIFI. The scholars' published positions cover edge cases: no purification on capital gains from halal stocks, and a 90-day grace period for stocks that turn non-compliant while held at a loss. Regulatory posture: Musaffa, LLC is an SEC-registered investment adviser (CRD #338525 / SEC #801-134527) and explicitly not a broker-dealer; trades clear through Alpaca Securities LLC (FINRA/SIPC). Screening output is legally framed as research candidates - 'not a fatwa' - and Form ADV Part 2A and the wrap fee brochure are published in the site's disclosure library.
Search any ticker: Get an instant Halal / Doubtful / Not Halal verdict for 120,000+ stocks and 8,200+ ETFs across 60 markets, free. Go deeper with Foundation: The $72/year plan unlocks the C - to A+ rating, full compliance reports, three-year status history, filters, and MISRI ethics scores. Link your portfolio: Connect accounts from 25+ supported brokerages for continuous compliance monitoring, alerts on status changes, and automated purification and zakat. Trade or automate: Invest commission-free through Musaffa's SEC-registered platform (cleared via Alpaca Securities) or pick a ready-made managed portfolio matched to your risk profile.
Musaffa operates nationwide across the U.S., though specific products may have regional limitations. Always verify current availability directly with Musaffa.
Musaffa's closest peer is Zoya - both are AAOIFI-based screening apps - and the practical differences are coverage breadth, the graded C - -to-A+ scale, and Musaffa's integrated trading; managed-portfolio seekers may compare Wahed instead. Zoya: Zoya is the other leading AAOIFI-based screening app with a polished US-focused experience; Musaffa counters with far broader global coverage, graded ratings, and built-in trading. Wahed Invest: Wahed is a managed halal robo-advisor - a hands-off alternative to Musaffa's research-first, self-directed approach with newer managed portfolios. Amana Funds: Amana's actively managed halal mutual funds suit investors who want decades of track record over tooling; Musaffa is for those who want to see and control the screening themselves.
Halal financing structures can have different fee structures compared to conventional products. Some options may be competitive with conventional rates, while others may have different cost structures. Pricing varies by product type, location, and individual circumstances. Always compare total costs and terms when evaluating options.
Visit Musaffa at musaffa.com/halal-investing, or use the product links on this page.
6 verified reviews
Game changer for me. I used to just avoid stocks altogether because I didn't know what was halal. Now I check everything on Musaffa before I buy. The compliance reports are detailed and easy to read.
the purification calculator is a feature I didn't even know I needed. tells you exactly how much to give away from any non-compliant income. genius
I subscribe to the premium plan. Worth it if you're actively investing. The free version is fine for casual checking but the detailed breakdowns on the paid tier helped me build a proper portfolio.
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