Investing · Wahed Invest
Wahed Dow Jones Islamic World ETF
Co-Founder & CEO, HalalWallet
Facts are re-verified against Wahed Invest's published materials; this page updates when the provider's terms, rates, or coverage change.
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.
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What is the 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.
- Contract structure: Index-based.
- Expense ratio: 0.65%.
- Available in all 50 states.
- Shariah oversight disclosed: Third-Party Certified.
- HalalWallet Index grade for Wahed Invest in Investing: B+.
- Verified against Wahed Invest's published materials on 2026-08-13.
Source: HalalWallet (halalwallet.us)
Key facts
- Structure
- Index-based
- Program type
- ETF
- Ticker
- UMMA
- Expense ratio
- 0.65%
- Screening method
- Dow Jones Islamic World Index
- Holdings
- ~100
- Assets under management
- $0.2B
- Focus
- Global Large Growth
- Account types
- Individual, IRA, Roth IRA
- Availability
- all 50 states
- Shariah oversight
- Third-Party Certified
- Provider founded
- 2015
- Last verified
- 2026-08-13
Facts are taken from Wahed Invest's published product materials and were last verified on 2026-08-13. Fields the provider does not publish are omitted rather than estimated.
Our take
UMMA's mandate matters: US Muslims are chronically underweight international equities because compliant vehicles barely exist, and UMMA was among the first to fix that. The execution brings trade-offs. At 0.65% it is the most expensive mainstream halal equity ETF, and its loose relationship to the Dow Jones Islamic International Titans index means you are partly buying manager discretion - the ESG data layer is a differentiator or a distraction depending on your view. SPWO now covers the international job at 0.45% with a broader, more systematic index, which is the sharper value. UMMA's counterargument is its Wahed-native compliance stack (per-fund fatwa, published board reports, quarterly purification data) and quarterly distributions. Sensible inside Wahed's ecosystem; comparison-shop it outside.
Strengths
- Dedicated halal international (non-US) exposure - still a thin category
- Dow Jones Islamic methodology with an added ESG data layer
- Quarterly distributions and published quarterly purification amounts
- Pairs with HLAL for a simple two-fund global halal equity core
Watch-outs
- 0.65% expense ratio is the priciest among mainstream halal equity ETFs - SPWO covers similar ground at 0.45%
- 'Loosely tracking' its index means active-management discretion and potential index drift
- Currency exposure across its non-US book
- Smaller AUM (~$0.2B) than the category leaders
Is the Wahed Dow Jones Islamic World ETF halal?
UMMA gives US investors Shariah-compliant international exposure by loosely tracking the Dow Jones Islamic Market International Titans 100 Index - 'loosely' because the fund is not a pure index tracker, which gives the manager room to maintain compliance and, per Wahed's marketing, makes it the first US-listed Islamic ETF to formally incorporate ESG data into investment decisions (a company claim; the mechanics aren't detailed on the page). The Dow Jones Islamic Market methodology screens out conventional finance, alcohol, tobacco, gambling, adult entertainment, and weapons, and applies financial-ratio tests before a company can enter the index universe. On top of that sits Wahed's own governance: a Shariah Certificate (fatwa) for UMMA, Shariah Supervisory Board reports published for 2022 through 2024, quarterly purification amounts on dividends, and a named three-scholar board - Sheikh Sajid Umar, Sheikh Dr. Aznan Hasan (a sitting AAOIFI Shariah board member and deputy chairman of Malaysia's Securities Commission Shariah Advisory Council), and Sheikh Muhammad Ahmad Sultan - with Shariyah Review Bureau as external advisor. Context worth knowing: Wahed consented to an SEC cease-and-desist order in February 2022 ($300,000 penalty) over earlier marketing and compliance failures; the audit trail now published responds to that era. At 0.65%, UMMA costs more than its US-equity sibling HLAL - the price of an international mandate with active compliance oversight.
Shariah oversight disclosed by Wahed Invest
Certified by Shariyah Review Bureau (SRB) (2024). Signed by Dr. Aznan Hasan (SRB).
Read our full AAOIFI-based Shariah screen for UMMA →
HalalWallet reports the Shariah documentation a provider publishes. We do not issue certifications; consult a qualified scholar for a personal ruling.
What you get
- Loosely tracks the Dow Jones Islamic Market International Titans 100 - developed and emerging markets outside the US
- 0.65% expense ratio; Nasdaq-listed since January 7, 2022; quarterly distributions
- Quarterly purification amounts on dividends published on the fund page
- Per-fund fatwa plus Shariah Supervisory Board reports published for 2022-2024
- Wahed markets it as the first US-listed Islamic ETF formally incorporating ESG data (company claim)
- Pairs with HLAL to complete a two-fund global halal equity core
Cost and terms
0.65% total expense ratio (verified on wahed.com/umma 2026-08-05); no fund-level minimum. Roughly $0.2B AUM. Quarterly distributions; quarterly purification amounts published on the fund page.
How it compares
Other investing providers we list in the U.S., ordered by HalalWallet Index grade.
| Product | Structure | Shariah oversight | Availability | Grade |
|---|---|---|---|---|
| Wahed Dow Jones Islamic World ETF (this page) | Index-based | Third-Party Certified | all 50 states | B+ |
| SPFunds SP Funds Dow Jones Global Sukuk ETF | Index-based | Third-Party Certified | all 50 states | B |
| Manzil Russell Halal USA Broad Market ETF | Index-based | Third-Party Certified | 49 states | A |
| Amana Developing World Fund (AMDWX) | Mutual Funds | Third-Party Certified | all 50 states | — |
| Musaffa Halal ETF Finder | ETF Screener | Formal Board | all 50 states | — |
Other Wahed Invest products
- Wahed Real Estate Fund
Investing · Zero-debt single-family rental fund (100% equity)
- Wahed Invest Robo-Advisor
Investing · Robo-Advisor
- Roth IRA
Retirement · Robo-Advisor
- SEP IRA
Retirement · Robo-Advisor
- Traditional IRA
Retirement · Robo-Advisor
- Wahed FTSE USA Shariah ETF
Investing · Index-based
Where it's available
Wahed Invest lists the Wahed Dow Jones Islamic World ETF as available in all 50 states.
Availability may vary by product and can change; verify with Wahed Invest before applying.
Frequently asked questions
Is the Wahed Dow Jones Islamic World ETF halal?
UMMA gives US investors Shariah-compliant international exposure by loosely tracking the Dow Jones Islamic Market International Titans 100 Index - 'loosely' because the fund is not a pure index tracker, which gives the manager room to maintain compliance and, per Wahed's marketing, makes it the first US-listed Islamic ETF to formally incorporate ESG data into investment decisions (a company claim; the mechanics… Contract structure: Index-based. Shariah oversight disclosed by Wahed Invest: Third-Party Certified. HalalWallet reports what the provider documents; we do not certify products.
How does the Wahed Dow Jones Islamic World ETF work?
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.
What does the Wahed Dow Jones Islamic World ETF cost?
0.65% total expense ratio (verified on wahed.com/umma 2026-08-05); no fund-level minimum. Roughly $0.2B AUM. Quarterly distributions; quarterly purification amounts published on the fund page.
Where is the Wahed Dow Jones Islamic World ETF available?
Wahed Invest lists this product as available in all 50 states. Availability can change and may differ by state; verify directly with Wahed Invest.
What are the alternatives to the Wahed Dow Jones Islamic World ETF?
In the same category we also list SPFunds SP Funds Dow Jones Global Sukuk ETF (HalalWallet Index B), Manzil Russell Halal USA Broad Market ETF (HalalWallet Index A), Amana Developing World Fund (AMDWX). Compare every option side by side on our Halal Investing hub.
When was this Wahed Invest product information last verified?
HalalWallet last verified the Wahed Dow Jones Islamic World ETF details against Wahed Invest's published materials on 2026-08-13. Rates, fees, and availability can change after that date.
How to use this comparison: HalalWallet is an independent educational comparison platform - by design, we do not provide financial, legal, or religious advice. We do the research homework so your final checks are quick and personal.
Product structures and Shariah oversight vary by provider, so finish with three built-in steps:
- Confirm current terms and halal compliance directly with the provider - their quote is final.
- Review the contract structure (Murabaha, Ijara, Musharakah, etc.) and any disclosed Shariah board opinions.
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Sources and review process
This page is reviewed against HalalWallet editorial standards and source documentation.
Reviewed by: HalalWallet Editorial Team
Last reviewed: 2026-08-13
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