# Amal Invest - Full Content
---
## Amal Invest Pro
> Source: https://amalinvest.com/pro
# Amal Invest Pro
## The highest-earning halal investments
Earn more, fire the middlemen & take back control of your money.
No minimum investment
30 day money back guarantee
## How it works
Step 1
### Pick a (non-halal)
Access over 100,000 ETFs & Mutual Funds from the world's best investment managers — including household names like Fidelity, Vanguard and Blackrock.
A fund is just a collection of stocks that represents an investment idea, and these are some of the best ideas available.
Did you know that 99.99% of funds are not Shariah-compliant? Only 10 of the 100,000+ US-listed funds are certified Shariah compliant.
Step 2
### Filter the non-halal parts
We scrub the holdings inside each fund, filtering all the non-halal stocks.
You're left with a brand new fund containing only the remaining halal ✨ stocks.
Step 3
### 1-click Invest.
The repackaged fund is now ready for you to invest in!
Every time you invest, we send out dozens of individual orders for each of the stocks inside the fund — and buy them up in just the right amounts so you track the fund as close as possible.
We take care of all of the complicated work of rebalancing the fund, and keeping it in sync with the original fund.
Note: Investments are executed through Alpaca Securities LLC. Amal Invest itself is not a brokerage service.
## ⚡️ Live Demo ⚡️
Ready to see Amal Invest in action? Try this demo 👇
— Or —
### Earn more.
**Filtered funds perform better**
Shariah compliant companies rely less on leverage and more on sound business practices, which reflects on the stock price positively in many cases.
**Avoid fund fees**
Buying stocks directly means you avoid the hefty fund management fees (1%+) that many funds charge.
**No price slippage when buying/selling**
Slippage, prevalent with smaller funds, means you pay more when you buy, and earn less when selling. Buying stocks directly avoids this entirely!
* * *
### Fully automatic.
**Sync fund changes**
Whenever the fund changes, your copy gets updated too. We even use smart-rebalancing to keep trades to a minimum, and reduce capital gains tax.
* * *
### Stay in control.
**Personal Blacklist/Whitelist**
Whitelist a stock to invest regardless of Shariah rating, or blacklist the ones you just don't want to invest in. Your call. Previously impossible to do, but now just a click away.
Block companies supporting genocide
NEW
We pull data from BDS to allow you to avoid investing in businesses like Intel that are supporting the Israeli genocide in Palestine.
**Sell, wait or notify**
If a stock turns non-compliant, you have the choice to sell it immediately -- or wait for the next quarterly report to see if things change. Your call!
## Pay once. Earn forever.
Select the plan that fits your investment goals. Access to Sharia-compliant funds with one-time payment.
Unlimited Investing
0% fund fees
Access to All Available Funds
Priority Support
Fund Tracking & Monitoring
Shariah Compliance
$999once
(Pro Plan - All Funds Access)
* * *
No Investment Fees(Savings of $1,000+/yr)
No Trading Fees(Savings of $50+/yr)
No FX Fee(Savings of $100+/yr)
No Fund Fees(Savings of $500+/yr)
No Inactivity Fees(Savings of $25+/yr)
No Deposit Fees(Savings of $100+/yr)
No Minimum Investment
·
30 day money back guarantee
I'm so glad I found this tool! I've
made back what I paid many times over since starting!
—
🇸🇦 Hussain Janahi (user since Jan '22)
[
Verified rating
·
](https://trustpilot.com/review/www.fundpurifier.com)
## Compare us.
| Feature | 👋 Amal Invest | 💼 Investment Advisor | 💵 Halal funds | 🏠 Real estate | 🏦 Bank savings account |
| --- | --- | --- | --- | --- | --- |
| Asset Fee | 0% | 2% fee | 0.5% min fee | 5-7% Closing/Agent Fee | 0% |
| Performance | Market-beating | Average/below average net fees | Average | Average | Low (below 1%, net inflation) |
| Shariah compliance | Fully compliant, includes 🇮🇱 filter | Depends | Compliant (but includes questionable companies) | Good luck finding a halal loan | Is this even halal? |
| Trade fee | Free | Up to $15/trade | Depends on broker | See asset fee | 0% |
| Important notes | One-time $249 (Standard) or $999 (Pro), no monthly fee
Blacklist/Whitelist
No minimums
Available in 220+ countries (not Canada or Brazil) | Phone support | Low liquidity
Not available on all brokers | High capital
Low liquidity
Property taxes
Location risk
Calls you up at midnight to fix the overflowing toilet | Downside protected |
Had an investment advisor for 4 years... ditched them for Amal Invest and never looked back!
The control and transparency I have now is incredible, and my returns have improved significantly.
—
🇺🇸 Ibrahim M (user since Jan '21)
[
Verified rating
·
](https://trustpilot.com/review/www.fundpurifier.com)
## Amal Invest \*is\* for you, if
you see yourself in any of the examples below 👇
It's easy to use, offers a huge range of funds without being overwhelming, and finally gives me control over my investments. Highly recommend.
— 🇺🇸 Hisham A
My first time investing and I couldn't believe how simple and straightforward it becomes with Amal Invest. Love this website and Yazin is THE MAN! Super quick help whenever you need it!
— 🇴🇲 Minhal Aftab
Amal Invest is a God send. It uniquely provided me all the functionality I have been looking for so long to make my investment activities 100% halal and free from doubt. Overall very satisfied.
— 🇬🇧 Farah
The app is fantastic -- so many fund options, great returns and incredible support. It's clear Yazin and the team behind it genuinely care. Five stars from me!
— 🇺🇸 Sara L
Amal Invest is a god-send for the halal investing community - an automated way of turning any ETF/fund into a permissible one. Support is top notch with issues responded to within 24 hours. Excellent value for the price of the subscription.
— 🇸🇬 Iqbal
Amal Invest is a game-changer for Muslims! This app opened up a whole world of funds! The filtering is sooo simple, and I've seen much better performance since using it. You won't regret it!
— 🇧🇭 Ahmed Saleh
## Amal Invest is not for you, if
Amal Invest is not the best fit for everyone. Here are cases where we might not be the right choice
### 🤑 You want guaranteed returns
Sorry, the stock market is not for you. Sukuk, maybe? They offer \*way\* lower returns (sometimes 10x less), and some scholars have reservations about them — but they're the closest thing to guaranteed returns.
### 🖥️ You are day trading
While we do support bulk buys and T+0 settlement, we're geared towards long-term investing — not short-term day trading. We don't stream prices or offer complex trade types (like stop loss, bracket orders, OCO or OTO orders).
### ☎️ You need to talk to someone
We're only available over email, no phone support. If you need hand-holding or a calm voice to speak to on the phone, consider getting an advisor. Be warned though, they'll make sure to charge you handsomely for the privilege.
## Shariah-compliant & more...
Sleep easy knowing that non-halal stocks are filtered by default
### 🤝 Verified compliance data
Every stock is screened against the AAOIFI standards — checking business activity, interest-based debt, and impermissible income — using the most accurate and up-to-date data.
### 🔍 Continuous monitoring
We track all your positions & automatically sell stocks that turn non-compliant. You do nothing, it's 100% automatic.
### 🇮🇱 Genocide filters
NEW
The filthy businesses supporting the ongoing Israeli genocide in Gaza deserve no space in your portfolio — regardless of their Shariah compliance. Filter them out with just a click.
🤔 Did you know that 52% of companies in the S&P500 are not Shariah compliant
---
## Halal Investing: The Basics | Amal Invest
> Source: https://amalinvest.com/halal-investing
# Halal Investing: The Basics | Amal Invest
Everyone and their grandmother are worried about inflation these days, and they should be.
The thing's ripping through our hard-earned savings like a shish kebab.
The worst part isn't even that it's making things more expensive _now_ - it's doing the same for the future too! That means you'll need to save _more_ for retirement, save _more_ to pay for your children's college education and _more_ for whatever else you had planned.
**If you aren't building your wealth, you're losing it**.
* * *
## Building wealth
This series is meant to be an actionable but approachable introduction, that helps you start _actually building_ your wealth.
Building wealth is a skill that you can learn, yet it's so woefully under-taught. And you know what?
It's hard to find useful investing knowledge online. It's even harder finding any information on investing _as a Muslim_ — which comes with it's own corpus of material that many people just find incredibly intimidating.
Halal investing is one of those things that can get unfathomably complex, but when starting off you really just need to stick to 2 simple principles.
## Two Rules for Halal Investing
### 1\. Don't do anything stupid
Young investors are particularly susceptible to this, but it can afflict anyone. They jump into investing seeking the largest possible absolute returns - risk be damned. The problem with this approach is that you inevitably end up doing something stupid that wipes out your entire portfolio in an instant. Now, scarred by your losses, you walk about telling others that "investing is a scam" and that the only safe investment is putting bars of gold in a safe hidden under the staircase. At that point, you've gone full circle and turned into a gold-bug boomer.
Charlie Munger, right-hand to famed investor Warren Buffet, said it best:
> It is remarkable how much long-term advantage people like us have gotten by trying to be consistently not stupid, instead of trying to be very intelligent.
You're not trying to invent some new method of investing that earns you unspeakable returns.
This advice is especially difficult to follow today, when there are so many things that pass for "investing" (including a bunch of things more akin to gambling). Everything from speculating on crypto to yield farming, NFTs, complex options and financial derivatives.
Your goal, as someone just starting your investing journey, is not to chase "maximum returns". It's to avoid doing the stupid things that'll wipe you out.
### 2\. Keep it halal
Most "conventional" investors don't give a toss about how they make money -- just how much they made. To them, returns matter more than anything else.
For Muslims though, it does. We want to make absolutely certain that anything we invest in is pure and vetted. Think about it: no $ amount of returns is worth an eternity of punishment in the afterlife, no matter how large those promised returns are. You want your money to bring you peace of mind, not a hot seat in hell.
Some people might shrug, put their hands in the air and say "it can't be helped". All the institutions rely on interest in some way, and even "halal products" are just dressed up haram investments.
While this might be true in some areas, it's important to remember that _you have a choice_ in what you invest in. You vote with your money -- and when you back bad companies, you're helping them grow and prosper - in turn causing more harm for both yourself and your society.
Can we know how halal a stock is?
Yes! There are concrete measures for determining the "halalness" of a given stock. We'll cover that in a future post.
The point is, turning a blind eye to what you invest in doesn't free you from blame - it just makes you ignorant.
## What's next?
Now that we've established the basic rules, let's go over the different types of investments you can consider when deciding where to start.
If you want the full plan in order, from emergency fund to zakat, follow our [halal investing for beginners guide](https://amalinvest.com/halal-investing/halal-investing-for-beginners).
## Popular funds, halal-filtered
Curious what a mainstream fund looks like once the non-compliant holdings are removed? Compare the original and halal-filtered versions of [SPUS](https://amalinvest.com/fund/SPUS), [HLAL](https://amalinvest.com/fund/HLAL), [VOO](https://amalinvest.com/fund/VOO), [QQQ](https://amalinvest.com/fund/QQQ), [VTI](https://amalinvest.com/fund/VTI) and [SCHD](https://amalinvest.com/fund/SCHD), or browse the [halal ETF comparison](https://amalinvest.com/halal-investing/halal-etfs-compared).
---
## Halal Investing App: Shariah-Certified Portfolios | Amal Invest
> Source: https://amalinvest.com/
# Halal Investing App: Shariah-Certified Portfolios | Amal Invest
## You should not have to choose between growing your money and keeping it halal
Most Muslims we meet are not afraid of investing. They are afraid of getting it wrong. Usually in one of three ways:
### “Is this actually halal?”
You cross-check tickers on three screener apps, read conflicting opinions, and still end the night unsure whether your money is clean.
### “This feels too complicated.”
Brokerages, ETFs, expense ratios, rebalancing. Every guide assumes you already speak the jargon. So the money sits in a bank account, shrinking.
### “What if I pick wrong?”
One bad pick with your family's savings, or one haram holding you missed, feels unrecoverable. So you keep postponing the decision.
### Amal was built to remove the doubt, not just the difficulty.
* **Certified halal, continuously.** Reviewed by Amanah Advisors, and every holding is re-screened automatically after you invest.
* **Two funds, not ten thousand tickers.** Grow and Save. Your goal decides the mix, in plain language.
* **No wrong picks.** If anything inside turns non-compliant, we sell it and reinvest for you. Automatically.
Live from our screener: every company is checked continuously. Non-compliant stocks never make it into your funds.
## Your “halal” fund may be buying missile makers
In the first half of 2026 the UK’s largest Shariah-compliant fund, HSBC’s Islamic Global Equity Index Fund, bought **over $100 million** of shares in five companies linked to the Israeli military. Every purchase passed the Shariah screen. Riba, alcohol and gambling are filtered. Weapons are not.
* **Amal’s genocide-free filter closes that gap.** Flip it on once during setup and it screens every holding, every rebalance, from published boycott lists plus the companies they miss.
* **Your filters outrank everything,** including Shariah screening. Spot one we miss? One tap and it is gone for good.
* **No extra cost.** Included in every plan, and once on it stays on.
Not one dollar of yours funds the genocide.
Genocide-free filter:
OFF
HSBC Islamic Global Equity Index Fund, Jan to Jun 2026
Filter off: $130.8 million of halal money in Israeli-military-linked stock.
* Palantir
$
38.3
m
AI targeting tools for the Israeli military
* RTX (Raytheon)
$
35.7
m
Missiles and Iron Dome interceptors
* Analog Devices
$
20.3
m
Components shipped to Elbit Systems
* Honeywell
$
18.9
m
Part found in a missile that hit a Gaza school
* Rolls-Royce
$
17.6
m
Engines for Merkava tanks
Also on the filter:
and 36\+ more
Spot a company the boycott lists miss?
Add it to your personal filters and it is blocked permanently, right alongside the BDS exclusions.
Source: [Middle East Eye analysis of the fund’s semi-annual report](https://www.middleeasteye.net/news/hsbc-sharia-compliant-fund-spent-over-100m-on-five-israeli-military-linked-firms), 14 Oct 2026. HSBC did not respond to their request for comment.
## Two funds. Zero guesswork.
No scrolling through endless tickers. Every company inside both funds is screened for Shariah compliance and genocide links. You just pick your mix.
+28.3%
historical /yr\*
* **Aims for long-term growth** through global, fully screened stocks
* **Higher swings, higher potential**, built for patience
* Best for **retirement and wealth building**
Fidelity's Growth Company Fund (FDGRX), purified
+14.6%
historical /yr\*
* **Steady payouts** with lower ups and downs
* **Predictable by design**, easier to sleep on
* Best for **near-term goals and peace of mind**
Vanguard's Dividend Appreciation Fund (VDADX), purified
\*Historical annualized returns vs. a +7% market average. Returns shown are historical and for illustrative purposes only. Past performance is not necessarily indicative of future results.
| At a glance | Grow | Save |
| --- | --- | --- |
| Goal | Long-term growth | Stability and steady income |
| Risk | Medium | Low |
| Ride | Higher swings | Lower ups and downs |
| Best for | Retirement, wealth building | Near-term goals, emergency funds |
Want the full picture? [See how both funds have performed](https://amalinvest.com/halal-investing/grow-and-save-portfolios) with live charts, year-to-date returns, and holdings.
## Start in minutes. Stay hands-off for good.
You do not need to be an expert to invest like one. Four steps, and only the first two involve you.
1. 
### Open a broker account
Choose Trading 212 or Alpaca, available in 100+ countries. Your money sits in your own brokerage account, in your name. Amal never holds it.
2. 
### Fund it your way
Transfer money into your new account by bank transfer, or even a credit card if you use Trading 212.
3. 
### We keep it halal
Continuous screening. If a holding turns non-compliant, we sell it and reinvest automatically, then show you exactly what happened.
4. 
### Withdraw whenever
No lock-ins. Sell instantly and withdraw to your bank, typically within 1 to 3 business days.
## Certified halal by scholars, in writing
Amanah Advisors reviewed the Amal platform, our Shariah screening methodology, and our operational flow, then issued a Shariah compliance certificate. You can read it yourself.
* **Independent review** by Amanah Advisors
* **Bi-monthly screenings** of every stock you hold
* **Audited yearly** by Amanah Advisors
Amanah Advisors has reviewed Amal Invest’s platform, including its Shariah screening methodology and operational flow.
Based on this review, a Shariah compliance certificate was issued confirming that the platform adheres to Islamic investment principles.
Mufti Faraz Adam
Head of Shariah Advisory, Amanah Advisors
[Open the certificate (PDF)](https://amalinvest.com/Amal-Invest-shariah-certificate-2026.pdf)
## Pay once. Keep every return.
One upfront fee, lifetime access. No subscriptions, no percentage of your portfolio, no asterisks.
### Standard
For beginners who want a simple, guided journey
$249once, lifetime access
* Both funds: **Grow and Save**
* **Unlimited** investment amount
* Genocide-free and Shariah screening **built in**
* All future **security updates** included. New features are Pro only
* Works with **Alpaca or Trading 212**
### Pro
The full fund universe, plus every feature we ever ship
$999once, lifetime access
* Both funds, plus **10,000+ ETFs and mutual funds** to filter
* **All product updates and new features, forever.** Standard gets security updates only
* Genocide-free and Shariah screening **built in**
* **Priority** support
* Works with **Alpaca**
A $10k investment in our Grow fund has historically earned ~$2,130 more per year than the market average. Past performance is not indicative of future results.
30-day **no questions asked** money back guarantee.
## Tell us the goal. We set the mix.
No risk questionnaires written by lawyers. Pick what you are saving for and see how Grow and Save combine.
Buying a homeGrow 60%Save 40%
Goal is 3 to 5 years away? A balanced 60% Grow, 40% Save helps you aim for solid returns without too much risk.
## Straight answers to the questions that hold people back
Is Amal really halal?
Amanah Advisors independently reviewed our platform and screening methodology, then issued a Shariah compliance certificate. You can [read the certificate](https://amalinvest.com/Amal-Invest-shariah-certificate-2026.pdf) yourself, and screening runs continuously after you invest.
What if a company I hold turns non-compliant?
We sell it and reinvest the proceeds into your fund automatically, then show you a record of what changed and why.
Where are my investments actually stored?
In your own brokerage account (Trading 212 or Alpaca), in your name. Amal provides the guidance and tools to invest halal, but we never directly hold your assets.
What is the genocide-free filter?
A built-in BDS screening layer that excludes companies profiting from the Israeli genocide in Palestine. It is part of both funds, always on, at no extra cost.
Are returns guaranteed?
No. Like all investments, returns can vary and are not guaranteed. Past performance is not indicative of future results. Our funds are designed to optimize for long-term growth while staying halal.
What does it cost, really?
One payment of $249 (or $999 for Pro), once, for lifetime access. No subscriptions and no cut of your returns. Not satisfied? Email [\[email protected\]](https://amalinvest.com/cdn-cgi/l/email-protection) within 30 days for a full refund.
Do I need a broker?
Yes, you'll need an account with Trading 212 or Alpaca. Once it's set up, you place trades through their platform using our recommendations. Amal is not a broker.
Can I take my money out whenever I want?
Yes. No lock-ins or exit fees from Amal. Sell anytime and withdraw to your bank, typically within 1 to 3 business days.
## Learn more about halal investing
New to investing, or just to doing it halal? Start with the guides our readers use most.
Prefer to browse? [See all halal investing guides](https://amalinvest.com/halal-investing)
## Your halal portfolio is minutes away
Join the Muslims growing their wealth without compromising their values. Certified, screened, genocide-free.
30-day money back. One-time fee. No subscriptions.
---
## Frequently Asked Questions | Amal Invest
> Source: https://amalinvest.com/halal-investing/frequently-asked-questions
# Frequently Asked Questions | Amal Invest
Quick answers to the questions we get most often.
## Company Management & Exclusions
### Can I remove specific companies like Amazon, Nvidia, Apple, etc.?
Yes. You can exclude specific companies using the custom blocklist filters, regardless of what shariah screening says about them.
### What happens when a company in my fund becomes non-compliant?
We sync updates monthly. If something changes (e.g., Apple becomes non-compliant), we'll reflect that in your fund — but we don't automatically sell unless auto-invest/rebalance is turned on.
## Account Types & Brokers
### Does Amal support tax-deferred accounts like IRAs or 401(k)s?
Currently, no — our brokers (Alpaca) don't support IRAs or employer-sponsored retirement accounts. Many users use Amal for taxable accounts and track purification/dividends for personal accountability.
Trading 212 does support ISA accounts for UK users.
## Investment Management
### Can I stop investing or withdraw at any time?
Yes, you can stop investing anytime. There's no lock-in period. You can withdraw your funds through your connected broker (Alpaca or Trading212), and it usually takes 1–2 business days to settle.
### How often is my fund updated or rebalanced?
We sync updates monthly to reflect changes in company compliance or ETF holdings. You can also trigger a manual rebalance or enable auto-invest if you want continuous updates.
### What happens to dividends?
Dividends are either:
* **Reinvested automatically** (if auto-invest is enabled), or
* **Held as cash** in your broker account (you can manually reinvest or withdraw)
## Who Can Use Amal
### Can I use Amal if I'm not Muslim?
Absolutely. While our filters are inspired by Islamic principles, many users — Muslim and non-Muslim — use Amal to avoid companies that:
* Engage in war profiteering
* Harm the environment
* Exploit labor
* Support apartheid or genocide
Ethical investing is for everyone.
## Investment Advice & Guidance
### Do you offer financial advice or portfolio recommendations?
No — we are not a financial advisor. Amal is a tool that helps you filter and rebuild existing ETFs based on your values. You choose which funds to filter; we help you apply your preferences and automate it.
## Security & Safety
### How secure is my investment and data?
Your investments sit with regulated brokers (Alpaca or Trading212). Amal never holds your money and can't move it without your express permission. Both brokers also only allow withdrawals to a bank account in your own name.
* * *
## Still have questions?
Didn't find yours? Reach out to our support team and we'll get you an answer.
---
## How Does Amal Invest Actually Work? A Complete Guide | Amal Invest
> Source: https://amalinvest.com/halal-investing/how-does-amal-invest-actually-work
# How Does Amal Invest Actually Work? A Complete Guide | Amal Invest
This guide walks through what actually happens to a fund between the moment you pick it and the moment you own its halal version.
Key Takeaways
* Amal screens the holdings of popular ETFs and mutual funds for Shariah compliance
* We rebuild the fund using only the companies that pass
* You invest through your own broker (Alpaca or Trading212), and automation handles the trades
* Your portfolio stays synced as compliance ratings and fund holdings change
The short version: we take a fund you already like — the S&P 500, a Fidelity growth fund — remove the holdings that don't pass Shariah screening, and rebuild it from what's left. You end up with a portfolio that behaves a lot like the original, minus the companies you didn't want in it.
Here's how that works in practice.
## Fund Filtering: The Purification Process
### What We Start With
We start with funds investors already know — FDGRX (Fidelity Growth Company), VDADX (Vanguard Dividend Appreciation), and hundreds of others. They're popular for good reason: diversified, with long track records.
The problem is what's inside them. Open up any of these funds and you'll find banks, breweries, and defense contractors sitting next to the companies you actually want to own.
### How the Screening Works
Every holding in the fund gets checked:
#### Shariah Compliance Screening
At Amal, our Shariah compliance screening follows the AAOIFI standards. These standards are focused on financial and sector-based screening — for example, looking at interest-based debt levels, impermissible income, and business activity categories (like alcohol, gambling, weapons, etc.). Based on these criteria, companies may be marked as compliant even if they are involved in serious ethical concerns outside the scope of traditional Shariah screening.
Real Talk: What Gets Filtered Out?
From the S&P 500, we typically filter out about 267 companies (53%) as non-compliant, with another 12 companies (2%) marked as doubtful, leaving 222 companies (44%) that are Shariah-compliant. That includes obvious ones like JPMorgan Chase (banking) and Anheuser-Busch (alcohol), but also less obvious ones like Microsoft (due to weapons contracts) and Disney (due to entertainment content concerns).
### The Result
What's left is the list of companies that passed. That list becomes the building blocks of your rebuilt fund: same strategy as the original, compliant holdings only.
## Getting Started
The whole setup takes a few minutes:
1. **Choose Your Base Fund**: Pick from our selection of reconstructed popular funds
2. **Set Your Investment**: Decide how much you want to invest
3. **Connect Your Broker**: Link your Alpaca or Trading212 account
4. **Let Us Handle the Rest**: We'll build and manage your portfolio automatically
From there, rebalancing, dividend handling, and compliance updates run on their own. You check in when you want to, not because you have to.
* * *
**Want to see what your favorite ETF looks like after filtering?**
[Try Amal Invest →](https://amalinvest.com/?utm_source=learn)
Pick any fund and we'll show you which companies stay, which get filtered out, and how the filtered version would have performed historically — before you put in a dollar.
---
## Amal Invest Help Center | Amal Invest Help
> Source: https://amalinvest.com/help
# Amal Invest Help Center | Amal Invest Help
Everything you need to go from a fresh account to an invested, automatically screened portfolio.
If you are brand new, read the three **Getting Started** articles in order, then jump to the section for the broker you chose. Each article takes a few minutes and ends where the next begins.
Already set up and looking for something specific? Pick a category below, or use the sidebar.
Looking for investing basics instead?
This help center covers the app itself. For the _why_ of halal investing, funds, zakat, and screening rules, read the [halal investing guides](https://amalinvest.com/halal-investing).
## Using Amal on your phone
Amal Invest is a web app that installs like a native one. On a phone the navigation moves to the bottom of the screen, with **Overview**, **Funds**, **Activity**, and a **More** sheet that holds settings, Expert mode, and the broker switch.
To add it to your home screen, open **More** and tap **Install app**. It then opens full screen without the browser bar.
## Getting help
Every article ends with the most common problems for that screen. If yours is not there, email [\[email protected\]](https://amalinvest.com/cdn-cgi/l/email-protection#eb838e879bab8a868a8782859d8e989fc5888486). Replies come from a person, usually within a working day.
## Alpaca
* [Connect Alpaca](https://amalinvest.com/help/alpaca/connect)
* [Deposits and withdrawals](https://amalinvest.com/help/alpaca/deposits-and-withdrawals)
* [How orders work](https://amalinvest.com/help/alpaca/how-orders-work)
### Funds
* [Pick your first fund](https://amalinvest.com/help/pick-your-first-fund)
* [The filtered fund preview](https://amalinvest.com/help/filtered-fund-overview)
* [Invest, withdraw, rebalance](https://amalinvest.com/help/invest-withdraw-rebalance)
* [Create a custom fund](https://amalinvest.com/help/create-a-custom-fund)
Next
[Create your account](https://amalinvest.com/help/create-your-account)
---
## Connect Alpaca | Amal Invest Help
> Source: https://amalinvest.com/help/alpaca/connect
# Connect Alpaca | Amal Invest Help
Alpaca is the brokerage behind the Amal Invest app. Onboarding checks that Alpaca accepts your country, sends you to Alpaca to open the account, then links it back. Approval usually takes under a week.
Key Takeaways
* Zero commissions, no minimum balance, available in 100+ countries
* Cash and securities are SIPC insured up to $250k each
* You open the account on Alpaca's site, then link it to Amal with one click
* You can create funds while approval is pending, but cannot invest until it is active
## Step 1: Check eligibility
The welcome screen has one button, **Connect a broker account**. Press it, confirm your **Country of Residence**, and press **Am I eligible?**
If Alpaca does not accept your country you see a **Not Eligible** dialog. In that case use [Amal x Trading 212](https://amalinvest.com/help/choose-a-broker) instead.
## Step 2: Open the Alpaca account
Eligible users see the perks list and a **Connect to Alpaca** button.
Pressing it opens Alpaca in a new tab and shows a **Keep this window open** reminder in Amal.
Do not close the Amal tab while you fill in Alpaca's form.
On Alpaca's site, create the account with your details and identity document. This is Alpaca's own KYC process and Amal never sees the documents.
## Step 3: Link it back
Return to the Amal tab. The reminder has become **Welcome back** with a **Link my Alpaca account** button. Press it, approve the connection on Alpaca's page, and you are sent back to Amal with a **Connected!** message.
## What the status screens mean
After linking, Amal shows one of these until the account is active:
* **Alpaca approval pending.** Normal. Alpaca is reviewing your documents. You can press **Create my first fund** and set things up while you wait.
* **You haven't completed onboarding.** Alpaca's form was not finished. Press **Complete Alpaca onboarding** to go back to it.
* **Alpaca requires additional information.** Check your inbox for an email from [\[email protected\]](https://amalinvest.com/cdn-cgi/l/email-protection#ee9d9b9e9e819c9aae8f829e8f8d8fc0838f9c858b9a9d) and reply with what they ask for.
* **Your Alpaca account has been rejected.** Alpaca declined the application. Email us and we will look into it with them.
## Common problems
**The Alpaca tab closed before I linked.** Sign in to Amal again. Onboarding resumes at the linking step.
**I already have an Alpaca account.** You can link it. Press **Connect to Alpaca** and sign in to your existing account instead of creating one. Amal needs its own authorisation even for existing accounts.
**Approval has taken more than a week.** Email [\[email protected\]](https://amalinvest.com/cdn-cgi/l/email-protection#8be3eee7fbcbeae6eae7e2e5fdeef8ffa5e8e4e6) with the email you used at Alpaca. We can check the status on our side.
---
## Connect Trading212 | Amal Invest Help
> Source: https://amalinvest.com/help/trading212/connect
# Connect Trading212 | Amal Invest Help
Amal builds your halal funds as Trading 212 pies. Linking takes about five minutes and needs one API key with three permissions.
Key Takeaways
* Works with Trading 212 Invest, ISA Stocks, and ISA Cash accounts. Up to three keys, one per account
* Amal never sees your Trading 212 password, only an API key you can revoke any time
* The key needs three permissions: **Metadata**, **Pies - Read**, **Pies - Write**
* Trading 212 only shows the "Generate API key" option on funded accounts
## Before you start
1. A **funded** Trading 212 account. The API option stays hidden until the account has money in it.
2. The latest Trading 212 mobile app, since keys are generated there.
3. An Amal account with Trading 212 chosen as the broker. If you chose Alpaca earlier, use the **Switch to Amal x 212** link in the sidebar footer.
## Step 1: Set your filters
The first screen in the Trading 212 app is **What to exclude.** Pick your screening rules, then press **Set filters**. You can change them any time, so the defaults are fine for now. Details are in [Filters and exclusions](https://amalinvest.com/help/trading212/filters-and-exclusions).
## Step 2: Generate a key in Trading 212
1. Open the Trading 212 app and go to **Settings → API (Beta)**.
2. Press **Generate API key**.
3. Turn on **Metadata**, **Pies - Read**, and **Pies - Write**.
4. Copy the key and the secret. The secret is shown once.
Save the secret straight away
Trading 212 shows the secret only once. If you lose it, delete the key in Trading 212 and generate a new one.
## Step 3: Add the key to Amal
The **API Keys** screen has a two-minute video tutorial, a **Common issues** link, and an **Add a new key** button.
1. Press **Add a new key**.
2. Optionally label it, for example "ISA Stocks".
3. Paste the key and the secret and press **Add key**.
Amal now verifies the key, reads your account, applies your filters, and generates your pies. Keep the window open. It takes up to a minute.
## Step 4: Open Trading 212
The **All set** screen confirms the pies exist. Press **Open Trading 212** and you will find them under Pies, ready to deposit into.
## Common problems
**I cannot find the Generate API key button.** The account is not funded yet. Deposit any amount and check again.
**The API section is missing from settings.** Update the Trading 212 app to the latest version.
**Permission errors while adding the key.** One of the three permissions is off. Delete the key in Trading 212 and generate a new one with all three enabled.
**"Invalid key".** Usually a trailing space from copying. Paste again carefully, or generate a fresh key.
---
## When a holding stops being halal | Amal Invest Help
> Source: https://amalinvest.com/help/non-compliant-holdings
# When a holding stops being halal | Amal Invest Help
Company financials change, so ratings change. When a holding in one of your funds fails screening, Amal follows the policy you set for that fund and tells you by email.
Key Takeaways
* Ratings are refreshed continuously and every fund is re-screened against them
* Each fund has one of three policies: sell immediately, wait for the next report, or notify only
* Automated sales wait 24 hours so you can step in
* Individual stocks outside funds are never sold automatically
## The three policies
The policy is chosen when you create a fund and can be changed under **Fund settings** in the action menu.
Sell immediately. Wait for the next report. Do nothing, notify only.
* **Sell it immediately.** The holding is sold after the review window and the proceeds either stay as cash or are reinvested across the fund, depending on **Reinvest on sell**.
* **Wait for next report, sell if still non-compliant.** Some breaches are temporary, such as a one-off spike in debt. This option waits for the company's next financial report before acting.
* **Do nothing.** You get the email and decide yourself.
## What you see
The fund's Overview tab shows a red notice with a **Review holdings** button, and the fund's status changes to **Needs review**. The Screening tab lists the affected holdings.
At the same time a **Compliance Changes** email goes out. It names the fund, the holding, and the action that will be taken.
## The review window
For funds set to sell, nothing happens for 24 hours. During that time you can change the fund's policy, or sell earlier yourself. After 24 hours the sale is placed at the next market open. This window can be switched off under **Settings → Safety**, which we do not recommend. See [Safety and disconnecting](https://amalinvest.com/help/safety-and-disconnecting).
## What about doubtful and unrated?
A holding moving to **doubtful** is not a breach. It stays if the fund allows doubtful stocks and is treated as non-compliant if not. The same applies to **unrated**. Both are set per fund in the same settings form.
## Common problems
**I set "sell immediately" but the stock is still there after a day.** Sales run at the market open following the 24-hour window, so a weekend adds time. Check the fund's Activity tab for the scheduled sale.
**The rating changed back. Will Amal buy it again?** Not on its own. The next rebalance includes it if the source fund still holds it and it passes screening.
**I disagree with a rating.** Email support with the ticker. Ratings follow AAOIFI standards, and we will explain the specific ratio that failed.
---
## Amal Invest | Changelog
> Source: https://amalinvest.com/changelog
# Amal Invest | Changelog
[
## The HSBC receipts
Honeywell and Analog Devices join the genocide filter after the Middle East Eye report on HSBC's Islamic fund, the homepage shows the receipts, and the help center is linked from inside the app. Plus a blacklist save bug and a missing Today figure, both fixed.
October 26, 2026
](https://amalinvest.com/changelog/2026-10)[
## Redesigned screens and a help center
Portfolio and fund screens rebuilt for phone and desktop, Today vs Total return on every fund, a fund preview that shows what your filters cost, and a help center at /help. Plus the fixes behind a month of support emails.
September 30, 2026
](https://amalinvest.com/changelog/2026-09)[
## Better charts and biweekly investing
Benchmarks matched to your deposits, a Profit line, biweekly recurring buys, and multiple copies of a shared fund. Plus a fund-update stall we found and fixed.
August 31, 2026
](https://amalinvest.com/changelog/2026-08)[
## Custom funds
Build a fund from stocks you pick, share it with a link, and compare any chart against SPY. Pending orders now show up on the dashboard. Plus the Exxon incident, explained.
July 14, 2026
](https://amalinvest.com/changelog/2026-07)[
## One login, two-factor auth, and a better mobile app
One Amal account across Alpaca and Trading 212, opt-in two-factor authentication, a proper mobile experience, and a dashboard that shows how today went.
June 30, 2026
](https://amalinvest.com/changelog/2026-06)
---
## Terms of Use | Amal Invest
> Source: https://amalinvest.com/terms
# Terms of Use | Amal Invest
## Introduction
Welcome to Amal Invest! These Terms of Use ("Terms") govern your access to and use of Amal Invest website (the "Site") and services (the "Services"). By accessing or using our Site and Services, you agree to be bound by these Terms.
## Acceptance of Terms
By accessing or using Amal Invest Site and Services, you agree to comply with and be bound by these Terms. If you do not agree with these Terms, you must not use our Site or Services.
## Changes to Terms
Amal Invest reserves the right to modify these Terms at any time. We will notify you of any changes by posting the new Terms on our Site. Your continued use of the Site and Services after such modifications constitutes your acceptance of the new Terms.
## Use of Services
### Eligibility
You must be at least 18 years old to use our Site and Services. By using our Site and Services, you represent and warrant that you are at least 18 years old.
### Account Registration
To access certain features of our Services, you may be required to register for an account. You agree to provide accurate, current, and complete information during the registration process and to update such information to keep it accurate, current, and complete. You are responsible for safeguarding your password and any activities or actions under your account.
### Prohibited Conduct
You agree not to engage in any of the following prohibited activities:
* Violating any applicable laws or regulations.
* Infringing upon or violating our intellectual property rights or the intellectual property rights of others.
* Interfering with or disrupting the integrity or performance of our Site and Services.
* Using our Site and Services to transmit any spam, viruses, or other harmful computer code.
## Intellectual Property
The content, features, and functionality of Amal Invest Site and Services, including but not limited to text, graphics, logos, and software, are the exclusive property of Amal Invest and are protected by copyright, trademark, and other intellectual property laws. You may not use, reproduce, modify, or distribute any content from our Site and Services without our express written permission.
## Disclaimer of Warranties
Amal Invest Site and Services are provided "as is" and "as available" without any warranties of any kind, either express or implied. Amal Invest disclaims all warranties, including but not limited to, implied warranties of merchantability, fitness for a particular purpose, and non-infringement. We do not warrant that our Site and Services will be uninterrupted, secure, or error-free.
## Limitation of Liability
To the fullest extent permitted by law, Amal Invest shall not be liable for any indirect, incidental, special, consequential, or punitive damages, or any loss of profits or revenues, whether incurred directly or indirectly, or any loss of data, use, goodwill, or other intangible losses, resulting from (i) your use or inability to use our Site and Services; (ii) any unauthorized access to or use of our servers and/or any personal information stored therein; and (iii) any bugs, viruses, trojan horses, or the like that may be transmitted to or through our Site and Services.
## Indemnification
You agree to indemnify and hold harmless Amal Invest and its affiliates, officers, agents, employees, and partners from and against any claims, liabilities, damages, losses, and expenses, including reasonable attorney's fees, arising out of or in any way connected with your access to or use of the Site and Services, or your violation of these Terms.
## Governing Law
These Terms shall be governed by and construed in accordance with the laws of Bahrain, without regard to its conflict of law principles. Any legal action or proceeding arising under these Terms will be brought exclusively in the courts located in Bahrain, and the parties hereby irrevocably consent to the personal jurisdiction and venue therein.
## Contact Us
If you have any questions about these Terms, please contact us at [\[email protected\]](https://amalinvest.com/cdn-cgi/l/email-protection#fc95929a93bc9d919d9095928a998f88d29f9391).
---
## Privacy Policy | Amal Invest
> Source: https://amalinvest.com/privacy
# Privacy Policy | Amal Invest
Last updated: October 30, 2026
PLEASE READ THIS POLICY CAREFULLY
This Policy describes how Amal Invest ("Amal Invest," "we," "our," or "us") collects, uses, shares, retains, and protects your personal information when you use our website and app (the "Services"), and sets out the rules for acceptable use of the Services. It is incorporated by reference into our Terms of Service.
## Part I: Privacy Policy
### 1\. Who We Are
Amal Invest is a software service that helps you screen funds and stocks for Shariah compliance and build and manage a halal portfolio. We are not a broker, custodian, or investment adviser and we are not a regulated financial institution. We do not hold your money or your investments. Trades are placed through your own account at a third-party broker such as Trading 212 or Alpaca Securities LLC.
We operate from Bahrain. For the purposes of data protection law, including the UK GDPR and the EU General Data Protection Regulation ("GDPR"), we are the data controller for the personal information described in this Policy.
### 2\. Information We Collect
#### 2.1 Information you give us
* Account details: name, email address, and password (stored hashed), or your Google account identifier if you sign in with Google
* Country of residence, which we use to show you the right brokers and tax notes
* Portfolio settings: the funds you follow, your custom portfolios, stock allow and block lists, and screening preferences
* Messages you send us through support, email, or surveys
#### 2.2 Information from your broker
When you connect a broker account, we store the credentials needed to act on your behalf (an OAuth token for Alpaca, or an API key and secret for Trading 212) and read your holdings, cash balance, orders, and account activity so we can screen, rebalance, and report on your portfolio. We do not collect or store the identity documents, tax numbers, or bank account details you provided to your broker. Those stay with the broker.
#### 2.3 Payment information
Subscriptions are processed by Stripe. Stripe collects and stores your card details. We store your Stripe customer identifier, subscription plan, and payment status, not your card number.
#### 2.4 Information collected automatically
* Usage data: pages and features used, clicks, and session recordings, collected through PostHog and DataFast
* Device and log data: IP address, approximate country derived from your IP address, browser type, operating system, and referring page
* Error reports: stack traces and request details when something goes wrong, collected through Sentry
* Cookies and similar technologies used for login sessions, analytics, and remembering your preferences
### 3\. How We Use Your Information
* Provide the Services: screen holdings, build portfolios, place the orders you authorise, and send trade and compliance notifications
* Manage your account and subscription, and process payments
* Send service emails such as compliance alerts, order confirmations, and security notices
* Send product updates and the newsletter if you have signed up, which you can stop at any time using the unsubscribe link
* Run referral rewards when you refer someone or are referred
* Understand how the Services are used and improve them
* Detect, prevent, and fix bugs, abuse, and security issues
* Comply with law and respond to lawful requests
Where GDPR applies, we rely on performance of our contract with you, our legitimate interests in running and improving the Services, your consent for marketing emails and non-essential cookies, and compliance with legal obligations.
### 4\. How We Share Your Information
We do not sell your personal information. We share it with:
* Your broker (Trading 212 or Alpaca Securities LLC) to read your account and place the orders you authorise
* Stripe for payments and subscription billing
* PostHog and DataFast for product and website analytics
* Rewardful for tracking referral and affiliate rewards
* Sentry for error monitoring
* Resend and Kit (ConvertKit) for transactional and marketing email
* Hosting and infrastructure providers that store and serve the Services
* Professional advisers, and legal or regulatory authorities where required by law
* A buyer or successor if Amal Invest is sold or merged, in which case this Policy continues to apply
### 5\. International Transfers
We are based in Bahrain and our service providers process data in the United States, the European Union, and the United Kingdom. Where we transfer personal information out of the UK or EU, we rely on the recipient's adequacy status or on standard contractual clauses.
### 6\. Data Security
We protect your information with encryption in transit, hashed passwords, encrypted storage of broker credentials, optional two-factor authentication, and access controls. No method of transmission or storage is completely secure, so we cannot guarantee absolute security.
### 7\. Data Retention
We keep your information for as long as your account is open and for as long afterwards as we need it to resolve disputes, meet legal and accounting obligations, or enforce our terms. When your account is deleted, we delete or anonymise your personal information and revoke stored broker credentials, except for records we are required to keep.
### 8\. Your Rights
Depending on where you live, you may have the right to:
* Access the personal information we hold about you
* Correct inaccurate information
* Delete your information
* Object to or restrict certain processing
* Receive your information in a portable format
* Withdraw consent where we rely on it, including unsubscribing from marketing email
* Complain to your local data protection authority
To exercise any of these rights, email [\[email protected\]](https://amalinvest.com/cdn-cgi/l/email-protection#a8c0cdc4d8e8c9c5c9c4c1c6decddbdc86cbc7c5). You can disconnect your broker at any time from within the app, and we will delete your account on request.
### 9\. Children
The Services are not directed at anyone under 18 and we do not knowingly collect information from them. If you believe a child has given us personal information, contact us and we will delete it.
### 10\. Updates to This Policy
We may update this Policy to reflect changes in the Services or the law. For significant changes we will give at least 30 days notice by email or in the app. Continued use of the Services after a change means you accept the updated Policy.
### 11\. Contact Us
* Email: [\[email protected\]](https://amalinvest.com/cdn-cgi/l/email-protection#b8d0ddd4c8f8d9d5d9d4d1d6ceddcbcc96dbd7d5)
* Address: Amal Invest, Collective Hub, Block 338, Manama, Bahrain
## Part II: Acceptable Use
When using the Services you agree not to:
* Share your account or connect a broker account that is not yours
* Scrape, copy, resell, or redistribute our screening data or fund pages
* Attempt to bypass security, rate limits, or subscription restrictions
* Use the Services for anything unlawful or to harm other users or our systems
We may suspend or close accounts that breach these rules and cooperate with authorities where required.
---
## Best Halal ETFs in 2026: Fees, Returns & Holdings | Amal Invest
> Source: https://amalinvest.com/halal-investing/halal-etfs-compared
# Best Halal ETFs in 2026: Fees, Returns & Holdings | Amal Invest
Last updated: August 31, 2026
> tldr; SPUS is still the best proven halal ETF for 2026, with the strongest live performance record among US-focused Shariah-compliant funds. MNZL is the most interesting new entrant: cheaper at 0.40%, broader at 464 holdings, based on the Russell 1000, and the only fund in this comparison I found adding an explicit AFSC human-rights screen.[1](https://amalinvest.com/halal-investing/halal-etfs-compared#user-content-fn-7)[2](https://amalinvest.com/halal-investing/halal-etfs-compared#user-content-fn-8) The catch is that MNZL launched in November 2025, so its track record is still too young to crown it the winner.
**Let's be blunt:** Most halal ETFs are expensive, poorly diversified, and underperform the market. But there are a few worth considering, and more importantly, there's a better way to invest that we'll get to.
Key Takeaways
* There are now [6 US-listed Shariah compliant ETFs](https://amalinvest.com/halal-investing/halal-etfs-compared#best-halal-etfs-in-2026-ranked), plus a handful of UCITS and Canadian options
* MNZL is the cheapest US-listed halal equity ETF at 0.40%, but it is still young and unusually Apple-heavy[1](https://amalinvest.com/halal-investing/halal-etfs-compared#user-content-fn-7)
* SPUS remains the proven U.S. pick; MNZL is the one to watch if you care about cost, breadth, and extra ethical screening
* **Want to compare costs?** [Jump to the ETF fee calculator](https://amalinvest.com/halal-investing/halal-etfs-compared#compare-costs) to compare a fund's expense ratio with Amal's one-time Standard price
## What Is a Halal ETF?
A halal ETF is a type of investment that lets you own a collection of Shariah-compliant stocks in a single purchase. These funds strictly follow Islamic financial principles, excluding companies involved in interest-based businesses (banks), alcohol, tobacco, gambling, adult entertainment, and other prohibited activities. They also screen out companies with excessive debt or interest income.
Like conventional ETFs, halal ETFs trade on stock exchanges and can be bought or sold throughout the trading day. They provide instant diversification across many companies while maintaining compliance with Islamic investing principles.
When you buy a single share of a halal ETF, you're essentially purchasing tiny pieces of each company held within the fund. These holdings are regularly reviewed (typically quarterly) to ensure ongoing Shariah compliance.
Here's a complete list of halal ETFs available today:
| **ETF** | **Title** | **Geography** | **Asset** | **Ex** |
| --- | --- | --- | --- | --- |
| `ISDU` | iShares MSCI USA Islamic UCITS ETF | US 🇺🇸 | Equities | 🇬🇧 |
| `SPUS` | SP Funds S&P 500 Sharia Industry Exclusions ETF | US 🇺🇸 | Equities | 🇺🇸 |
| `MNZL` | Manzil Halal USA Broad Market ETF | US 🇺🇸 | Equities | 🇺🇸 |
| `HLAL` | Wahed FTSE USA Shariah ETF | US 🇺🇸 | Equities | 🇺🇸 |
| `SPRE` | SP Funds S&P Global REIT Sharia ETF | US 🇺🇸 | Equities | 🇺🇸 |
| `ISDW` | iShares MSCI World Islamic UCITS ETF | World 🌍 | Equities | 🇬🇧 |
| `IGDA` | Invesco Dow Jones Islamic Global Developed Markets UCITS | World 🌍 | Equities | 🇬🇧 |
| `WSHR` | Wealthsimple Shariah World Equity Index ETF | World 🌍 | Equities | 🇨🇦 |
| `UMMA` | Wahed Dow Jones Islamic World ETF | World 🌍 | Equities | 🇺🇸 |
| `SPSK` | The SP Funds Dow Jones Global Sukuk ETF | World 🌍 | Sukuk | 🇺🇸 |
| `ISDE` | iShares MSCI EM Islamic UCITS ETF | Emerging 🌍 | Equities | 🇬🇧 |
## Best Halal ETFs in 2026 (Ranked)
We've analyzed all available halal ETFs based on expense ratios, performance, diversification, and accessibility. Here's how they stack up in 2026:
Our shortlist
### Start with what you need
These are the five funds most readers should compare first. Open the complete table below if you need every option.
Returns are historical and use the period shown—not a forecast. MNZL and IGDA do not yet have five full years of live history.
Compare all 11 funds Fees, historical returns, concentration and fund size
| Ticker | Region | Annual fee | Annualized return | Held in top 10 stocks | Fund size | Our take |
| --- | --- | --- | --- | --- | --- | --- |
| SPUS | US 🇺🇸 | 0.45% | 13.81% | 56.47% | $3.2B | Proven pick |
| MNZL | US 🇺🇸 | 0.40% | 26.87%since launch | 40.21% | $29M | Promising, too new |
| HLAL | US 🇺🇸 | 0.50% | 12.91% | 58.21% | $950M | Solid runner-up |
| IGDA | World 🌍 | 0.40% | 12.25%since launch | 38.59% | $1.1B | Strong global pick |
| WSHR | World 🌍 | 0.50% | 4.92% | 9.3% | $522M | Canada-friendly |
| SPSK | World (Sukuk) 🌍 | 0.50% | \-2.27% | 15.15% | $662M | Weak returns |
| ISDU | US 🇺🇸 | 0.30% | 11.93% | 50.94% | $558M | Cheap, concentrated |
| ISDW | World 🌍 | 0.30% | 9.63% | 36.43% | $1.6B | Lagging |
| UMMA | World 🌍 | 0.51% | 8.82%since launch | 41.67% | $298M | Underwhelming |
| SPRE | US (REIT) 🇺🇸 | 0.59% | \-3.3% | 76.77% | $215M | Hard to justify |
| ISDE | Emerging 🌍 | 0.35% | 9.29% | 44.28% | $836M | Weak record |
Returns use five years where available. MNZL, IGDA and UMMA use their shorter live histories, so compare those figures cautiously.
### SPUS – Best for U.S. Exposure
[📖 Prospectus page](https://www.sp-funds.com/spus/)
**Key Facts:**
* **Expense Ratio:** 0.45%[3](https://amalinvest.com/halal-investing/halal-etfs-compared#user-content-fn-9)
* **CAGR since inception:** 17.47%
* **Top 10 concentration:** 56.47%
* **Launch date:** December 2019
SPUS is our top pick for U.S. market exposure. Launched in December 2019 — just as the ground underneath the markets was starting to collapse due to COVID-19 — this fund has actually _outperformed_ the S&P 500 since inception. That's right, a halal ETF beating the market! It's delivered 17.47% average annual returns compared to 14.01% for the broader market.
| Symbol | Name | Weight |
| --- | --- | --- |
| NVDA | NVIDIA Corp | 14.15% |
| AAPL | Apple Inc | 11.84% |
| MSFT | Microsoft Corp | 9.62% |
Shown weight **35.61%**
Last updated:
27 Aug 2026
While its 0.45% expense ratio is much higher than conventional ETFs (which can be as low as 0.03%), SPUS pairs its established live record with a clear Shariah compliance methodology.[3](https://amalinvest.com/halal-investing/halal-etfs-compared#user-content-fn-9) Its concentration in top holdings (56.47%) is quite high, but it's still among the better diversified halal options.
### MNZL: Best New U.S. Entrant
[📖 Fund page](https://manzilfunds.com/) · [📖 Prospectus](https://etfarchitect.com/wp-content/uploads/compliance/etf/statutory_prospectus/MNZL_Prospectus.pdf)
**Key Facts:**
* **Expense Ratio:** 0.40%
* **CAGR since inception:** 26.87%
* **Top 10 concentration:** 40.21%
* **Launch date:** November 18, 2025
Finally, a new halal ETF that does something interesting. MNZL went live in November 2025 and goes after the two things that make this whole category annoying: the fees and the screening. It tracks the Russell IdealRatings Manzil Halal USA Broad Market Custom Index (yes, a mouthful), but the idea is simple. Start with the Russell 1000, run the usual Shariah screens, then bolt on an extra American Friends Service Committee (AFSC) human-rights filter.[1](https://amalinvest.com/halal-investing/halal-etfs-compared#user-content-fn-7)[2](https://amalinvest.com/halal-investing/halal-etfs-compared#user-content-fn-8) That last bit is the part nobody else does. Every other fund here stops at "no conventional banks, no alcohol, no pork, no gambling, no adult content, no piles of debt." The AFSC screen goes further and drops companies its researchers tie to the Israeli occupation, apartheid, and genocide. In practice that's names you'd otherwise expect to see in a U.S. large-cap fund: Caterpillar (bulldozers used in home demolitions), HP/HPE (IT systems for the occupation), Palantir, Booking and Airbnb (listings in settlements), and the usual weapons crowd like Lockheed Martin, RTX, and Boeing.[2](https://amalinvest.com/halal-investing/halal-etfs-compared#user-content-fn-8) Whether you personally care about that screen or not, it's the first halal ETF I've seen actually try it.
| Symbol | Name | Weight |
| --- | --- | --- |
| AAPL | Apple Inc | 15.42% |
| AVGO | Broadcom Inc | 5.83% |
| MU | Micron Technology Inc | 3.55% |
Shown weight **24.80%**
Last updated:
27 Aug 2026
Two things genuinely impress me here. First, 464 holdings, which is broad for a halal fund, where "diversified" usually means "we own 40 stocks and 35% of the money is in 10 of them." Second, the 0.40% expense ratio undercuts SPUS (0.45%) and HLAL (0.50%).[1](https://amalinvest.com/halal-investing/halal-etfs-compared#user-content-fn-7)[3](https://amalinvest.com/halal-investing/halal-etfs-compared#user-content-fn-9) Fees are about the only thing you control as an investor, so cheaper-and-broader is exactly the direction I want these funds to move.
Now the part that keeps it off the throne. It's been trading since late November 2025. A few months of live data tells you basically nothing.[1](https://amalinvest.com/halal-investing/halal-etfs-compared#user-content-fn-7) Its return since inception is 20.1% against 15.69% for SPY over the same stretch, and you'd be kidding yourself to read a few months of post-launch noise as proof of anything. The bigger flag: for all those 464 holdings, the top 10 still eat 40.21% of the fund, and Apple alone is a double-digit chunk. Sound familiar? It's the same big-tech tilt as everyone else, just wearing a slightly better suit.
One genuinely weird thing while you're in there: the second-biggest line in the fund isn't a company at all. "Other Assets and Liabilities" sits at ~10.95% of the portfolio, right behind Apple and ahead of Broadcom. For a brand-new ETF that's mostly cash and settlement plumbing that hasn't been deployed into stocks yet (normal for a fund still ramping up assets), but 11% is a lot of not-invested-in-anything to be carrying around. Worth watching whether that shrinks as the fund grows or just stays parked there.
Chart loads as you scroll
So no, MNZL doesn't dethrone SPUS. Not yet. But it's the best _new_ U.S. halal ETF by a wide margin, and probably the most promising thing to launch in this space in years, assuming it actually pulls in assets and doesn't quietly drift into being another overpriced tech index with a halal label slapped on. Ask me again in two years.
### HLAL – Established U.S. Runner-up
[📖 Prospectus page](https://funds.wahedinvest.com/)
**Key Facts:**
* **Expense Ratio:** 0.50%
* **CAGR since inception:** 16.19%
* **Top 10 concentration:** 58.21%
* **Launch date:** July 2019
HLAL comes in as our runner-up for U.S. market exposure. Launched by Wahed Invest in mid-2019, this ETF has also delivered strong returns, with a CAGR of 16.19% versus the S&P 500's 14.13% over the same period. Once again, we have an outperformer — who said ethical investing had to underperform?
| Symbol | Name | Weight |
| --- | --- | --- |
| NVDA | NVIDIA Corp | 13.13% |
| AAPL | Apple Inc | 11.45% |
| MSFT | Microsoft Corp | 9.45% |
Shown weight **34.04%**
Last updated:
27 Aug 2026
With an expense ratio nearly identical to SPUS at 0.50% (still highway robbery compared to conventional ETFs), HLAL offers a very similar investment profile. Its top 10 holdings concentration is slightly lower at 58.21% — better than SPUS but still quite concentrated compared to conventional ETFs. The top holdings are strikingly similar to SPUS, with big tech absolutely dominating the portfolio.
### IGDA – Best Global Diversification
[📖 Prospectus page](https://www.invesco.com/uk/en/financial-products/etfs/invesco-dow-jones-islamic-global-developed-markets-ucits-etf-acc.html)
**Key Facts:**
* **Expense Ratio:** 0.40%
* **CAGR since inception:** 12.25%
* **Top 10 concentration:** 38.59%
* **Launch date:** January 2022
For investors seeking global exposure, IGDA is our top recommendation. Launched in 2022 by Invesco, this ETF tracks the Dow Jones Islamic Market Developed Markets Index, providing diversification across developed markets worldwide.
| Symbol | Name | Weight |
| --- | --- | --- |
| NVDA | NVIDIA Corp | 8.50% |
| AAPL | Apple Inc | 7.11% |
| MSFT | Microsoft Corp | 5.79% |
Shown weight **21.40%**
Last updated:
27 Aug 2026
What sets IGDA apart is its competitive expense ratio of 0.40% – among the better options for halal ETFs (though still ludicrously expensive compared to conventional global ETFs at 0.05-0.10%). Surprisingly, it has actually slightly outperformed the S&P 500 since inception, which is rare for global funds. With top 10 holdings at 38.59%, it's well diversified for a halal fund and actually quite reasonable compared to conventional global ETFs.
### WSHR – Canada-Friendly Pick
[📖 Prospectus page](https://www.wealthsimple.com/en-ca/quote/neo/wshr)
**Key Facts:**
* **Expense Ratio:** 0.50%
* **CAGR since inception:** 7.23%
* **Top 10 concentration:** 9.3%
* **Launch date:** May 2021
For Canadian investors, WSHR offers a convenient, locally-listed option that provides global diversification. Listed on the NEO exchange, this Wealthsimple ETF targets Shariah-compliant companies in developed markets.
| Symbol | Name | Weight |
| --- | --- | --- |
| KO | Coca-Cola Co | 1.07% |
| JNJ | Johnson & Johnson | 0.99% |
| RSG | Republic Services Inc | 0.95% |
Shown weight **3.00%**
Last updated:
27 Aug 2026
The standout feature of WSHR is its relatively low concentration in top holdings – at just 9.3%, it's the most diversified halal equity ETF in our rankings (finally, one that actually deserves to be called diversified!). While its performance (7.23% CAGR) lags the S&P 500, it provides Canadian investors with a straightforward way to access global halal investments without currency conversion complications. It underperforms the S&P500 but it's more diversified. Maybe worth considering if you have no other options, but I wouldn't phone home about it.
### SPSK – Only Sukuk ETF
[📖 Prospectus page](https://www.sp-funds.com/spsk/)
**Key Facts:**
* **Expense Ratio:** 0.50%[4](https://amalinvest.com/halal-investing/halal-etfs-compared#user-content-fn-10)
* **CAGR since inception:** \-1.75%
* **Top 10 concentration:** 15.15%
* **Launch date:** December 2019
SPSK stands as the only US-listed ETF providing access to the global Sukuk (Islamic bonds) market. For investors seeking fixed-income exposure in a Shariah-compliant wrapper, it's the sole option available. UK investors have a cheaper London-listed alternative; we compare every sukuk ETF in our [guide to sukuk and halal bonds](https://amalinvest.com/halal-investing/sukuk-halal-bonds).
| Symbol | Name | Weight |
| --- | --- | --- |
| KSA 4.875 09.09.35 REGS | KSA Ijarah Sukuk Ltd. 4.88% | 1.75% |
| KSA 4.274 05.22.29 REGS | KSA Sukuk Limited 4.27% | 1.66% |
| KSA 4.511 05.22.33 REGS | KSA Sukuk Limited 4.51% | 1.63% |
Shown weight **5.04%**
Last updated:
27 Aug 2026
However, performance has been utterly disappointing. Despite Sukuk typically being considered lower-risk investments, SPSK has actually lost money since inception, with a negative CAGR of \-1.75%. Somehow, this embarrassment of a fund has managed to lose money despite the "predictable" returns Sukuk promise.
As expected, you can see that `SPSK` is much less volatile than `SPY` -- the only problem with that of course is that it's _dropping_ in a less volatile manner. While it offers excellent diversification (top 10 holdings at just 15.15%), its 0.50% expense ratio (cut from 0.79%) still eats a large share of a low-yield fund's return.[4](https://amalinvest.com/halal-investing/halal-etfs-compared#user-content-fn-10) I feel sorry for anyone who puts money here; you're practically lighting it on fire. It's only recommended for investors specifically seeking Sukuk exposure who have no viable alternatives and enjoy watching their money slowly vanish.
## The "Legacy" Halal ETFs (Approach with Caution)
The following ETFs were among the first Shariah-compliant funds available to investors. While they deserve credit for pioneering the space, their performance and characteristics make them difficult to recommend in 2026.
### ISDU / ISUS 🇺🇸 – The 'OG' Halal ETF
[📖 Prospectus page](https://www.ishares.com/uk/individual/en/products/251393/ishares-msci-usa-islamic-ucits-etf)
**Key Facts:**
* **Expense Ratio:** 0.30%
* **CAGR since inception:** 7.76%
* **Top 10 concentration:** 50.94%
* **Launch date:** December 2007
This is the 'OG' Halal ETF — launched all the way back in 2007. There are two flavors of this ETF, the `ISDU` flavor (in USD) and the `ISUS` (in GBP). Otherwise, they're identical.
ISDU is also part of iShares's collection of halal indices that includes ISDW (targeting the developed **W**orld) and ISDE (targeting **E**merging markets). That's ISD`U` for US, ISD`W` for World and ISD`E` for Emerging. Smart naming convention! Unfortunately, it's all downhill from there.
Feast your eyes on this chart showing how ISDU has fared against the S&P500 (which it's supposed to be based on) over the past 15 years:
Chart loads as you scroll
A 306.63% return may sound decent, but remember that this is over 15 years! The yearly return (or CAGR) is just 7.76% — compared to the S&P500's 9.27% over the exact same time period. Talk about underwhelming.
| Symbol | Name | Weight |
| --- | --- | --- |
| MSFT | Microsoft Corp | 16.99% |
| MU | Micron Technology Inc | 6.30% |
| TSLA | Tesla Inc | 5.88% |
Shown weight **29.17%**
Last updated:
28 Aug 2026
Also, the Top 10 holdings in this ETF represent a whopping 50.94% (!) of the fund — which is considered _stupendously_ concentrated[5](https://amalinvest.com/halal-investing/halal-etfs-compared#user-content-fn-5). The fact that it's domiciled in Ireland does make things better for [foreign investors from a tax perspective](https://amalinvest.com/halal-investing/taxes-on-stocks-for-international-investors), but that's little consolation for years of chronic under-performance.
🧐 A quick note on `MSFT` - the top holding in this, and many other funds. It's considered non-compliant by many Shariah screeners due to its revenue from gaming & advertising exceeding the acceptable threshold. Why the funds haven't updated their holdings to reflect this is beyond me.
### ISDW / ISWD 🌍 – World Exposure (If You Hate Returns)
[📖 Prospectus page](https://www.ishares.com/uk/individual/en/products/251394/ishares-msci-world-islamic-ucits-etf)
**Key Facts:**
* **Expense Ratio:** 0.30%
* **CAGR since inception:** 5.39%
* **Top 10 concentration:** 36.43%
* **Launch date:** December 2007
Now, it's time to look at ISDW. This is the 3rd of the ISD's and it targets the 'Developed world' — kind of like an ISDU, but across the globe.
Chart loads as you scroll
Ouch! Just a 167.7% return over the full 15 years of its measly existence, vs 1,644.73% (!) for the S&P500 — which makes you wonder why on Earth anyone would consider investing in the `ISD` series of funds. You get poor performance and low liquidity: 2 reasons NOT to!
| Symbol | Name | Weight |
| --- | --- | --- |
| MSFT | Microsoft Corp | 13.76% |
| MU | Micron Technology Inc | 4.00% |
| TSLA | Tesla Inc | 3.73% |
Shown weight **21.49%**
Last updated:
28 Aug 2026
Not much to say — at 36.43%, it's actually quite well diversified for a halal fund. With the recent fee reduction to 0.30%, it's become much more cost-competitive, but the performance remains disappointing — stay far, far away!
### ISDE 🏭 – The Money-Losing Machine
[📖 Prospectus page](https://www.ishares.com/uk/individual/en/products/251392/ishares-msci-emerging-markets-islamic-ucits-etf)
**Key Facts:**
* **Expense Ratio:** 0.35%
* **CAGR since inception:** 1.78%
* **Top 10 concentration:** 44.28%
* **Launch date:** December 2007
This fund was born along with its brothers, ISDU and ISDW, on 7 Dec, 2007. It focuses on 'Emerging Markets', the politically correct term for countries that are 'less developed'. This principally includes all of the countries that aren't US/Europe — that's mainly China, India, Brazil and the Middle East.
The largest companies in these regions tend to be commodity-based, so they rely on extracting and processing natural resources. This means they're more exposed to fluctuations in the price of whatever the underlying commodities are (e.g. gold, aluminum, copper, etc).
Brace yourselves as we observe the performance of this abomination since inception:
Chart loads as you scroll
This is definitely the black sheep of the family — in the 15 years of its existence, it's actually _lost_ money -- to the tune of 1.78%/year! 🫢
For reference, the market _gained_ 9.18%/year during that same period!
What sane person would put any money in this ETF? Even with the recent fee reduction to 0.35%, the performance is still abysmal!
| Symbol | Name | Weight |
| --- | --- | --- |
| 000660.KS | SK hynix Inc | 14.67% |
| 005930.KS | Samsung Electronics Co Ltd | 12.98% |
| 2454.TW | MediaTek Inc | 4.09% |
Shown weight **31.74%**
Last updated:
28 Aug 2026
The Top 10 holdings represent 44.28% of the index … which is actually quite well diversified for a halal fund! Too bad the diversification doesn't help with the terrible performance. I really am starting to wonder why iShares even bothers anymore.
What an abomination of an ETF! 🤮
### UMMA 🌍 – The Underperformer
**Key Facts:**
* **Expense Ratio:** 0.51%
* **CAGR since inception:** 8.82%
* **Top 10 concentration:** 41.67%
* **Launch date:** January 2022
This ETF was also started by Wahed, the same company behind HLAL. Launched on January 6, 2022 this fund aims to provide halal exposure to global stocks — similar to ISDW.
Here's how it's performed since inception:
Chart loads as you scroll
(Note: We've added `ISDW` on the chart to compare performance since they share similar goals)
**Wow.**
Somehow, it's managed to perform substantially **worse** than both the SPY _and_ ISDW, and by quite a margin. The yearly return for UMMA is 8.82% vs 11.37% for SPY over the same time period.
| Symbol | Name | Weight |
| --- | --- | --- |
| 005930.KS | Samsung Electronics Co Ltd | 8.23% |
| 000660.KS | SK hynix Inc | 6.20% |
| TSM | Taiwan Semiconductor Manufacturing Co Ltd ADR | 5.30% |
Shown weight **19.73%**
Last updated:
27 Aug 2026
The Top 10 is also above the average concentration for the SPY, coming in at 41.67%. All that concentration and still can't perform — not exactly a winning combination.
### SPRE 🇺🇸 – The Real Estate Disaster
**Key Facts:**
* **Expense Ratio:** 0.59%
* **CAGR since inception:** 0.57%
* **Top 10 concentration:** 76.77%
* **Launch date:** December 2020
This ETF was started by Shariah Portfolio, the same company behind SPUS. Launched on December 29, 2020 this fund aims to provide halal exposure to the Real Estate sector. Here's how it's performed since inception:
Chart loads as you scroll
Ouch! It's underperformed the S&P500 by a mile since it started — with a 0.57% yearly return to the market's 13.67% over this period.
It'll shock you to know that the Top 10 holdings in this bad boy represent a whopping 76.77% (!). With such a high concentration, you'd need a legitimate reason to invest in the fund (and pay up the 0.59% expense ratio) instead of just buying the holdings yourself:
| Symbol | Name | Weight |
| --- | --- | --- |
| WELL | Welltower Inc | 12.62% |
| PLD | Prologis Inc | 12.19% |
| EQIX | Equinix Inc | 12.18% |
Shown weight **36.99%**
Last updated:
27 Aug 2026
But why bother buying the holdings at all?
For that miserable performance, you're better off stashing your money under your mattress and losing it to inflation instead. You'll still lose money, just slower.
## Halal ETF Performance vs S&P 500 (Charts)
How do halal ETFs actually perform compared to the broader market? Let's examine the performance of our top-ranked funds against the S&P 500 index.
### U.S. Halal ETFs vs S&P 500
Chart loads as you scroll
SPUS and HLAL have notably outperformed the S&P 500 since their launch in 2019. SPUS has shown 17.47% annual returns vs. 14.01% for the S&P 500, while HLAL has returned 16.19% annually. MNZL's early chart is included too, but it should be read as a launch-period snapshot, not a full-cycle track record.
This outperformance can be attributed primarily to:
1. The exclusion of heavily-indebted companies (a Shariah requirement) — turns out avoiding debt-laden companies isn't such a bad investment strategy after all!
2. Overweighting in technology stocks, which performed exceptionally well during this period — when Big Tech wins, these funds win big
3. The absence of conventional banks, which faced challenges during recent market volatility — who knew avoiding interest-based businesses would actually help returns?
### Global Halal ETFs vs S&P 500
Chart loads as you scroll
Global halal ETFs show a mixed picture, with some surprising outperformers. IGDA has been the strongest performer in this category, with 12.25% annual returns since inception, compared to the S&P 500's 10.73% over the same period — actually beating the market!
This outperformance is quite remarkable for a global fund, especially considering the typical dominance of U.S. markets (particularly tech stocks) in recent years. IGDA's success shows that well-constructed global halal portfolios can compete with U.S.-focused investments, offering both diversification and competitive returns.
### Legacy Halal ETFs vs S&P 500
Chart loads as you scroll
The iShares suite of Islamic ETFs (ISDU, ISDW, and ISDE) have significantly underperformed the market over their longer history. Just look at that chart! It's like they're not even trying to keep up. Most concerning is ISDE (emerging markets), which has actually lost money over its 15+ year existence with a CAGR of 1.78%, compared to the S&P 500's 9.18% gains over the same period. If you had invested $10,000 in ISDE at launch, you'd now have... less than $10,000. Meanwhile, that same amount in an S&P 500 fund would have multiplied several times over. Ouch.
## Country-Specific Access & Tax Notes
Accessing halal ETFs can be challenging depending on your location. Here's what investors need to know in different countries:
### Canada
Canadian investors have multiple options for accessing halal ETFs:
* **Local option:** WSHR is listed directly on the Canadian NEO exchange — finally, something made just for Canadians!
* **U.S. options:** Most brokers (Wealthsimple, IBKR, Questrade) offer access to U.S.-listed ETFs like SPUS, MNZL, and HLAL
* **Tax considerations:** 15% withholding tax on dividends from U.S.-listed ETFs in a TFSA or FHSA; an RRSP is exempt under the Canada-US tax treaty. Consider using TFSA accounts to shield from capital gains
The TFSA advantage is substantial here — you can at least keep all your halal investment gains tax-free, which helps offset those hefty expense ratios somewhat. For why XEQT, VEQT and VFV don't qualify, and which halal ETF to hold in a TFSA, RRSP or FHSA, see our [guide for Canadian investors](https://amalinvest.com/halal-investing/is-xeqt-halal).
### UK
UK investors face more restrictions but still have viable pathways:
* **Local options:** ISDU, ISDW, ISDE, and IGDA are all listed on the London Stock Exchange — though given their performance, that's hardly a blessing
* **U.S. options:** Some UK brokers (Interactive Brokers, Trading 212) provide access to U.S.-listed ETFs
* **Currency impact:** Be aware of currency conversion fees when purchasing USD-denominated securities — they'll eat into your returns almost as much as those expense ratios!
* **Tax advantages:** Irish-domiciled funds like ISDU offer favorable withholding tax treatment (15% vs 30%)
UK investors get to experience the "joy" of both currency risk AND high expense ratios. Lucky you!
### India / GCC
Investors in India and Gulf Cooperation Council countries typically face the most restrictions:
* **Limited direct access:** Many local brokers don't offer international ETFs — it's like being locked out of a mediocre party
* **Workarounds:** Consider international brokers like Interactive Brokers or regional specialists
* **Local alternatives:** Some countries have local Shariah-compliant funds that may be easier to access
* **Tax complexity:** Consult with local tax professionals regarding international investment taxation — because the only thing more fun than high fees is complicated taxes!
For investors in any region facing difficulty accessing these ETFs, [alternative approaches](https://amalinvest.com/halal-investing/halal-etfs-compared#are-halal-etfs-worth-it-fees-concentration--alternatives) may be more practical.
## Are Halal ETFs Worth It? Fees, Concentration & Alternatives
Let's be brutally honest about the state of halal ETFs in 2026:
### The Problems
1. **High Fees** - You're still paying 10-15x more than conventional ETFs:
* SPUS charges 0.45% ($450 annually per $100k invested)[3](https://amalinvest.com/halal-investing/halal-etfs-compared#user-content-fn-9)
* MNZL is cheaper at 0.40%, but that's still $400 annually per $100k invested
* Even the cheaper ISD funds charge 0.30-0.35% ($300-350 annually per $100k invested)
* Compare this to just 0.03% for regular S&P 500 ETFs
2. **Dangerous Concentration** - Most halal ETFs have 40-70% of their holdings in just 10 stocks:
* That's 2-3x more concentrated than the S&P 500
* You're not getting the diversification you're paying for
* You're stuck with whatever stocks the ETF provider decides are "compliant"
3. **Limited Options** - With just 11 halal ETFs globally (compared to 10,000+ conventional ETFs):
* You have minimal choices for sector-specific investments
* Geographic diversification options are restricted
* No choices for different investment strategies or factors
### Our Recommendation
**For most investors,** the best options are:
* **SPUS** for U.S. exposure (17.47% CAGR since inception)
* **MNZL** as the watchlist pick if you want the cheaper, broader U.S. fund with an extra AFSC screen, but can tolerate a short live history[2](https://amalinvest.com/halal-investing/halal-etfs-compared#user-content-fn-8)
* **IGDA** for global exposure (0.40% expense ratio, reasonable diversification)
## Choose Your Next Step
Amal takes a different approach from buying a halal ETF: it starts with an established fund, removes holdings that fail its Shariah and values screens, and continues monitoring the portfolio after you invest. Your money remains in your brokerage account, and Standard costs $249 once. That is a different product with different trade-offs—not a promise of better returns.
## FAQ
### Is the S&P 500 halal?
No. The S&P 500 is not halal as an index, because it includes conventional banks, insurers, alcohol producers, casino operators, and companies whose debt exceeds Shariah limits. Halal ETFs such as SPUS, HLAL, and MNZL start from a broad U.S. universe and remove companies that fail business-activity and financial-ratio screens. The result is a narrower, more concentrated, and usually more expensive portfolio than an S&P 500 index fund. Individual S&P 500 stocks can still be halal if they pass screening under a recognised standard such as AAOIFI. We break down exactly how much of VOO, SPY, VTI and QQQ fails in [are index funds halal?](https://amalinvest.com/halal-investing/are-index-funds-halal)
About as halal as a bacon sandwich, really. Progress!
### What's the difference between halal ETFs and mutual funds?
Halal ETFs trade on exchanges throughout the day like stocks, while Islamic mutual funds are priced once daily. ETFs typically have lower minimum investments and greater tax efficiency. In the U.S., there are very few Islamic mutual funds available to retail investors (count yourself lucky, maybe?), making ETFs the more accessible option for most Muslims. Both product types apply similar Shariah screening methodologies and charge similarly eye-watering fees.
### How do ETFs screen for Shariah compliance?
Halal ETFs employ a two-step screening process:
1. **Business Activity Screening:** Excludes companies deriving significant revenue from prohibited activities (interest, alcohol, gambling, pork, weapons, adult entertainment, etc.) — goodbye to about half the S&P 500 right there
2. **Financial Ratio Screening:** Removes companies with:
* Debt exceeding about 33% of market capitalization — there goes another quarter
* Interest-bearing securities exceeding about 33% of market capitalization
* Accounts receivable exceeding 45% of total assets
* Income from non-compliant activities exceeding 5% of revenue
That 33% figure is the threshold most Shariah index providers use, while AAOIFI standards set a stricter 30%, which is why a stock can sit inside a halal ETF yet fail an AAOIFI screen. Holdings are re-screened at least quarterly; a company that fails is removed at the next rebalance, and any residual non-permissible income is purified. By the time all these filters are applied, you're left with a much smaller universe dominated by tech companies and a few healthcare firms. Diversification? Who needs it!
### Can I own S&P 500 ETFs as a Muslim?
Standard S&P 500 ETFs like SPY, VOO, or IVV are generally not considered Shariah-compliant because they include companies involved in prohibited activities and those with excessive financial leverage. Muslims seeking index-based investments should use specifically designed halal ETFs like SPUS, MNZL, or HLAL, which filter broad U.S. equity exposure for Shariah compliance. MNZL is based on the Russell 1000 rather than the S&P 500, so it starts from a broader U.S. universe, but the final portfolio is still much smaller than a conventional market ETF.
### Which halal ETF tracks the S&P 500?
SPUS is the closest direct answer. It seeks to track the S&P 500 Shariah Industry Exclusions Index, which begins with Shariah-compliant S&P 500 constituents and applies additional industry exclusions.[3](https://amalinvest.com/halal-investing/halal-etfs-compared#user-content-fn-9) It does not hold every S&P 500 company, so its returns and concentration can differ materially from SPY, VOO or IVV. HLAL follows a FTSE Shariah index, while MNZL starts from a Russell 1000-based index.
### What is the best halal ETF in Canada?
For investors who specifically need a Canadian-listed halal equity ETF, WSHR is the clearest starting point in this comparison. It trades in Canada and tracks the Dow Jones Islamic Market Developed Markets Quality and Low Volatility Index. “Best” still depends on your brokerage, currency, taxes, time horizon and desired exposure, so compare its current prospectus and holdings before buying. Our [Canadian halal investing guide](https://amalinvest.com/halal-investing/is-xeqt-halal) covers account placement and withholding tax.
### Are halal ETFs less profitable than conventional ETFs?
Not necessarily. While halal ETFs have higher expense ratios (sometimes comically higher), their performance can sometimes outpace conventional counterparts. For example, SPUS and HLAL have outperformed the S&P 500 since their inception. MNZL is too new for a fair verdict. Shariah screening tends to favor companies with lower debt and stronger balance sheets, which can be advantageous during economic downturns. However, they may underperform during periods when financial stocks rally significantly.
The real issue isn't performance — it's that you're paying premium prices for what should be basic investment products. Think of it like paying $15 for a bottle of water in the desert. Is it refreshing? Sure. Should it cost that much? Absolutely not.
## References
## Footnotes
1. MNZL's statutory prospectus lists a 0.40% expense ratio, states that the fund seeks to track the Russell IdealRatings Manzil Halal USA Broad Market Custom Index, and describes the index as starting from the Russell 1000 before applying Shariah screening and the additional AFSC screen. [Source](https://etfarchitect.com/wp-content/uploads/compliance/etf/statutory_prospectus/MNZL_Prospectus.pdf) [↩](https://amalinvest.com/halal-investing/halal-etfs-compared#user-content-fnref-7) [↩2](https://amalinvest.com/halal-investing/halal-etfs-compared#user-content-fnref-7-2) [↩3](https://amalinvest.com/halal-investing/halal-etfs-compared#user-content-fnref-7-3) [↩4](https://amalinvest.com/halal-investing/halal-etfs-compared#user-content-fnref-7-4) [↩5](https://amalinvest.com/halal-investing/halal-etfs-compared#user-content-fnref-7-5)
2. Manzil's ETF materials describe the AFSC filter as an additional ethical screen intended to remove companies with demonstrated links to apartheid, ethnic cleansing, genocide, or other grave human-rights violations. [Source](https://manzilfunds.com/faq/) [↩](https://amalinvest.com/halal-investing/halal-etfs-compared#user-content-fnref-8) [↩2](https://amalinvest.com/halal-investing/halal-etfs-compared#user-content-fnref-8-2) [↩3](https://amalinvest.com/halal-investing/halal-etfs-compared#user-content-fnref-8-3) [↩4](https://amalinvest.com/halal-investing/halal-etfs-compared#user-content-fnref-8-4)
3. SP Funds lists SPUS's current expense ratio as 0.45% and states that it tracks approximately 200 Shariah-compliant stocks from the S&P 500 through the S&P 500 Shariah Industry Exclusions Index. [Source](https://www.sp-funds.com/SPUS/) [↩](https://amalinvest.com/halal-investing/halal-etfs-compared#user-content-fnref-9) [↩2](https://amalinvest.com/halal-investing/halal-etfs-compared#user-content-fnref-9-2) [↩3](https://amalinvest.com/halal-investing/halal-etfs-compared#user-content-fnref-9-3) [↩4](https://amalinvest.com/halal-investing/halal-etfs-compared#user-content-fnref-9-4) [↩5](https://amalinvest.com/halal-investing/halal-etfs-compared#user-content-fnref-9-5)
4. SP Funds lists SPSK's current expense ratio as 0.50%. [Source](https://www.sp-funds.com/spsk/) [↩](https://amalinvest.com/halal-investing/halal-etfs-compared#user-content-fnref-10) [↩2](https://amalinvest.com/halal-investing/halal-etfs-compared#user-content-fnref-10-2)
5. For reference, the S&P500's Top 10 (which many complain about being _too_ concentrated) represent just ~25% [↩](https://amalinvest.com/halal-investing/halal-etfs-compared#user-content-fnref-5)