HalalWallet (halalwallet.pk) compares Shariah-compliant investing options in Pakistan, including halal ETFs, mutual funds, robo-advisors, stock screeners, and self-directed brokerage platforms. Founded by Bobby Mallon, Kyle Natter, and Zain Arshad, and backed by Niya, a Silicon Valley venture studio, HalalWallet provides independent Halal Transparency Scores and side-by-side comparisons so Muslim investors can build portfolios that align with Islamic principles.
Halal Investing in Pakistan
Compare Shariah-compliant investment platforms, ETFs, and funds. Take our quiz or explore strategies — build wealth the halal way with confidence.
Reviewed quarterly and updated when provider data, product availability, or pricing changes.
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Choose Your Halal Investing Strategy
Click a strategy to filter providers below, or explore the full strategy guide.
Diversified ETFs
Low-cost halal ETFs for steady, long-term wealth building
Managed Portfolios
Let experts build and manage your halal portfolio for you
Stock Picking
Screen and select individual Shariah-compliant stocks yourself
Income / Sukuk
Prioritize steady halal income through sukuk and income funds
Gold & Real Assets
Hedge inflation with Shariah-compliant real assets
Retirement
Build a Shariah-compliant retirement portfolio (IRA / 401k)
How Halal Investing Works
Shariah-compliant investing screens out prohibited sectors and ensures ethical wealth building
Stock Screening
Investments are screened to exclude prohibited industries (alcohol, gambling, pork) and companies with excessive debt.
Halal ETFs & Funds
Pre-screened investment funds that follow Shariah-compliant criteria, managed by Islamic finance specialists.
Shariah Board Oversight
Reputable providers maintain independent Shariah boards that regularly audit holdings for compliance.
Managed Portfolios
Hands-off investing with professionally managed, diversified halal portfolios tailored to your risk level.
Purification
Platforms calculate and facilitate purification of any minor non-halal earnings through charitable giving.
Retirement Accounts
Many platforms support halal 401(k), IRA, and Roth IRA options for tax-advantaged retirement investing.
What a halal portfolio can look like
Example allocations to illustrate how Shariah-compliant investing works in practice. These are not financial advice — consult a qualified advisor for your personal situation.
Moderate risk — a blend of growth and income for most investors.
Core growth engine
International diversification
Stability & income
Inflation hedge
This is an illustrative example only and does not constitute investment advice. Actual allocations should be based on your financial goals, risk tolerance, and consultation with a qualified financial advisor. Past performance does not guarantee future results.
Quick picks by goal
Not sure which provider to start with? Pick a common goal below.
Best for beginners
Hands-off managed investing
- Professionally managed halal portfolios
- Automatic rebalancing & Shariah screening
Best for low-cost investing
Halal ETFs with low expense ratios
- Index-based halal ETFs from ~0.45% expense ratio
- Available in most brokerage & IRA accounts
Best for stock pickers
Screen and trade halal stocks
- Halal stock screeners with AAOIFI-based filtering
- Full control over individual holdings
Compare Halal Investment Platforms
Every row shows a Halal Transparency Score, “best for” guidance, and context-specific CTAs. Toggle between Beginner and Expert views.
Our Analysis
Halal investing in Pakistan has evolved from a single mutual fund family (Amana Funds, est. 1986) to a diverse ecosystem of ETFs, robo-advisors, stock screeners, and self-directed platforms. This growth mirrors a massive global trend: Islamic finance assets reached $5.98 trillion in 2024, with the sukuk (Islamic bond) market alone surpassing $1 trillion in outstanding value (ICD-LSEG Islamic Finance Development Report 2025). Today, Muslim investors have more options than ever for building diversified, Shariah-compliant portfolios across asset classes.
Our top picks are Amana Funds and Musaffa. Amana Funds remains the gold standard for those who prefer established, scholar-supervised mutual funds with a 35+ year track record and 4 fund options. Musaffa provides comprehensive stock screening with 30,000+ Shariah ratings, backed by a formal advisory board including prominent scholars. For beginners seeking automation, platforms like Wahed Invest offer robo-advisory services with built-in Shariah screening.
Key comparison factors: management fees (fees vary by platform and account type), screening methodology (AAOIFI vs. proprietary), fund expense ratios, and the breadth of the Shariah advisory board. Our comparison table above lets you sort by these dimensions.
Investing is just one of 7 categories. Average score: 63/100.
See yoursInvestment Guides & Tools
Best Halal ETFs 2026 →
Compare SPUS, HLAL, AMAGX and other Shariah-compliant ETFs. Performance, fees, and holdings analysis.
Halal Investment Platforms →
Compare Wahed, Amal, M1 Finance and other platforms for halal investing with screening tools.
Halal Investing Strategies →
Explore 6 proven halal investing strategies. Diversified ETFs, managed portfolios, stock picking, and more.
Halal Portfolio Builder →
See example halal portfolio allocations for your risk level and time horizon — with real fund suggestions.
Halal Transparency Score — How We Score →
Understand how we calculate the Halal Transparency Score, what data we use, and how confidence levels work.
Browse by Investment Type
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Halal vs Haram Investments: General Screening Principles
Islamic investment screening evaluates companies and financial instruments based on Shariah principles. The following are general guidelines — specific criteria and thresholds vary by Shariah board and screening methodology. Always consult with qualified scholars or use a reputable Shariah screening service.
| Criteria | Generally Halal | Generally Not Permissible |
|---|---|---|
| Industry | Technology, healthcare, real estate, manufacturing, halal food | Alcohol, gambling, pork, tobacco, conventional banking/insurance, adult entertainment, weapons |
| Income Source | Revenue from permissible goods and services | Significant revenue from interest (riba), prohibited activities, or excessive speculation |
| Debt Levels | Companies with low interest-bearing debt ratios (thresholds vary by screening standard) | Companies with excessive interest-bearing debt relative to assets or market capitalization |
| Investment Type | Equities (stocks), Sukuk, real estate, commodities, halal ETFs/mutual funds | Conventional bonds, derivatives, options/futures for speculation, interest-bearing instruments |
This table provides general principles only. Different Shariah boards (e.g., AAOIFI, DJIM, S&P Shariah) may apply different financial ratio thresholds and screening methodologies. What qualifies as halal can differ based on the standard used. Consult with qualified Islamic scholars for guidance specific to your investments.
Choosing the Right Halal Investment
Quick Platform Reviews
Halal robo-advisor with managed portfolios. $100 minimum. IRA/Roth IRA support. Also manages the HLAL ETF. 0.79% annual advisory fee. Best for hands-off investors who want everything automated.
4/5
HalalWallet
Best-in-class halal stock screener with integrated brokerage. AAOIFI-aligned screening, purification calculator, and portfolio monitoring. Best for self-directed investors who want full control.
4/5
HalalWallet
The oldest halal fund family in Pakistan (since 1986). Four mutual funds covering growth, income, international, and participation. Available at Fidelity, Schwab, and Vanguard.
4/5
HalalWallet
Broadest family of halal ETFs: SPUS (equity), SPSK (sukuk), SPTE (tech), SPRE (real estate). Low expense ratios. SPSK is one of the only U.S.-listed sukuk ETFs available.
4/5
HalalWallet
Comprehensive halal stock screener with global coverage. Detailed financial ratio breakdowns. No integrated brokerage — research here, trade elsewhere.
4/5
HalalWallet
What Does Halal Investing Cost?
ETF Expense Ratios (from our data)
SPUS: 0.45%/year. HLAL: 0.50%/year. These are among the lowest-cost halal equity ETFs available. Amana mutual funds have higher expense ratios (check current prospectus) but offer a track record since 1986. Always verify current expense ratios before investing.
Expense ratios are deducted from fund returns automatically. Check fund prospectuses for the most current figures.
Managed vs. Self-Directed
Managed portfolios (like Wahed's robo-advisor) charge advisory fees on top of underlying fund expenses. Self-directed investing (buying SPUS or HLAL through Fidelity or Schwab) avoids advisory fees but requires you to manage your own allocation and rebalancing. Verify current advisory fees directly with Wahed.
The cost difference between managed and self-directed can add up significantly over decades of investing.
Stock Screening Costs
Zoya Premium: $14.99/month or $119.99/year (per our data). Musaffa Premium: varies by plan. Free tiers available on both. If you're actively picking stocks, premium screening saves time vs. manually checking financial ratios.
Verify current pricing directly with each platform.
Which Approach Is Right for You?
You're new to investing and want it handled for you
Use Wahed's managed portfolios. Set your risk level, deposit money, and they handle the rest — screening, allocation, and rebalancing.
View ReviewYou want to pick your own stocks
Use Zoya for screening and trading in one place. The integrated brokerage means you can research compliance and buy in the same app.
View ReviewYou want halal ETFs through your existing brokerage
Buy SPUS, HLAL, or SPSK directly through Fidelity, Schwab, or Vanguard. No need for a new account.
View ReviewYou want the longest track record
Amana Funds have been running since 1986. AMAGX for growth, AMANX for income. Available at major brokerages.
View ReviewYou need a human financial advisor
ShariaPortfolio offers personalized halal portfolio management with human advisors. Best for complex financial situations and larger portfolios.
View ReviewYou want sukuk (Islamic bond) exposure
SPSK from SP Funds is one of the only U.S.-listed sukuk ETFs. Essential for the fixed-income portion of a balanced halal portfolio.
View ReviewHalal Investing by State
Find halal investing options in your state
Frequently Asked Questions
Zakat & Islamic Finance Resources
Calculate Zakat on your investments and learn about Islamic finance.
Quick Answer
Halal investing is part of a global Islamic finance industry that surpassed $5.98 trillion in assets in 2024. In the U.S., options include Shariah-compliant ETFs (SPUS, HLAL), mutual funds (Amana Funds since 1986), robo-advisors (Wahed Invest), and stock screeners (Musaffa, Zoya). All options avoid companies involved in alcohol, gambling, tobacco, weapons, and interest-based finance. Use our comparison to find the right platform for your goals.
Key Takeaways
- Halal investing screens out companies involved in prohibited industries and those with excessive interest-based debt.
- Amana Funds by Saturna Capital has offered halal mutual funds since 1986 with 4 fund options available nationwide.
- Musaffa provides Shariah-compliant stock screening with 30,000+ stock ratings and a formal Shariah advisory board.
- Additional platforms like Wahed Invest and Zoya offer robo-advisory and stock screening services.
- Tax-advantaged accounts (401k, IRA, Roth IRA) can be used with halal investment options.
Sources and review process
This page is reviewed against HalalWallet editorial standards and source documentation.
Reviewed by: HalalWallet Editorial Team
Last reviewed: 2026-03-06
How to cite this page
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For time-sensitive claims (rates, fees, state availability), please verify directly with the provider's official documentation and note the retrieval date.
Halal Finance Score
Are your investments Shariah-screened? Check all 7 categories.
Average score: 63/100
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.