If you want a listed, Shariah-certified fund on the Australian Securities Exchange in 2026, every road leads to one manager. Hejaz Asset Management runs all five halal ETFs on the ASX, covering global equities, sukuk, listed property, dividend income and technology. Nobody else has listed a competing product. That concentration is the single most important fact about this market: your diversification across asset classes is real, but your manager risk is not diversified at all.
All fund details below were verified August 5, 2026 against Hejaz's published pages and PDS disclosures. Certification for the range comes from the Australian National Imams Council (ANIC) Shariah board with semi-annual independent audits, screening follows AAOIFI standards, and Equity Trustees Limited (AFSL 240975) serves as the independent responsible entity for each fund.
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The five funds at a glance
| Fund | ASX code | Asset class | Fees and costs (PDS) |
|---|---|---|---|
| Hejaz Equities Fund Active ETF | ISLM | Global equities | 1.89% p.a. + 0.31% est. transaction |
| Hejaz Sukuk Active ETF | SKUK | Sovereign and corporate sukuk | 1.33% p.a. |
| Hejaz Property Fund Active ETF | HJZP | Australian and global REITs | 1.50% p.a. + 0.15% est. transaction |
| Hejaz High Income Active ETF | HJHI | Dividend-paying large caps | 1.10% p.a. + 0.15% est. transaction |
| Hejaz High Innovation Active ETF | HHIF | Global technology and innovation | 1.55% p.a. |
Note where those fee numbers live: the PDS. The Hejaz website itself says only that 'management fees are clearly disclosed' and that no performance fees apply. We flag this because an investor comparing the website against a mainstream ETF page will not see the price difference until they open the disclosure document.
ISLM: the core holding
The Hejaz Equities Fund (ARSN 653 786 273) is Australia's first halal ETF, listed 17 October 2022. It is an actively managed global equities portfolio; published top holdings include Taiwan Semiconductor, BYD, AMD, Air Products and Monster Beverage. Performance to 31 May 2026 per the Hejaz table: 16.34% over one year, 11.56% p.a. since inception. Those are strong numbers, though under four years of history is too short to judge an active manager. At 1.89% plus transaction costs, it is also the most expensive fund in the range - the price of the only listed halal global equities exposure in the country.
SKUK: fixed income without bonds
The Hejaz Sukuk Active ETF (ARSN 666 691 943, listed 2 November 2023) is Australia's only listed sukuk fund, holding sovereign and corporate issues: Saudi Arabia 4.511% 2033, Indonesia 4.4% 2027, First Abu Dhabi Bank 4.581% 2028 among published holdings. It fills the slot bonds would occupy in a conventional portfolio. But the year to 31 May 2026 makes the risk plain: -3.91%, with 2.63% p.a. since inception. Sukuk prices move with rates and currency, the site does not disclose whether currency exposure is hedged, and this is not a place to park money you might need soon. Read our sukuk explainer before treating it as the defensive sleeve.
HJZP, HJHI and HHIF: the satellites
The Property Fund ETF (HJZP) holds AAOIFI-screened REITs - published names include BWP's Bunnings Warehouse Property Trust, Prologis and Vicinity Centres - targeting the MSCI World REITs Index hedged to AUD over rolling five-to-seven-year periods. The High Income ETF (HJHI, listed 30 April 2024) holds Shariah-compliant large caps above $2 billion market capitalisation that pay significant dividends - Merck, PepsiCo, Newmont and Ericsson appear among published names - and is the cheapest of the range at 1.10%. It returned 3.04% in the year to 31 May 2026 (5.24% p.a. since inception). The High Innovation ETF (HHIF, ARSN 675 069 379) is the growth satellite, holding names like TSMC, BYD, Pop Mart and Murata against an MSCI ACWI IMI Innovation benchmark; its fund size was about A$10.3M at 31 December 2025, which is small, and Hejaz publishes no performance for it or HJZP in the range table.
How to buy them
Two routes. Any ASX broker will do it: search the ticker, buy units like any share, pay your broker's usual commission. Or use Hejaz's own Halal Money app, which allows investing from $100 at a flat A$10 brokerage per trade. Two things to understand about the app: A$10 on a $100 trade is 10% in costs, so small frequent trades are expensive, and the app's cash account is issued by Hay Limited, which is not an authorised deposit-taking institution - balances have no Financial Claims Scheme protection. For anything beyond starter amounts, a standard broker plus larger, less frequent orders is usually the cheaper path.
The honest gaps
- One manager runs everything: there is no second opinion, no fee competition, and no fallback if Hejaz changes strategy
- All five funds are actively managed; a cheap passive halal index ETF, the workhorse of most global Muslim portfolios, does not exist on the ASX
- Fees of 1.10% to 1.89% compound into a serious drag over decades compared with mainstream trackers
- Track records are short: the oldest fund listed in October 2022
- Two of five funds show no published performance in the manager's own table
None of this makes the funds bad. Certification is real and current, the responsible entity is independent, holdings are published, and for ASX-only investors these are the only listed halal instruments in existence. But go in with open eyes: you are paying active-management prices for a young fund range from a single manager. Size positions accordingly, and revisit as the market matures.
Questions buyers actually ask
Are these funds liquid enough? Active ETFs on the ASX trade with market makers providing spreads around net asset value, and for retail order sizes that mechanism works normally. The number worth watching is fund size: HHIF's roughly A$10.3 million at 31 December 2025 is small, and small funds can close - not losing your money, but forcing a sale and a taxable event at a time you did not choose. Larger funds in the range carry less of that risk.
Why is there no cheap halal index fund on the ASX? Scale economics. Index products earn thin fees on large assets, and the Australian halal market is not yet large enough to attract that model - so what exists is active management at active prices from the one group that judged the market worth serving. Overseas markets with bigger Muslim investor bases have listed passive Islamic index ETFs at a fraction of these costs; Australians with international brokerage access can compare, accepting currency, tax reporting and estate complications of foreign-listed holdings.
Should I wait for competition? Waiting for a better product while your money sits in interest-bearing accounts or unscreened funds is a worse compliance position than paying today's fees, and market timing arguments cut both ways. A reasonable middle course: start with the listed range now at position sizes you are comfortable with, keep contributing, and stay alert - if a cheaper certified competitor lists, switching an ETF position costs one brokerage trade and any capital gains tax accrued, which is a good problem to have.
Compare providers in your state
See side-by-side comparisons of Shariah-compliant products, or let our matcher recommend the best options for your situation.
Dividends and distributions: the funds distribute income periodically, and distributions from screened portfolios arrive with the fund's compliance already applied. Zakat, though, remains yours: ETF units are zakatable wealth at market value on your zakat date, covered in zakat on shares and ETFs.
For portfolio construction ideas using these funds, see our beginner's guide and the complete halal investing guide. Figures verified August 5, 2026.