How do I verify Wahed Invest's Shariah compliance?

Review Wahed Invest's publicly available Shariah compliance documentation, understand the product structures they use, and check for independent oversight or Shariah board involvement. Always verify compliance directly with Wahed Invest and consult with qualified Islamic finance advisors for guidance on specific products.

Wahed Invest Review — Halal Finance Products

Kyle Natter

Co-Founder & CEO, HalalWallet

Reviewed by: HalalWallet Editorial Team•Last reviewed: 2026-08-04•Disclosure: Featured partners may compensate HalalWallet for clicks. Editorial policy and full disclosures.

Operates as a global Islamic investment platform whose activities are reviewed and audited by an external Sharia supervisory authority.

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HalalWallet 2026 Review

Wahed Invest — At a Glance

Products Reviewed

States Served

Pros & Cons

What We Like

Fully halal by construction - every portfolio holds only Shariah-screened equities, sukuk, and gold, so there is nothing for the investor to screen or purify manually beyond Wahed's published purification amounts
Genuinely low barrier: $100 minimum for taxable accounts and Traditional, Roth, SEP, and Rollover IRAs, with free ACH deposits, withdrawals, and account closure
One of the strongest published Shariah audit trails in US fintech - annual SSB reports for 2019 through 2024, per-fund fatwas for HLAL, UMMA, and KWIN, and quarterly purification data
Credible scholarship: Sheikh Dr. Aznan Hasan sits on AAOIFI's Shariah board and Malaysia's Securities Commission council, with Shariyah Review Bureau providing independent external review
Assets are held in your name at Apex Clearing with SIPC protection up to $500,000, and the wrap fee covers all management, custody, and trading costs
Expanding product depth - a halal savings alternative (Everyday Shariah Account) and zero-debt fractional real estate under Regulation A from $100–$500

What Could Be Better

The SEC fined Wahed $300,000 in February 2022 for advertising nonexistent proprietary funds, seeding HLAL with client assets without disclosing the conflict, and lacking written Shariah-compliance policies - resolved with a cease-and-desist and an independent compliance consultant
The $60 fixed fee makes small accounts proportionally expensive - effective cost runs near 0.9% or more below $20,000 - and the site currently shows two conflicting fee schedules (an older 0.79%/0.49% tier chart alongside the newer 0.49% + $60 structure)
Conservative portfolios now lean heavily on the brand-new KWIN options ETF (about 79% of Very Conservative) rather than pure sukuk - a strategy with a back-tested, not real, track record before November 2025
Discretionary management only: no human advisor consultations, portfolio changes happen only in-app, and withdrawals take roughly 7–8 business days end to end
ETF expense ratios (0.50–0.65% on Wahed's own funds) stack on top of the wrap fee for the portions not offset, and the linked wrap-fee brochure PDF is dated November 2022

Who Is This Provider Best For?

Hands-off investors who want a fully halal portfolio managed for them - set a risk level, automate deposits, and let Wahed handle screening, rebalancing, and purification reporting

Muslims opening their first IRA: Traditional, Roth, SEP, and Rollover accounts all carry the same $100 minimum, with 401(k)/403(b) rollovers supported

Investors who value documented Shariah governance - named scholars, external review by Shariyah Review Bureau, and six years of published board reports

Detailed Analysis

Wahed Invest was founded in 2015 by Junaid Wahedna 'to solve the Riba problem' and has grown into the most visible halal investing brand globally: over 400,000 clients across 130+ countries, licenses in 9 jurisdictions, and more than $1 billion in assets across its entities (all company-reported), with backers including Saudi Aramco's Wa'ed Ventures and Qatar Development Bank. The US business is Wahed Invest LLC, an SEC-registered investment adviser headquartered in New York, with custody at Apex Clearing (SIPC-protected up to $500,000). Mohsin Siddiqui, formerly of ComplyAdvantage and OANDA, became CEO in 2023 with Wahedna moving to Chairman.

The core product is a discretionary wrap program: answer a risk questionnaire and Wahed assigns one of six portfolios, from Very Conservative (about 79% KWIN income ETF plus sukuk) to Very Aggressive (about 65% global equity and 34% emerging-markets equity). Portfolios are built on Modern Portfolio Theory from Wahed's own ETFs plus sukuk and gold, rebalanced on risk-profile changes, cash flows, and major volatility. The minimum is $100, dividends reinvest automatically, and account types span taxable plus Traditional, Roth, SEP, and Rollover IRAs. There are no human advisors - everything runs through the app - and ACH withdrawals take about 7–8 business days.

Pricing is a single all-in wrap fee covering management, custody, and transactions: 0.49% per year plus $60, dropping to a flat 0.49% at $100,000 (where clients also become eligible for a free one-time financial plan). Two caveats: the fixed $60 makes small accounts proportionally costly (roughly 0.9%+ effective under $20,000), and Wahed's site currently displays an older 0.79%/0.49% tiered schedule alongside the newer structure - the newer pages carry the 0.49% + $60 disclosure. ETF expense ratios are charged separately, though Wahed states it does not double-charge on its own funds held inside portfolios. Billing accrues daily on the lesser of portfolio value and net deposits, collected monthly in arrears.

Wahed is also an ETF issuer, which is rare among robo-advisors. HLAL (Nasdaq, July 2019, 0.50%) tracks the FTSE Shariah USA Index screened by Yasaar Limited; UMMA (Nasdaq, January 2022, 0.65%) loosely tracks the Dow Jones Islamic Market International Titans 100 with an ESG overlay; and KWIN (NYSE Arca, November 2025, 0.51%) is an options-based 'Shariah alternative income' fund - Krane Funds Advisors is the adviser with Wahed as sub-adviser - that writes call options and buys puts to generate income without interest. KWIN now anchors the conservative portfolios and powers the Everyday Shariah Account, a wrap securities account marketed as a halal savings alternative targeting returns 'on par with the nation's best high-yield savings accounts.' Investors should understand the ESA is an investment account with market risk and SIPC (not FDIC) protection, and that KWIN's pre-launch performance shown in Wahed's calculator is back-tested, not real.

The record isn't spotless, and we weight this heavily. In February 2022 the SEC charged Wahed with making misleading statements and breaching fiduciary duty: between 2018 and 2019 it advertised proprietary funds that did not exist, promised rebalancing it didn't perform, seeded HLAL's launch with client assets without disclosing the conflict, and - despite marketing its Shariah purification process - had no written Shariah-compliance policies. Wahed consented, without admitting or denying the findings, to a cease-and-desist, a $300,000 civil penalty, and an independent compliance consultant. The compliance infrastructure Wahed publishes today - annual SSB audit reports (2019–2024), a Shariah transparency process document, per-fund fatwas - post-dates and directly addresses that gap. It is a genuine remediation story, but investors deserve to know it happened.

Shariah governance today is among the most documented in the space. The board comprises Sheikh Sajid Umar (PhD in financial risk management, qualified mufti), Sheikh Dr. Aznan Hasan (sitting AAOIFI Shariah board member, Deputy Chairman of Malaysia's Securities Commission Shariah council, and a member of the UAE Central Bank's Higher Shariah Authority), and Sheikh Muhammad Ahmad Sultan, with Shariyah Review Bureau as external independent advisor and an in-house Shariah risk analyst. Screening excludes conventional financial services, alcohol, tobacco, gambling, adult entertainment, and weapons, and applies asset and debt-ratio tests; quarterly purification amounts are published per fund, and a built-in zakat calculator estimates zakat on your Wahed balance. Newer products extend the same discipline: the Regulation A real estate offerings (fractional single-family rentals from $500; a diversified fund from $100 targeting 5–7% net, company-projected) are 100% equity-financed with zero mortgages, run by affiliate Wahed Financial LLC with Dalmore Group as broker-dealer.

How It Works

Wahed's managed accounts avoid riba by construction rather than by contract workaround: portfolios hold only Shariah-screened equity ETFs, sukuk, and gold - never conventional bonds or interest-bearing cash instruments. Equity holdings pass industry screens (no conventional finance, alcohol, tobacco, gambling, adult entertainment, or weapons) plus financial-ratio tests, with impermissible income purified via published quarterly purification amounts. Income generation in conservative tiers comes from KWIN's options strategy (writing calls, buying puts on Shariah-compliant stocks) rather than from lending. The whole framework is certified by a named scholar board, externally reviewed by Shariyah Review Bureau, and audited annually with reports published since 2019.

Answer the risk questionnaire

Wahed's app assesses your goals, time horizon, and liquidity needs, then recommends one of six halal portfolios from Very Conservative to Very Aggressive.

Fund with $100 or more

Open a taxable account or a Traditional, Roth, SEP, or Rollover IRA via ACH or wire. Recurring deposits can be automated.

Wahed manages everything

Your money is invested across Shariah-screened ETFs, sukuk, and gold, held in your name at Apex Clearing. Rebalancing, dividend reinvestment, and purification reporting are automatic.

Track, purify, withdraw

The app shows performance, purification amounts, and a zakat estimate. ACH withdrawals are free and take about 7–8 business days.

Shariah Compliance Review

Oversight Level

Third-Party Certified — externally verified for compliance

Certified by Shariyah Review Bureau (SRB) (2024). Signed by Dr. Aznan Hasan (SRB).

Screening operates at two levels: index-level for the ETFs (HLAL's FTSE Shariah USA Index carries its own fatwa from Yasaar Limited) and portfolio-level for managed accounts, excluding conventional financial services, alcohol, tobacco, gambling, adult entertainment, weapons, and companies failing asset or debt-ratio thresholds. Quarterly purification amounts are published for HLAL and UMMA dividends so holders can cleanse impermissible income.

Context worth knowing: the SEC's February 2022 order found that during 2018–2019 Wahed had marketed its Shariah advisory business without written Shariah-compliance policies and procedures. The extensive audit trail Wahed now publishes was built after - and in response to - that finding, and includes a formal Shariah transparency process document alongside the annual board reports.

Shariah compliance should always be verified directly with Wahed Invest. HalalWallet reports publicly available oversight information but does not issue fatwas or certify compliance.

How It Compares

Wahed is the only US halal robo-advisor at scale; the closest comparisons are self-directed halal platforms and Shariah-compliant fund families that require you to manage your own allocation.

vs. ShariaPortfolio

ShariaPortfolio offers human advisors and the SP Funds ETF family for investors who want personalized management; Wahed is cheaper at small balances and fully automated.

vs. Amana Mutual Funds

Amana's mutual funds carry the longest halal track record in America (since 1986) but you build your own allocation; Wahed manages the whole portfolio for you from $100.

vs. Musaffa

Musaffa is self-directed - you screen and pick individual stocks with its AAOIFI-based ratings; Wahed is discretionary and hands-off with no stock-picking required.

Bottom Line

For Muslims who want investing handled end to end - screening, allocation, rebalancing, purification - Wahed is the most complete halal robo-advisor in the US, with governance documentation few competitors match. Go in with open eyes: the 2022 SEC order is real history, the $60 fee stings under $20K, and the conservative tiers now ride a very young options ETF. At $100K+ the flat 0.49% all-in fee is genuinely competitive.

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Read our full Wahed Invest reviews

This page is the quick profile — Index grade, products, and availability. For the step-by-step walkthrough, costs, and our detailed take:

Products from Wahed Invest

Category Category details.	Provider The Islamic finance company offering this product.	Product Name The specific halal product or service offered.	Description Brief description of the product or service.	Availability Which US states this provider serves.	Action
Retirement	Wahed Invest	SEP IRA	Wahed's SEP IRA gives self-employed Muslims and small-business owners the higher contribution ceilings of an employer-funded retirement plan with fully halal contents: the same six managed risk tiers as Wahed's core robo service, built from Shariah-screened Wahed equity ETFs, sukuk, gold, and the KWIN alternative-income ETF. Accounts open from $100, accept rollovers from prior employer plans (401(k)/403(b)/457) and IRA transfers, and sit in the client's name at Apex Clearing with SIPC protection. Compliance runs through Wahed's three-scholar Shariah board with Shariyah Review Bureau as external advisor and quarterly purification reporting.	Available in all 50 states	See pricing & terms Opens provider site — no obligation
Investing	Wahed Invest	Wahed FTSE USA Shariah ETF	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.	Available in all 50 states	See pricing & terms Opens provider site — no obligation
Investing	Wahed Invest	Wahed Dow Jones Islamic World ETF	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.	Available in all 50 states	See pricing & terms Opens provider site — no obligation
Retirement	Wahed Invest	Roth IRA	Wahed's Roth IRA wraps the platform's managed halal portfolios in the US tax code's most generous retirement structure: after-tax contributions, tax-free qualified withdrawals, and contributions accessible without penalty. From a $100 minimum, savers get one of six risk tiers built from Shariah-screened Wahed equity ETFs, sukuk, gold, and the KWIN income ETF, automatically rebalanced, with assets held in their own name at Apex Clearing (SIPC-protected). The compliance file includes a three-scholar Shariah board, Shariyah Review Bureau external review, published annual board reports, and quarterly purification amounts.	Available in all 50 states	See pricing & terms Opens provider site — no obligation
Investing	Wahed Invest	Wahed Invest Robo-Advisor	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.	Available in all 50 states	See pricing & terms Opens provider site — no obligation
Retirement	Wahed Invest	Traditional IRA	Wahed's Traditional IRA delivers tax-deferred halal retirement saving through the platform's managed portfolios: pre-tax (or deductible) contributions grow untaxed until withdrawal, invested across six risk tiers of Shariah-screened Wahed equity ETFs, sukuk, gold, and the KWIN income ETF. Accounts activate from $100, accept rollovers from employer plans and transfers from other IRAs, and hold assets in the client's name at Apex Clearing with SIPC protection. Governance includes three named board scholars, Shariyah Review Bureau external review, published annual reports, quarterly purification amounts, and a built-in zakat calculator.	Available in all 50 states	See pricing & terms Opens provider site — no obligation
Investing	Wahed Invest	Wahed Real Estate Fund	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.	Available in all 50 states	See pricing & terms Opens provider site — no obligation

Wahed Invest

SEP IRA

Nationwide

Wahed's SEP IRA gives self-employed Muslims and small-business owners the higher contribution ceilings of an employer-funded retirement plan with fully halal contents: the same six managed risk tiers as Wahed's core robo service, built from Shariah-screened Wahed equity ETFs, sukuk, gold, and the KWIN alternative-income ETF. Accounts open from $100, accept rollovers from prior employer plans (401(k)/403(b)/457) and IRA transfers, and sit in the client's name at Apex Clearing with SIPC protection. Compliance runs through Wahed's three-scholar Shariah board with Shariyah Review Bureau as external advisor and quarterly purification reporting.

See pricing & terms