Sharia-compliant investment platforms do different jobs: some manage a portfolio for you, while others screen stocks and funds so you can choose investments yourself. Compare the service model, screening method, oversight, data freshness, full costs and local availability—not just a “compliant” label. Sharia screening is not universally standardized, and an ethical screen does not guarantee investment returns.
First, decide what kind of platform you need
A managed investing service selects and administers a portfolio based on information such as your risk profile. A screening service helps you assess individual investments; you remain responsible for choosing, buying and monitoring them. Some providers offer additional tools, but the two core services are not interchangeable.
| Example | Service model | What the provider says it offers |
|---|---|---|
| Wahed Invest | Managed investing | Wahed describes discretionary portfolio management, risk profiling, ETF-based portfolios, rebalancing and performance reporting. These are provider descriptions, not an independent performance assessment. Wahed FAQ |
| Zoya | Self-directed screening | Zoya describes stock screening and analysis of the underlying holdings of US ETFs and mutual funds; screening does not select or manage a portfolio for you. Zoya methodology Zoya fund screening |
These are examples of different service types, not a ranking. Whether either service is available or suitable depends on your country, account needs and investment choices.
How Sharia screening works—and why results differ
Screening generally has two parts: a review of a company’s business activities and a review of financial characteristics. The details are methodology-specific. A provider may assess revenue sources and business lines, then apply financial tests involving items such as debt, interest-generating assets and liquidity. The denominator, threshold and treatment of incidental non-compliant revenue can vary, so no one set of ratios should be treated as a universal rule.
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Zoya says AAOIFI is its default stock-screening standard. It also lists S&P Shariah, MSCI Islamic, Dow Jones Islamic and FTSE Russell Shariah as additional options for Pro subscribers. Zoya says its assessments are its own interpretations and may differ from determinations made by the named organizations. See Zoya’s description of its methodology.
Two screeners can label the same holding differently without either result being a simple data-entry error. Their standards, ratio denominators, source data, refresh dates and judgments about borderline businesses may differ. A status can also change as company information changes. Check the named method and the underlying explanation or report rather than relying on a badge alone. Zoya says its reviews align with company reporting cycles—typically quarterly for US companies and semiannually or annually for international companies. That describes Zoya’s process, not a universal update schedule. Zoya explains why screeners can disagree.
Check funds on a look-through basis
A fund’s name or stated objective does not by itself tell you how every underlying holding is classified. Ask whether a platform examines the fund’s holdings, how it categorizes uncertain or non-compliant holdings, and how current that holdings data is.
Zoya says it screens the underlying holdings of US ETFs and mutual funds and presents holding classifications and a fund-level breakdown. It describes holdings as compliant, non-compliant or questionable, and says its current fund-screening coverage is US-focused. Coverage can change, so check the service for the fund and market you are considering. Its screening is not a substitute for a fund’s official Sharia certification. Zoya’s fund-screening explanation
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Ask who provides Sharia oversight, what that body reviews and what documentation is available. A governance page, certificate or dated supervisory report can help you understand the provider’s process; it is not the same as an independent assessment of every investment or a ruling that all scholars will share.
Wahed identifies Shariyah Review Bureau as its Shariah Committee and links supervisory reports through 2024. Its site also describes annual purification reporting and a zakat calculator. Review the underlying certificate and latest available report, and check whether purification is a calculation or report for you to act on. A calculator is informational; do not assume it pays zakat or makes a donation on your behalf. Wahed’s Shariah governance information
If you have a question about a specific screening rule or borderline holding, consult a qualified scholar you trust. A platform’s methodology explains its own approach; it cannot establish universal agreement.
Calculate the full cost, not just the headline fee
Wahed’s global FAQ lists an annual wrap fee of 0.99% for accounts below $250,000 and 0.49% above $250,000. It says the wrap fee includes management, custody and transaction fees, but excludes underlying ETF or mutual-fund expense ratios and certain bank and wire charges. The FAQ’s summary does not establish how the stated tiers apply at exactly $250,000. These are published global terms, not a guarantee of the price or account terms available in every market; confirm current local terms directly with Wahed. Wahed’s global FAQ
For any service, work out the total cost using the charges that apply to your account and activity:
- Platform, advisory or wrap fee.
- Expense ratios charged by the funds you hold.
- Trading, custody or transfer charges not included in the advertised fee.
- Bank or wire fees, where applicable.
- Any subscription required for the screening methods or features you need.
A screener and a managed portfolio may charge for different things, so compare fees only after deciding which service you need. Ask for the fee schedule that applies to your country and account type; the sources cited here do not establish a complete current cost comparison across providers.
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Availability and account features can vary by market. Before transferring money or paying for a subscription, confirm directly with the provider:
- Whether residents of your country are eligible and which local entity provides the service.
- Which regulator oversees the service in your market.
- Whether it supports the account type or tax wrapper you want.
- Minimum investment, account currency, deposit and withdrawal rules.
- Which securities, exchanges and funds are covered by its screening.
- The date of the financial data behind each screen and how often it is refreshed.
The available provider information does not establish a full country-by-country comparison of eligibility, account wrappers, minimums or all-in costs. Confirm those details for your own circumstances instead of assuming a global product page applies locally.
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- Match the service to your approach. Choose managed investing if you want a provider to construct and administer a portfolio, or screening tools if you intend to select and manage holdings yourself.
- Read the screening method. Identify the default standard, whether alternatives can be selected, which activities and financial tests are covered, and how borderline cases are handled.
- Inspect the evidence behind a status. Look for the underlying rationale, data date and review cadence. For a fund, check whether holdings are reviewed individually and how uncertain holdings are presented.
- Review oversight documents. Find the named Sharia committee or adviser, its stated role, and any available certificate or dated report. Decide whether the process meets the guidance you follow.
- Add up applicable charges. Include fees outside a wrap or subscription price, especially underlying fund expenses and transaction or transfer charges.
- Confirm local terms and account fit. Verify eligibility, regulator, account type, currency, minimums and withdrawal conditions with the provider before opening or funding an account.
- Assess investment risk separately from religious screening. Consider diversification, time horizon and the level of loss you could tolerate; a compliant screen does not remove market risk.
Ethical aims do not promise returns
Sharia compliance is a way of applying faith-based criteria to investments, not a forecast of how those investments will perform. Wahed states that investments can lose value and that returns are not guaranteed; it relates expected outcomes to risk profile, allocation and market performance. As Wahed’s FAQ puts it, “The securities you own are subject to market risk.” Wahed FAQ
Diversification can spread exposure across investments, but it cannot eliminate market risk. Past performance does not establish future results, and an ethical or religious screen is not evidence that a portfolio will outperform another one.
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