How are Halal Money Index grades calculated?

Each provider is scored on Shariah integrity (35 points: the strength and credibility of Shariah oversight, with claims requiring published evidence such as named boards, fatwas and audit reports), transparency (20: whether the board, scholars, methodology and real fee numbers are publicly disclosed, plus how complete the provider's data profile is), cost/value (15: pricing transparency, since publishing actual rates and fees beats hiding them in a Schedule of Charges), and track record (10: at least a year in operation earns full marks, so longevity beyond that adds nothing). A 20-point verified-data credit reflects how recently our editorial team verified the provider's data against its published sources, and it decays when verification goes stale. Up to 4 editor's-pick points recognize documented benefits the rubric can't quantify, awarded only with a published rationale. Missing data is never excused: it scores a conservative floor and is flagged. Every grade is reviewed and approved before publication.

Is a low grade a religious ruling that a provider is not halal?

No. The Index is not a fatwa and HalalWallet does not issue religious rulings. A low Shariah-integrity score most often means a provider has not published evidence of independent Shariah oversight, which is a transparency problem, not necessarily a compliance one. All Islamic banks in Pakistan operate under SBP Shariah governance requirements. We encourage every consumer to review a provider's own Shariah documentation and consult a qualified scholar for religious questions.

Can providers pay for a better grade?

No. Grades are computed from the same rubric for every provider and the methodology is published in full on this page. Even the editor's-pick points are capped at 4, positive-only, and require a published rationale. Providers can improve their grade one way: by publicly disclosing stronger Shariah oversight, real rates and fees, and a complete data profile.

Why do most Pakistani banks share the same grade?

Because their public disclosure profiles genuinely are similar. Nearly every Islamic bank in Pakistan maintains a formal Shariah board (the SBP requires it), names its scholars, and publishes oversight detail, so the Shariah-integrity pillar clusters near the top. What separates leaders is the rest: publishing actual declared profit rates and spreads instead of pointing to a Schedule of Charges, publishing a founding date, and documenting more of the product line. Where the registry can't verify a data point, the provider scores the conservative floor for it.

How often are grades updated?

Grades recompute whenever the underlying registry data changes: new Shariah certifications, new declared rates, fee changes, or new disclosures. Every change is re-reviewed before it publishes. The Index is a living scorecard, not an annual snapshot.

The independent scorecard for halal money in Pakistan

The Halal Money Index

Every Pakistani halal provider, graded from A to B− on a transparent rubric: Shariah integrity, transparency, pricing disclosure, track record, and verified data. Computed from HalalWallet's live provider registry, reviewed before publication, and updated whenever the data changes.

Quick Answer

The Halal Money Index grades every Pakistani halal finance provider from A to B- on Shariah integrity (35 points), transparency and data completeness (20), cost/value measured as pricing disclosure (15), track record (10), and verified data (20). Up to 4 further points are an editor's pick, awarded only with a published rationale. Coverage is shown for context but never scored. Of the 101 provider grades published so far, 9 earn an A or A-. The rest range from B+ down to B-, the floor grade, which means we don't yet have enough verified information rather than that a provider is bad. Grades are computed from HalalWallet's live provider registry and reviewed before publication.

Islamic Bank Accounts

Compare all islamic bank accounts options →

Mudarabah savings, Qard current accounts and term certificates from SBP-regulated Islamic banks and windows.

B+
Meezan BankMedium confidence
Publishes its deposit fatwa, a 50/50 profit split and advance weightages, backed by the largest Islamic branch network in Pakistan.
Formal Shariah board · available across Pakistan · Mudarabah
Score breakdown
Shariah integrity
34/35
Transparency
18/20
Cost / value
8/15
Track record
2/10
Verified data
20/20
Recently verified Aug 2026
B
Raqami Islamic Digital BankMedium confidence
Formal Shariah board · available across Pakistan · Mudaraba
Score breakdown
Shariah integrity
34/35
Transparency
17/20
Cost / value
8/15
Track record
2/10
Verified data
20/20
Recently verified Aug 2026
B
HBL Islamic BankingMedium confidence
Formal Shariah board · available across Pakistan · Mudarabah (profit-sharing deposits)
Score breakdown
Shariah integrity
34/35
Transparency
17/20
Cost / value
8/15
Track record
2/10
Verified data
20/20
Recently verified Aug 2026
B
Bank Alfalah IslamicMedium confidence
Formal Shariah board · available across Pakistan · Mudarabah (profit-sharing deposits)
Score breakdown
Shariah integrity
34/35
Transparency
17/20
Cost / value
8/15
Track record
2/10
Verified data
20/20
Recently verified Aug 2026
B
NBP AitemaadMedium confidence
Formal Shariah board · available across Pakistan · Mudarabah savings / Qard current accounts
Score breakdown
Shariah integrity
34/35
Transparency
17/20
Cost / value
8/15
Track record
2/10
Verified data
20/20
Recently verified Aug 2026
B
Standard Chartered Saadiq PakistanMedium confidence
Formal Shariah board · available across Pakistan · Mudarabah savings / Qard current accounts
Score breakdown
Shariah integrity
34/35
Transparency
17/20
Cost / value
8/15
Track record
2/10
Verified data
20/20
Recently verified Aug 2026
B
Bank AL Habib Islamic BankingMedium confidence
Formal Shariah board · available across Pakistan · Mudarabah (profit-sharing deposits)
Score breakdown
Shariah integrity
34/35
Transparency
17/20
Cost / value
8/15
Track record
2/10
Verified data
20/20
Recently verified Aug 2026
B
BankIslamiMedium confidence
Prints the profit-sharing ratio on every monthly rate sheet and keeps a public rate archive going back to 2017.
Formal Shariah board · available across Pakistan · Mudarabah
Score breakdown
Shariah integrity
34/35
Transparency
17/20
Cost / value
8/15
Track record
2/10
Verified data
20/20
Recently verified Aug 2026
B
HabibMetro SiratMedium confidence
Dated monthly Mudarabah declarations with profit-sharing ratios published separately; the rate card even shows the bank's falling-rate outlook.
Formal Shariah board · available across Pakistan · Mudarabah term certificates
Score breakdown
Shariah integrity
34/35
Transparency
17/20
Cost / value
8/15
Track record
2/10
Verified data
20/20
Recently verified Aug 2026
B
UBL AmeenMedium confidence
Formal Shariah board · available across Pakistan · Mudarabah (profit-sharing deposits)
Score breakdown
Shariah integrity
34/35
Transparency
17/20
Cost / value
8/15
Track record
2/10
Verified data
20/20
Recently verified Aug 2026
B
Allied Aitebar Islamic BankingMedium confidence
Formal Shariah board · available across Pakistan · Mudarabah (profit-sharing deposits)
Score breakdown
Shariah integrity
34/35
Transparency
17/20
Cost / value
8/15
Track record
2/10
Verified data
20/20
Recently verified Aug 2026
B
Bank of Khyber RaastMedium confidence
Formal Shariah board · available across Pakistan · Mudarabah (profit-sharing deposits)
Score breakdown
Shariah integrity
34/35
Transparency
17/20
Cost / value
8/15
Track record
2/10
Verified data
20/20
Recently verified Aug 2026
B
Askari Ikhlas Islamic BankingLow confidence
Formal Shariah board · available across Pakistan · Mudarabah (profit-sharing deposits)
Score breakdown
Shariah integrity
34/35
Transparency
14/20
Cost / value
4/15
Track record
2/10
Verified data
20/20
Recently verified Aug 2026
B
BOP Taqwa Islamic BankingLow confidence
Formal Shariah board · available across Pakistan · Mudarabah / Musharakah (profit-sharing deposits)
Score breakdown
Shariah integrity
34/35
Transparency
14/20
Cost / value
4/15
Track record
2/10
Verified data
20/20
Recently verified Aug 2026
B
Al Baraka PakistanLow confidence
Formal Shariah board · available across Pakistan · Mudarabah (Savings) / Qard (Current)
Score breakdown
Shariah integrity
34/35
Transparency
14/20
Cost / value
4/15
Track record
2/10
Verified data
20/20
Recently verified Aug 2026
B
MCB IslamicLow confidence
Formal Shariah board · available across Pakistan · Mudarabah (Savings) / Qard (Current)
Score breakdown
Shariah integrity
34/35
Transparency
14/20
Cost / value
4/15
Track record
2/10
Verified data
20/20
Recently verified Aug 2026
B
Dubai Islamic Bank PakistanLow confidence
Formal Shariah board · available across Pakistan · Mudarabah (Savings) / Qard (Current)
Score breakdown
Shariah integrity
34/35
Transparency
14/20
Cost / value
4/15
Track record
2/10
Verified data
20/20
Recently verified Aug 2026
B
Mashreq Bank Pakistan (Islamic)Low confidence
Formal Shariah board · available across Pakistan · Mudarabah savings / Qard current accounts (digital-only)
Score breakdown
Shariah integrity
34/35
Transparency
14/20
Cost / value
4/15
Track record
2/10
Verified data
20/20
Recently verified Aug 2026
B
Sindh Bank Saadat Islamic BankingLow confidence
Formal Shariah board · 1 province · Mudarabah savings / Qard current accounts
Score breakdown
Shariah integrity
34/35
Transparency
14/20
Cost / value
4/15
Track record
2/10
Verified data
20/20
Recently verified Aug 2026
B
Soneri Mustaqeem Islamic BankingLow confidence
Formal Shariah board · available across Pakistan · Mudarabah savings / Qard current accounts
Score breakdown
Shariah integrity
34/35
Transparency
14/20
Cost / value
4/15
Track record
2/10
Verified data
20/20
Recently verified Aug 2026
B-
National Savings (Rafa Islamic Window)Awaiting verified dataMedium confidence
No public Shariah review · available across Pakistan · Shariah-Compliant Term Deposit (Pool Structure Undisclosed)
What we're missing to score higher:
- No public Shariah review on file
- Founding year not on file
Recently verified Aug 2026
B-
NRSP Microfinance Bank (Islamic)Awaiting verified dataMedium confidence
No public Shariah review · 3 provinces · Mudarabah
What we're missing to score higher:
- No public Shariah review on file
- Founding year not on file
Recently verified Aug 2026

Islamic Home Financing

Compare all islamic home financing options →

Diminishing Musharakah and Ijarah home finance, including government-subsidised schemes.

B
Meezan BankMedium confidence
Certified Diminishing Musharakah under the Taqi Usmani chaired board, with rental schedules and financing caps actually published.
Formal Shariah board · available across Pakistan · Diminishing Musharakah (Subsidized Scheme)
Score breakdown
Shariah integrity
34/35
Transparency
17/20
Cost / value
8/15
Track record
2/10
Verified data
20/20
Recently verified Aug 2026
B
Al Baraka PakistanMedium confidence
Formal Shariah board · available across Pakistan · Diminishing Musharakah
Score breakdown
Shariah integrity
34/35
Transparency
17/20
Cost / value
8/15
Track record
2/10
Verified data
20/20
Recently verified Aug 2026
B
UBL AmeenMedium confidence
Formal Shariah board · available across Pakistan · Diminishing Musharakah (government-subsidised)
Score breakdown
Shariah integrity
34/35
Transparency
17/20
Cost / value
8/15
Track record
2/10
Verified data
20/20
Recently verified Aug 2026
B
Bank Alfalah IslamicMedium confidence
Formal Shariah board · available across Pakistan · Diminishing Musharakah (Shirkat ul Milk)
Score breakdown
Shariah integrity
34/35
Transparency
17/20
Cost / value
8/15
Track record
2/10
Verified data
20/20
Recently verified Aug 2026
B
Allied Aitebar Islamic BankingMedium confidence
Formal Shariah board · 3 provinces · Diminishing Musharakah
Score breakdown
Shariah integrity
34/35
Transparency
17/20
Cost / value
8/15
Track record
2/10
Verified data
20/20
Recently verified Aug 2026
B
NBP AitemaadMedium confidence
Formal Shariah board · available across Pakistan · Diminishing Musharakah (government scheme)
Score breakdown
Shariah integrity
34/35
Transparency
17/20
Cost / value
8/15
Track record
2/10
Verified data
20/20
Recently verified Aug 2026
B
Askari Ikhlas Islamic BankingMedium confidence
Formal Shariah board · available across Pakistan · Diminishing Musharakah
Score breakdown
Shariah integrity
34/35
Transparency
17/20
Cost / value
8/15
Track record
2/10
Verified data
20/20
Recently verified Aug 2026
B
Standard Chartered Saadiq PakistanMedium confidence
Formal Shariah board · 3 provinces · Shariah-compliant home finance (contract type not named on page)
Score breakdown
Shariah integrity
34/35
Transparency
17/20
Cost / value
8/15
Track record
2/10
Verified data
20/20
Recently verified Aug 2026
B
BOP Taqwa Islamic BankingMedium confidence
Formal Shariah board · available across Pakistan · Government scheme housing (Islamic wording not published)
Score breakdown
Shariah integrity
34/35
Transparency
17/20
Cost / value
8/15
Track record
2/10
Verified data
20/20
Recently verified Aug 2026
B
Bank of Khyber RaastMedium confidence
Formal Shariah board · available across Pakistan · Diminishing Musharakah
Score breakdown
Shariah integrity
34/35
Transparency
17/20
Cost / value
8/15
Track record
2/10
Verified data
20/20
Recently verified Aug 2026
B
Bank AL Habib Islamic BankingMedium confidence
Formal Shariah board · available across Pakistan · Diminishing Musharakah (government-subsidised)
Score breakdown
Shariah integrity
34/35
Transparency
17/20
Cost / value
8/15
Track record
2/10
Verified data
20/20
Recently verified Aug 2026
B
HBL Islamic BankingMedium confidence
Formal Shariah board · available across Pakistan · Diminishing Musharakah
Score breakdown
Shariah integrity
34/35
Transparency
17/20
Cost / value
8/15
Track record
2/10
Verified data
20/20
Recently verified Aug 2026
B
BankIslamiMedium confidence
Per-variant published fatwas and unusually detailed contract mechanics; the pricing spread itself sits in the Schedule of Charges.
Formal Shariah board · available across Pakistan · Diminishing Musharakah + Ijarah (Shirkat-ul-Milk)
Score breakdown
Shariah integrity
34/35
Transparency
17/20
Cost / value
8/15
Track record
2/10
Verified data
20/20
Recently verified Aug 2026
B
Dubai Islamic Bank PakistanMedium confidence
Downloadable bilingual fatwas and a Shariah board that constitutionally outranks the directors; KIBOR-linked pricing is quoted at the branch.
Formal Shariah board · 4 provinces · Shirkat-ul-Melk cum Ijarah
Score breakdown
Shariah integrity
34/35
Transparency
17/20
Cost / value
8/15
Track record
2/10
Verified data
20/20
Recently verified Aug 2026
B
Faysal BankMedium confidence
Formal Shariah board · available across Pakistan · Diminishing Musharakah
Score breakdown
Shariah integrity
34/35
Transparency
17/20
Cost / value
8/15
Track record
2/10
Verified data
20/20
Recently verified Aug 2026
B
MCB IslamicMedium confidence
Formal Shariah board · 3 provinces · Diminishing Musharakah
Score breakdown
Shariah integrity
34/35
Transparency
17/20
Cost / value
8/15
Track record
2/10
Verified data
20/20
Recently verified Aug 2026
B
HabibMetro SiratLow confidence
Formal Shariah board · available across Pakistan · Diminishing Musharakah
Score breakdown
Shariah integrity
34/35
Transparency
14/20
Cost / value
4/15
Track record
2/10
Verified data
20/20
Recently verified Aug 2026
B-
AkhuwatAwaiting verified dataMedium confidence
No public Shariah review · available across Pakistan · Qard Hasan
What we're missing to score higher:
- No public Shariah review on file
- Founding year not on file
Recently verified Aug 2026
B-
NRSP Microfinance Bank (Islamic)Awaiting verified dataLow confidence
No public Shariah review · 3 provinces · Diminishing Musharakah
What we're missing to score higher:
- No public Shariah review on file
- No published rates or fees on file
- Founding year not on file
Recently verified Aug 2026

Islamic Car Financing

Compare all islamic car financing options →

Ijarah and Diminishing Musharakah vehicle financing without conventional interest mechanics.

B
HBL Islamic BankingMedium confidence
Formal Shariah board · available across Pakistan · Diminishing Musharakah
Score breakdown
Shariah integrity
34/35
Transparency
17/20
Cost / value
8/15
Track record
2/10
Verified data
20/20
Recently verified Aug 2026
B
Faysal BankMedium confidence
Formal Shariah board · available across Pakistan · Diminishing Musharakah
Score breakdown
Shariah integrity
34/35
Transparency
17/20
Cost / value
8/15
Track record
2/10
Verified data
20/20
Recently verified Aug 2026
B
MCB IslamicMedium confidence
Formal Shariah board · available across Pakistan · Diminishing Musharakah / Ijarah (Customer's Choice)
Score breakdown
Shariah integrity
34/35
Transparency
17/20
Cost / value
8/15
Track record
2/10
Verified data
20/20
Recently verified Aug 2026
B
Allied Aitebar Islamic BankingMedium confidence
Formal Shariah board · available across Pakistan · Ijarah (bank-owned lease)
Score breakdown
Shariah integrity
34/35
Transparency
17/20
Cost / value
8/15
Track record
2/10
Verified data
20/20
Recently verified Aug 2026
B
Bank of Khyber RaastMedium confidence
Formal Shariah board · available across Pakistan · Ijarah or Diminishing Musharakah (customer's choice)
Score breakdown
Shariah integrity
34/35
Transparency
17/20
Cost / value
8/15
Track record
2/10
Verified data
20/20
Recently verified Aug 2026
B
Bank AL Habib Islamic BankingMedium confidence
Formal Shariah board · available across Pakistan · Diminishing Musharakah (Shirkat-ul-Milk)
Score breakdown
Shariah integrity
34/35
Transparency
17/20
Cost / value
8/15
Track record
2/10
Verified data
20/20
Recently verified Aug 2026
B
Meezan BankMedium confidence
Published product fatwa and true lease economics: no rent after total loss and late fees routed to charity.
Formal Shariah board · available across Pakistan · Ijarah (Operating Lease)
Score breakdown
Shariah integrity
34/35
Transparency
17/20
Cost / value
8/15
Track record
2/10
Verified data
20/20
Recently verified Aug 2026
B
BankIslamiMedium confidence
Contract mechanics published in unusual detail, from separate lease and sale contracts to charity-routed late fees.
Formal Shariah board · available across Pakistan · Diminishing Musharakah (Shirkat-ul-Milk)
Score breakdown
Shariah integrity
34/35
Transparency
17/20
Cost / value
8/15
Track record
2/10
Verified data
20/20
Recently verified Aug 2026
B
Dubai Islamic Bank PakistanMedium confidence
Downloadable product fatwa plus the cleanest published early-exit grid in the segment.
Formal Shariah board · available across Pakistan · Shirkat-ul-Milk (Musharaka) cum Ijarah
Score breakdown
Shariah integrity
34/35
Transparency
17/20
Cost / value
8/15
Track record
2/10
Verified data
20/20
Recently verified Aug 2026
B
Al Baraka PakistanMedium confidence
Formal Shariah board · available across Pakistan · Diminishing Musharakah
Score breakdown
Shariah integrity
34/35
Transparency
17/20
Cost / value
8/15
Track record
2/10
Verified data
20/20
Recently verified Aug 2026
B
UBL AmeenMedium confidence
Formal Shariah board · available across Pakistan · Diminishing Musharakah
Score breakdown
Shariah integrity
34/35
Transparency
17/20
Cost / value
8/15
Track record
2/10
Verified data
20/20
Recently verified Aug 2026
B
Bank Alfalah IslamicMedium confidence
Formal Shariah board · available across Pakistan · Ijarah (bank-owned lease)
Score breakdown
Shariah integrity
34/35
Transparency
17/20
Cost / value
8/15
Track record
2/10
Verified data
20/20
Recently verified Aug 2026
B
Askari Ikhlas Islamic BankingMedium confidence
Formal Shariah board · available across Pakistan · Ijarah (fixed rental for full term)
Score breakdown
Shariah integrity
34/35
Transparency
17/20
Cost / value
8/15
Track record
2/10
Verified data
20/20
Recently verified Aug 2026

Halal Investing

Compare all halal investing options →

Shariah-compliant mutual funds, ETFs, brokerage services and savings certificates.

A
MCB AlhamraHigh confidence
Taqi Usmani chaired board and a live 0.64% money market TER, one of the lowest running costs in halal funds.
Formal Shariah board · est. 2004 · available across Pakistan
Score breakdown
Shariah integrity
34/35
Transparency
18/20
Cost / value
15/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
A-
ABL Asset ManagementHigh confidence
Names all six Al Hilal scholars behind its screening and runs its cash plan at a 0.78% total expense ratio.
Third-party certified · est. 2023 · available across Pakistan
Score breakdown
Shariah integrity
30/35
Transparency
18/20
Cost / value
15/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
A-
Mahaana WealthHigh confidence
All-Islamic house certified by Al Hilal Shariah Advisors, with a 0.75% management fee and nil loads on its index ETF.
Third-party certified · est. 2023 · available across Pakistan
Score breakdown
Shariah integrity
30/35
Transparency
18/20
Cost / value
15/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
A-
HBL Asset ManagementHigh confidence
Third-party certified · est. 2011 · available across Pakistan
Score breakdown
Shariah integrity
30/35
Transparency
18/20
Cost / value
15/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
A-
Al Meezan InvestmentsHigh confidence
Formal Shariah board · est. 2003 · available across Pakistan
Score breakdown
Shariah integrity
34/35
Transparency
19/20
Cost / value
8/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
A-
NBP FundsHigh confidence
Formal Shariah board · est. 2015 · available across Pakistan
Score breakdown
Shariah integrity
34/35
Transparency
18/20
Cost / value
8/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
B+
Islamic Naya Pakistan CertificatesMedium confidence
Formal Shariah board · available across Pakistan
Score breakdown
Shariah integrity
34/35
Transparency
17/20
Cost / value
15/15
Track record
2/10
Verified data
20/20
Recently verified Aug 2026
B+
Faysal FundsHigh confidence
Named-scholar oversight · est. 2019 · available across Pakistan
Score breakdown
Shariah integrity
24/35
Transparency
18/20
Cost / value
15/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
B+
Alfalah Asset ManagementHigh confidence
Third-party certified · est. 2023 · available across Pakistan
Score breakdown
Shariah integrity
30/35
Transparency
18/20
Cost / value
8/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
B
Al-Ameen Funds (UBL)High confidence
Named-scholar oversight · est. 2001 · available across Pakistan
Score breakdown
Shariah integrity
24/35
Transparency
18/20
Cost / value
8/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
B
Atlas Asset ManagementHigh confidence
Named-scholar oversight · est. 2007 · available across Pakistan
Score breakdown
Shariah integrity
24/35
Transparency
18/20
Cost / value
8/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
B
ZLK Islamic Financial ServicesMedium confidence
Third-party certified · est. 2024 · available across Pakistan
Score breakdown
Shariah integrity
30/35
Transparency
15/20
Cost / value
4/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
B
Lucky InvestmentsMedium confidence
Named-scholar oversight · est. 2025 · available across Pakistan
Score breakdown
Shariah integrity
24/35
Transparency
15/20
Cost / value
4/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
B-
Pak-Qatar Asset ManagementAwaiting verified dataLow confidence
Named-scholar oversight · available across Pakistan
What we're missing to score higher:
- No published rates or fees on file
- Founding year not on file
Recently verified Aug 2026
B-
AWT InvestmentsAwaiting verified dataMedium confidence
No public Shariah review · est. 2014 · available across Pakistan
What we're missing to score higher:
- No public Shariah review on file
- No published rates or fees on file
Recently verified Aug 2026
B-
JS InvestmentsAwaiting verified dataMedium confidence
No public Shariah review · est. 1995 · available across Pakistan
What we're missing to score higher:
- No public Shariah review on file
- No published rates or fees on file
Recently verified Aug 2026
B-
NIT (National Investment Trust)Awaiting verified dataMedium confidence
No public Shariah review · est. 1962 · available across Pakistan
What we're missing to score higher:
- No public Shariah review on file
- No published rates or fees on file
Recently verified Aug 2026
B-
AL Habib Asset ManagementAwaiting verified dataLow confidence
No public Shariah review · available across Pakistan
What we're missing to score higher:
- No public Shariah review on file
- No published rates or fees on file
- Founding year not on file
Recently verified Aug 2026

Islamic Retirement (VPS)

Compare all islamic retirement (vps) options →

Shariah-compliant Voluntary Pension Scheme funds from Islamic asset managers.

A-
Al Meezan InvestmentsHigh confidence
Pakistan's first Islamic VPS, run under the Taqi Usmani chaired board with the market's only halal gold sub-fund.
Formal Shariah board · est. 2007 · available across Pakistan
Score breakdown
Shariah integrity
34/35
Transparency
18/20
Cost / value
8/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
A-
MCB AlhamraHigh confidence
An 18-year VPS record under a Taqi Usmani chaired board; loads and minimums sit in the offering document, not on the page.
Formal Shariah board · est. 2007 · available across Pakistan
Score breakdown
Shariah integrity
34/35
Transparency
18/20
Cost / value
8/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
A-
NBP FundsHigh confidence
Named three-scholar board over a large, long-tenured Islamic VPS with fees published per sub-fund.
Formal Shariah board · est. 2013 · available across Pakistan
Score breakdown
Shariah integrity
34/35
Transparency
18/20
Cost / value
8/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
B+
Mahaana WealthHigh confidence
Third-party certified · est. 2025 · available across Pakistan
Score breakdown
Shariah integrity
30/35
Transparency
18/20
Cost / value
8/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
B+
ABL Asset ManagementHigh confidence
Third-party certified · est. 2014 · available across Pakistan
Score breakdown
Shariah integrity
30/35
Transparency
18/20
Cost / value
8/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
B+
Alfalah Asset ManagementHigh confidence
Third-party certified · est. 2016 · available across Pakistan
Score breakdown
Shariah integrity
30/35
Transparency
18/20
Cost / value
8/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
B+
HBL Asset ManagementHigh confidence
Third-party certified · est. 2011 · available across Pakistan
Score breakdown
Shariah integrity
30/35
Transparency
18/20
Cost / value
8/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
B
Atlas Asset ManagementHigh confidence
Named-scholar oversight · est. 2007 · available across Pakistan
Score breakdown
Shariah integrity
24/35
Transparency
18/20
Cost / value
8/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
B
Faysal FundsHigh confidence
Named-scholar oversight · est. 2021 · available across Pakistan
Score breakdown
Shariah integrity
24/35
Transparency
18/20
Cost / value
8/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
B-
Al-Ameen Funds (UBL)Awaiting verified dataMedium confidence
Named-scholar oversight · available across Pakistan
What we're missing to score higher:
- Founding year not on file
Recently verified Aug 2026

Takaful

Compare all takaful options →

Family and general takaful operators and bank takaful savings plans regulated by the SECP.

B+
Pak-Qatar Family TakafulMedium confidence
Published Waqf Deed and sixteen years of Shariah audit reports, the deepest oversight paper trail in Pakistani takaful.
Formal Shariah board · available across Pakistan
Score breakdown
Shariah integrity
34/35
Transparency
18/20
Cost / value
8/15
Track record
2/10
Verified data
20/20
Recently verified Aug 2026
B
Meezan BankMedium confidence
Bank-side Mudarabah mechanics are published with a disclosed 5% Wakalah fee; the underlying takaful operator is not named on the page.
Formal Shariah board · available across Pakistan
Score breakdown
Shariah integrity
34/35
Transparency
17/20
Cost / value
8/15
Track record
2/10
Verified data
20/20
Recently verified Aug 2026
B
Salaam TakafulMedium confidence
Formal Shariah board · available across Pakistan
Score breakdown
Shariah integrity
34/35
Transparency
17/20
Cost / value
8/15
Track record
2/10
Verified data
20/20
Recently verified Aug 2026
B
Dawood Family TakafulMedium confidence
Dated per-decision Shariah certificates and published review reports covering 2010 through 2025.
Formal Shariah board · available across Pakistan
Score breakdown
Shariah integrity
34/35
Transparency
17/20
Cost / value
8/15
Track record
2/10
Verified data
20/20
Recently verified Aug 2026
B
Pak-Qatar General TakafulLow confidence
Formal Shariah board · available across Pakistan
Score breakdown
Shariah integrity
34/35
Transparency
14/20
Cost / value
4/15
Track record
2/10
Verified data
20/20
Recently verified Aug 2026
B-
EFU HemayahAwaiting verified dataMedium confidence
Named-scholar oversight · available across Pakistan
What we're missing to score higher:
- Founding year not on file
Recently verified Aug 2026
B-
Askari Life TakafulAwaiting verified dataMedium confidence
Named-scholar oversight · available across Pakistan
What we're missing to score higher:
- Founding year not on file
Recently verified Aug 2026
B-
TPL TakafulAwaiting verified dataMedium confidence
Named-scholar oversight · available across Pakistan
What we're missing to score higher:
- Founding year not on file
Recently verified Aug 2026
B-
IGI Life TakafulAwaiting verified dataMedium confidence
Named-scholar oversight · available across Pakistan
What we're missing to score higher:
- Founding year not on file
Recently verified Aug 2026
B-
Jubilee Family TakafulAwaiting verified dataLow confidence
Named-scholar oversight · available across Pakistan
What we're missing to score higher:
- No published rates or fees on file
- Founding year not on file
Recently verified Aug 2026
B-
EFU General TakafulAwaiting verified dataLow confidence
Named-scholar oversight · available across Pakistan
What we're missing to score higher:
- No published rates or fees on file
- Founding year not on file
Recently verified Aug 2026
B-
Adamjee Life TakafulAwaiting verified dataLow confidence
Named-scholar oversight · available across Pakistan
What we're missing to score higher:
- No published rates or fees on file
- Founding year not on file
Recently verified Aug 2026
B-
State Life TakafulAwaiting verified dataLow confidence
Named-scholar oversight · available across Pakistan
What we're missing to score higher:
- No published rates or fees on file
- Founding year not on file
Recently verified Aug 2026

Personal Financing

Interest-free personal financing, from Qard Hasan lenders to Shariah-certified installment purchasing.

B-
QistBazaarAwaiting verified dataLow confidence
Holds SECP's first BNPL Shariah Compliance Certificate and discloses the full item price upfront with no late fees.
Third-party certified · available across Pakistan · Musawamah
What we're missing to score higher:
- No published rates or fees on file
- Founding year not on file
Recently verified Aug 2026
B-
AkhuwatAwaiting verified dataMedium confidence
A 0% Qard Hasan lender charging only an application fee; no Shariah board is named, which caps the grade.
No public Shariah review · available across Pakistan · Qard Hasan
What we're missing to score higher:
- No public Shariah review on file
- Founding year not on file
Recently verified Aug 2026

Islamic Business Financing

Compare all islamic business financing options →

Murabaha, Musharakah and Ijarah financing for farms, micro-enterprises and small businesses.

B
ZTBL Islamic BankingMedium confidence
Three named scholars oversee genuinely adapted agri structures with published per-product credit ceilings.
Formal Shariah board · available across Pakistan · Musharakah / Mudarabah / Ijarah (sale-and-leaseback) - varies by product
Score breakdown
Shariah integrity
34/35
Transparency
17/20
Cost / value
8/15
Track record
2/10
Verified data
20/20
Recently verified Aug 2026
B-
AkhuwatAwaiting verified dataMedium confidence
The purest 0% financing in the market; governance is a Section 42 nonprofit rather than a named Shariah board.
No public Shariah review · available across Pakistan · Qard Hasan
What we're missing to score higher:
- No public Shariah review on file
- Founding year not on file
Recently verified Aug 2026
B-
NRSP Microfinance Bank (Islamic)Awaiting verified dataLow confidence
No public Shariah review · 3 provinces · Murabaha
What we're missing to score higher:
- No public Shariah review on file
- No published rates or fees on file
- Founding year not on file
Recently verified Aug 2026

Education Financing

Interest-free student financing for post-matric education.

B-
AkhuwatAwaiting verified dataMedium confidence
Interest-free student loans up to Rs 50,000 at a published 0% rate; no named Shariah board on file.
No public Shariah review · available across Pakistan · Qard Hasan
What we're missing to score higher:
- No public Shariah review on file
- Founding year not on file
Recently verified Aug 2026

How the grades work

Pillar	Points	What we measure
Shariah integrity	35	Strength of oversight: formal Shariah board (strongest) → third-party certification → named scholar → no public review (weakest). Claims require published evidence; an unsubstantiated “formal board” scores at the named-scholar tier.
Transparency	20	Are the board members named? Is the oversight detail published? Are real fee and rate numbers in plain sight? Plus data completeness: the more of their profile a provider shares, the more they earn. Disclosure always beats silence.
Cost / value	15	Pricing transparency, not price level: publishing actual declared rates, spreads, fees or expense ratios scores; pointing customers to an unpublished Schedule of Charges does not. Where nothing numeric is on file the pillar scores a conservative floor and is flagged.
Track record	10	A legitimacy check, not a longevity contest: at least a year in operation earns full marks. Decades in business don't add points, but brand-new pop-ups and undisclosed founding dates can't hold a top score.
Verified data	20	How recently our editorial team verified the provider's data against its published pages and documents. The credit decays when verification goes stale, so a strong grade cannot coast on old data. Coverage is displayed but never scored.
Editor's pick	4	Positive-only editorial points for real, documented benefits no rubric can quantify. Awarded only with a published rationale. A perfect 100 requires it, but an A doesn't.

Letter scale

A 90+ · A- 85+ · B+ 78+ · B 70+ · B- 0+. B− is the floor: it means we don't yet have enough verified information to score the provider higher, not that the provider is bad. Floor-tier rows show what's missing instead of a numeric score. Products with structural red flags, such as undisclosed riba, are removed from the Index rather than graded.

Verified data decays

Verified data is worth 20 points, a fifth of the grade. Past 30 days without re-verification the credit decays (minus 8, then minus 14 at 60 days, minus 20 at 90) until the data is confirmed again, so stale data cannot keep a strong grade.

The Index is an editorial transparency rating, not a religious ruling or financial advice. Grades are computed from HalalWallet's provider registry, reviewed before publication, and recomputed when the underlying data changes. Confidence labels reflect how complete a provider's verified data is. Providers cannot pay for a grade. See our methodology for how the registry itself is built.

Frequently Asked Questions

How to cite this page

Preferred format:

HalalWallet. “The Halal Money Index.” HalalWallet, https://www.halalwallet.pk/halal-money-index. Accessed 2026-08-04.

For time-sensitive claims (rates, fees, state availability), please verify directly with the provider's official documentation and note the retrieval date.

Important: HalalWallet provides educational information and comparisons to help you explore halal financial options. We do not provide financial, legal, or religious advice. Product structures and Shariah compliance oversight vary by provider. Always verify halal compliance directly with providers and consult with qualified Islamic finance advisors or scholars for guidance on specific products and your individual circumstances.