Halal Silver ETFs: SLV, SIVR, PSLV & SSLV Checked

Last updated: October 26, 2026

AAOIFI Shariah Standard 57 says "all Shari'ah rulings relating to gold... also apply to silver," so the gold ETF tests carry straight over.¹ SLV, SIVR and PSLV pass the physical-backing check. Of the large silver products, Invesco Physical Silver ETC (SSLV) is the only one we found with a yearly Shariah certificate.

This post sticks to silver. The full rules on allocated vs unallocated metal and spot settlement are in is gold ETF halal?. For every route into precious metals, see halal gold and precious metals. Investing from India? Read halal gold and silver ETFs in India.

Is a silver ETF halal?

Yes, if it's built the right way. Standard 57 writes its conditions for gold, then clause 10/1 applies every one of them to silver:¹

1. The trade is spot. Silver and money change hands in the same session, either physically or on paper (clause 3/2/1).
2. No forward sale. Delivery can't be pushed back or made conditional, so silver futures fail (clause 3/2/2).
3. The metal is allocated. You own specific, identified bars, or an undivided share of a pool of identified bars (clauses 3/4 and 3/5).
4. Fund units follow the metal. ETF units "whose entire assets are gold" (and so silver) get the same rules as the metal itself (clause 10/3).

Malaysia's Securities Commission uses the same tests for Islamic silver ETFs. The bars have to be allocated and kept separate, units have to stand for a pro-rata share, trading has to be in cash and spot, and you have to be able to redeem units in bullion or cash.²

Silver ETFs compared

All five hold allocated silver bars, either in London or at the Royal Canadian Mint. "Passes" means the fund meets AAOIFI Standard 57's structure conditions, going by its own filings.

Is SLV halal?

On structure, yes. SLV (iShares Silver Trust) is a grantor trust set up in 2006, with JPMorgan's London branch as custodian.³ Its 10-K says that at the end of each business day the trust account can hold "no more than 1,100 ounces of silver in an unallocated form." Everything else is physical, identified bars in vaults in England or New York.³ And no new shares are issued until the custodian has allocated the matching silver.³

For a trust the size of SLV, 1,100 ounces is a rounding error. It passes the allocation and backing tests. It pays its fees by selling small amounts of silver, and the cash it keeps for expenses earns no interest.³ Standard 57 allows safekeeping fees, so that's fine too.¹

What counts against SLV is cost. At 0.50% a year, it's the most expensive large silver fund.³

Is SIVR halal?

SIVR (abrdn Physical Silver Shares) keeps allocated silver bars in a London vault, with ICBC Standard Bank as custodian.⁴ Its gross expense ratio is 0.45%, and a fee waiver brings that down to 0.30% net until 28 February 2027.⁴ Same trust structure as SLV, lower cost. It passes the same tests.

Is PSLV halal?

PSLV (Sprott Physical Silver Trust) is a closed-end trust that "invests primarily in long-term holdings of unencumbered, fully allocated, physical silver bullion." It doesn't buy "silver certificates or other financial instruments that represent silver."⁵ The bars sit with the Royal Canadian Mint, a Canadian Crown corporation.⁵

What makes PSLV different is redemption. Each month, unitholders can swap units for physical silver, as long as they meet the minimum amounts.⁵ That's as close as a listed product gets to Standard 57's condition that you can take delivery when you ask. The management fee is 0.45% a year.⁵

One catch. Because PSLV is a closed-end trust, its price can sit above or below the value of the silver it holds, so check the premium before you buy.

Is iShares Physical Silver halal?

People mean two different products when they ask this:

• iShares Silver Trust (SLV), the US fund above. Its structure passes.
• iShares Physical Silver ETC (SSLN), listed in London. It's a series of secured debt securities issued by iShares Physical Metals plc, backed by allocated silver held by JPMorgan in London, at 0.20% a year.⁶

The London ETC has the same legal form as Invesco's certified silver ETC: a certificate secured on allocated metal, issued by an Irish company. The gap is that Invesco gets a yearly Shariah audit and iShares doesn't.⁷ Invesco is cheaper too, at 0.19%. For a UK ISA or SIPP, we'd choose SSLV.

Shariah-certified silver ETC

Invesco Physical Silver ETC (ticker SSLV on the London Stock Exchange) aims to track the LBMA silver price "through certificates collateralised with silver bullion." The silver sits in an allocated account at JPMorgan in London. It charges a fixed 0.19% a year, and you can hold it in an ISA or SIPP.⁷

The Shariah Supervisory Board of Amanie Advisors audited Invesco's Physical Gold and Physical Silver ETCs for the year to 31 December 2025, and its certificate, dated 1 June 2026, found them compliant.⁸ SSLV settles T+2 in London, two business days after the trade.⁷ As the gold ETF guide explains, certified products treat normal exchange settlement as spot. Most Shariah boards hold that view, but some scholars require same-day exchange.

Which silver products are not halal?

• Silver futures funds and ETNs. Futures are delayed sales, which clause 3/2/2 bans.¹
• Leveraged and inverse silver ETFs, such as ProShares Ultra Silver (AGQ) and UltraShort Silver (ZSL). They use derivatives instead of owning bars.
• Options on SLV, and covered-call silver income funds.
• Buying on margin, which is an interest-bearing loan, and short selling.
• Silver CFDs and spread bets.

Silver mining stocks

Standard 57 allows shares in mining companies that pass normal stock screening (clause 4/4).¹ Silver miners and streamers include Pan American Silver (PAAS), Wheaton Precious Metals (WPM), First Majestic (AG), Hecla (HL) and Coeur Mining (CDE). Check each one, because debt levels in this sector are all over the place.

Miner ETFs such as SIL and SILJ hold dozens of these companies, and some of them fail the ratios. The fund pages show which holdings get removed in the halal-filtered version.

How to buy a silver ETF the halal way

1. Pick an allocated, physically backed product. SSLV in the UK. SIVR, SLV or PSLV in the US and Canada.
2. Use a cash account. A margin account lends you money at interest.
3. No leverage, options or shorts.
4. Watch idle cash. If your broker pays interest on uninvested cash, opt out or give it away.
5. Count it for zakat. Silver holdings are zakatable at 2.5% of market value once your zakatable wealth is above the nisab (the minimum wealth before zakat is due).

Silver swings more than gold, and like gold it pays you nothing while you hold it. It's a hedge against inflation and currency risk, but it won't grow your wealth the way owning part of a business can. If the rest of your money sits in conventional index funds, Amal Invest builds Shariah-screened versions of the funds you already hold, so the core of your portfolio is halal as well.

FAQ

Is investing in silver halal?

Yes. Silver is a permitted asset. Investing in it is halal when you own real, allocated metal and the trade is spot and paid in cash. Physical bars and coins, allocated vault accounts and physically backed silver ETFs can all pass that test.¹

Is SLV halal?

On structure, yes. SLV holds allocated, physical silver bars with JPMorgan, and no more than 1,100 ounces can sit unallocated at the end of any day.³ That meets the structure conditions in AAOIFI Standard 57. It has no Shariah certificate of its own, and its 0.50% fee is the highest of the large silver funds.

What is the best halal silver ETF?

For a UK account, Invesco Physical Silver ETC (SSLV): Shariah-certified, at 0.19%.⁷⁸ For a US account, SIVR is the cheapest physically backed trust at 0.30% net, while its fee waiver lasts.⁴ If you want the option to redeem for metal, use PSLV.⁵

Is a silver ETF in India halal?

It depends on the fund. Indian silver ETFs have to hold 30 kg LBMA Good Delivery bars, but they're also allowed to use silver futures for up to 10% of assets. See halal gold and silver ETFs in India for how to check a specific fund.

Are gold and silver ETFs treated the same in Islam?

Yes. AAOIFI Standard 57 applies every gold ruling to silver (clause 10/1).¹ Platinum and palladium are different. Standard 57 says its rulings "do not apply to metals such as platinum, palladium and nickel" (clause 10/6), so those metals follow the ordinary rules of sale.

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