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 quote-only pricing), 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. Australia has no national Shariah governance framework, so disclosure practices vary widely between providers. 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 many Australian providers share similar grades?

Because their public disclosure profiles genuinely are similar. Most Australian Islamic finance providers describe AAOIFI-aligned screening and name a Shariah board or third-party certifier, so the Shariah-integrity pillar clusters together. What separates leaders is the rest: publishing actual rates and fees instead of quoting individually, naming the scholars behind the certification, 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 Australia

The Halal Money Index

Every Australian 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 Australian 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 49 provider grades published so far, 13 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 Banking & Halal Savings

Compare all islamic banking & halal savings options →

Pre-launch Islamic banking products and the halal savings alternatives Australians use today.

B
Islamic MoneyLow confidence
Three named world-tier scholars issue product fatwas for deposit accounts that do not exist yet: Islamic Money is pre-launch, holds no ADI licence and has no published rates.
Islamic Money names a three-scholar Shariah Committee of world-tier calibre (Dr Elgari, Dr Hashim, Dr Raashed) with a product-fatwa process. But it is pre-launch: it voluntarily returned its restricted ADI licence to APRA in March 2024, has never held a deposit, and publishes no live rates. The planned $0 monthly fee cannot be credited until a product exists.
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

Islamic Home Financing

Compare all islamic home financing options →

Ijarah and Diminishing Musharakah home finance from Australia's specialist providers and co-operatives.

A
ICFALHigh confidence
A named Shariah board chaired by Dr Mufti Imran Usmani, an external Meezan Bank audit and the segment's only published indicative rate make ICFAL the best-documented halal home financier in Australia.
ICFAL's Diminishing Musharakah is governed by a named internal Shariah Board chaired by Dr Mufti Imran Usmani and was externally Shariah-audited by Meezan Bank's team in March 2023. It is the only AU home financier publishing an indicative rate (from 8.0%) alongside a $990 transaction fee and $100 lifetime membership. The member-funded co-operative has operated since 1998.
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-
MCCAHigh confidence
Australia's oldest Islamic financier backs its lease-to-own with four named scholars including the Grand Mufti of Australia and downloadable product fatwas, though rates stay quote-only.
MCCA publishes a named panel of four Australian scholars including Grand Mufti Dr Ibrahim Abu Muhammad, international certification via Amanie Advisors, and downloadable fatwas for its underlying finance products. Profit rates are quote-only and the displayed Amanie certificate covers FY2020-21, which limits transparency and cost scores. Operating since 1989 under ACL 388808 and AFSL 291356.
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+
Hejaz Financial ServicesMedium confidence
A named three-scholar board with Minarah Consulting as external supervisor, but no published rates and no home-specific certificate.
Hejaz publishes a named three-scholar Sharia Board plus Minarah Consulting as external supervisor, dual-layer governance few AU competitors match. No profit or comparison rates are published for any of the three tiers, and unlike the auto product there is no home-specific certificate. Operating since 2014.
Score breakdown
Shariah integrity
34/35
Transparency
15/20
Cost / value
4/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
B
Meezan WealthMedium confidence
Publishes an SRA Consulting Sharia certificate and cites AAOIFI screening, but the certificate signatories are unreadable and no current pricing is maintained on-site.
Meezan names SRA Consulting (Malaysia) as its sharia board, cites AAOIFI standards with IdealRatings screening, and publishes a Sharia Certificate PDF, but the scan's signatories are unreadable and the funder is never identified. No current rates are published and a stale 2.68% claim was still live at the August 2026 crawl. Founded 2020.
Score breakdown
Shariah integrity
32/35
Transparency
15/20
Cost / value
4/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
B
Ijarah FinanceMedium confidence
FSAC certification with five named Singapore and Malaysia scholars and the certificate PDF published, but every rate is quote-only.
Certified by FSAC (Singapore) with the certificate PDF published and five named advisors including a former President of Singapore's Syariah Court. FSAC is an engaged certifier rather than a standing board, and no rental rates or fee schedules are published for any of the three residential products. Operating under ASIC Credit Licence 387688 with certification documented since December 2023.
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
Crestmount MoneyMedium confidence
Amanie Advisors certification is asserted on every page without a published certificate, and no rates or fees are published for the Tamweel Ijarah.
Certification by Amanie Advisors under Datuk Dr Mohd Daud Bakar is asserted on every page, but no certificate, fatwa or review date is published, so the endorsement cannot be verified. No rental rates, comparison rates or fees are published either. Its credit licence (ACL 563529) was approved by ASIC in February 2025.
Score breakdown
Shariah integrity
30/35
Transparency
14/20
Cost / value
4/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
B
SalaamMedium confidence
The Amanie Fatwa 2024 certificate is the best-documented home finance certification in Australia, attached to a product that publishes no pricing at all.
Salaam's Ijarah home finance is certified by Amanie Advisors' Shariah Supervisory Board with the Amanie Fatwa 2024 published on-site and an annual audit commitment. No rental rates, deposits, LVR caps, terms or fees are published anywhere, so cost scoring sits at the floor. The group's lineage runs back to Crescent Wealth, operating since 2010.
Score breakdown
Shariah integrity
30/35
Transparency
14/20
Cost / value
4/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
B
Islamic MoneyLow confidence
A world-tier named Shariah Committee stands behind a home finance product that does not exist yet: Islamic Money is pre-launch with no customers and no pricing.
Islamic Money names a three-scholar Shariah Committee of world-tier calibre with a product-fatwa process. The company is pre-launch: it returned its restricted banking licence in March 2024, has never had a customer, and no rates exist. Track record and cost both score at the floor until something launches.
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-
Amanah Islamic FinanceAwaiting verified dataMedium confidence
A named supervising scholar, a published 2011 certificate from the office of Grand Ayatollah Al-Sistani and a monthly audit cadence, but no rental rates or fee schedules.
Amanah is supervised by Sheikh Dr Zaid Alsalami with a published 2011 certificate from the office of Grand Ayatollah Al-Sistani and a monthly independent Shariah audit, a cadence no AU competitor matches. Named-scholar oversight sits below a standing board or third-party audit on the rubric, and no rental rates or fee schedules are published. Financing since 2014 under ACL 461889.
What we're missing to score higher:
- No published rates or fees on file
Recently verified Aug 2026
B-
Stellar Finance GroupAwaiting verified dataLow confidence
A Sydney brokerage whose only Shariah assurance is an unnamed funding partner said to be verified by the GIFS Shariah board, with no rates published.
Stellar publishes no Shariah oversight of its own; its assurance is that an unnamed primary funding partner is verified by the GIFS Shariah board. No rates or fee schedules are published for Islamic products, and no founding history is on file.
What we're missing to score higher:
- No published rates or fees on file
- Founding year not on file
Recently verified Aug 2026
B-
AfiyahAwaiting verified dataLow confidence
Every recommended product passes ADL Advisory certification under Dr Mufti Yousuf Sultan, but the funders are unnamed, pricing is quote-only and no founding history is on file.
No product is recommended unless certified by ADL Advisory under Dr Mufti Yousuf Sultan, a real external certification gate. The issuing funders are never named, all pricing is quote-by-consultation, and no founding year is documented, so track record scores the floor.
What we're missing to score higher:
- No published rates or fees on file
- Founding year not on file
Recently verified Aug 2026
B-
Sharia FinanceAwaiting verified dataHigh confidence
Publishes its own $690 broker fee but no board, scholar or certificate; Shariah assurance rests on unnamed funders said to hold certificates.
Sharia Finance publishes no board, scholar or certificate of its own; assurance rests on unnamed funders said to hold compliance certificates. Its own $690+GST preparation fee, refundable at settlement, is published, which earns partial cost credit. Established 2019 with its own ACL 543479.
What we're missing to score higher:
- No public Shariah review on file
- Board members / scholars not named
Recently verified Aug 2026
B-
Riyadh FSAwaiting verified dataMedium confidence
Every product page claims Shariah certification, yet no certifier, scholar, fatwa or certificate is published anywhere on the site.
Riyadh claims its products are certified as Shariah compliant but names no certifier, publishes no certificate or fatwa, and describes governance only as an internal Shariah board. Across four documented home products, no rental rates, comparison rates or fees are published. Operating since 2019.
What we're missing to score higher:
- No public Shariah review on file
- Board members / scholars not named
- No published rates or fees on file
Recently verified Aug 2026
B-
MortgagefyAwaiting verified dataMedium confidence
A $0 broker fee is published, but the claimed Sharia supervisory board has zero named scholars and the showcased lender panel is entirely conventional.
Mortgagefy claims independent scholar certification and a Sharia supervisory board but names no scholar, lender or certificate, and its showcased panel is conventional banks. The published $0 broker fee is its only real cost disclosure. Licence disclosures conflict and no founding year is documented.
What we're missing to score higher:
- No public Shariah review on file
- Board members / scholars not named
- Founding year not on file
Recently verified Aug 2026
B-
Safa PacificAwaiting verified dataLow confidence
A broker with a named six-lender Islamic panel but no scholars of its own and no published rates for the broking service.
Safa Pacific claims its own Shariah board but names no scholars for it; compliance is delegated to a named panel of six Islamic lenders. No rates or fee schedules are published for the broking service, and no founding history is on file.
What we're missing to score higher:
- No public Shariah review on file
- Board members / scholars not named
- No published rates or fees on file
- Founding year not on file
Recently verified Aug 2026
B-
Halal LoansAwaiting verified dataLow confidence
References a Sharia advisory board and scholar certification but names no scholar, certificate or even an Australian Credit Licence number.
Halal Loans references a Sharia advisory board and certified products but names no scholar, certificate or certifying body, and publishes no ACL number. Deposit bands are published but rates are quote-only via the claimed 20-lender panel. Its 15-plus-years claim is undocumented, so track record scores the floor.
What we're missing to score higher:
- No public Shariah review on file
- Board members / scholars not named
- No published rates or fees on file
- Founding year not on file
Recently verified Aug 2026
B-
BaraqahAwaiting verified dataLow confidence
Claims of scholar certification with no scholar, board, fatwa or certificate published anywhere, and no pricing beyond a deposit claim.
Despite certified by qualified Islamic scholars claims, no scholar, board, fatwa or certificate appears anywhere on Baraqah's site. No pricing is published beyond a 5% deposit claim, and its operating history is self-contradictory (Since 2001, 10+ years and 15+ years all appear), so nothing above the floor can be credited.
What we're missing to score higher:
- No public Shariah review on file
- Board members / scholars not named
- 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 →

Murabaha and Ijarah vehicle financing without conventional interest mechanics.

A-
ICFALHigh confidence
The only AU car financier with a named internal Shariah board and an external Shariah audit, plus a published $0 fee schedule beyond its $100 membership.
ICFAL's Murabaha car finance is overseen by its named Shariah Board with Dr Mufti Imran Usmani chairing, and the co-operative was externally Shariah-audited by Meezan Bank in March 2023. No profit rates are published, but the $0 establishment and monthly fee schedule plus $100 lifetime membership are. Operating since 1998.
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
InsaafMedium confidence
A named four-mufti Sharia Supervisory Team and a fully published fee stack, though the Murabaha markup itself is disclosed only per-deal.
A named, standing Sharia Supervisory Team of four muftis under Chairman Mufti Shahed Rahmani sets policy. Application fees ($175-$750), the $100 membership and the 20% member contribution are all published, though the Murabaha markup is disclosed only per-deal. No registration date is documented, so track record scores the floor.
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
Hejaz Financial ServicesMedium confidence
A signed Minarah Consulting certificate dated 28.03.2026 is published for this exact product, but no profit rate backs the Competitive Rates claim.
Minarah Consulting is named on-page as the external Sharia Supervisory Board and a signed certificate dated 28.03.2026 is downloadable, the strongest product-level Shariah paper of any Hejaz financing product. No profit rate is published despite a Competitive Rates claim. Operating since 2014.
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
Crestmount MoneyMedium confidence
Amanie Advisors certification is cited on every page but no certificate is published, and no rates or fee schedules exist for either structure.
Amanie Advisors certification under Datuk Dr Mohd Daud Bakar is cited on every page, but no certificate or review document is published. No rates, profit margins or fee schedules are published for either vehicle structure. Licensed by ASIC since February 2025.
Score breakdown
Shariah integrity
30/35
Transparency
14/20
Cost / value
4/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
B
Ijarah FinanceMedium confidence
Carries its own FSAC certificate issued September 2025 for a business-only Ijarah product, with pricing that only emerges in application.
The Ijarah Thuma Albai vehicle product carries its own FSAC certificate issued September 2025 with five named scholars behind the firm's certification. It is business-only (ABN plus GST holders) and publishes no rental rates or fee schedules.
Score breakdown
Shariah integrity
30/35
Transparency
14/20
Cost / value
4/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
B-
Safa PacificAwaiting verified dataMedium confidence
Publishes the only rate in Australian Islamic car finance (from 8.14% p.a.) but no Shariah governance of its own; the halal case rests entirely on funder Hejaz.
Safa Pacific publishes fixed and variable profit-charge rates from 8.14% p.a., the only published rate among AU Islamic car products. It publishes no scholars or certificates of its own, resting the halal case on funder Hejaz Islamic Credit Solutions, and no founding history is documented.
What we're missing to score higher:
- No public Shariah review on file
- Board members / scholars not named
- Founding year not on file
Recently verified Aug 2026
B-
Sharia FinanceAwaiting verified dataMedium confidence
No funder or certifier is named, no certificate is published and the cost of the halal structure is quote-only.
No board, scholar or certificate is published for the brokered Murabaha; partner lenders are said to hold certificates but none is named or shown. Markup ranges are quote-only. Established 2019.
What we're missing to score higher:
- No public Shariah review on file
- Board members / scholars not named
- No published rates or fees on file
Recently verified Aug 2026
B-
BaraqahAwaiting verified dataMedium confidence
A concrete worked example ($6,500 margin on a $35,000 car) is the only real number on a product with no published Shariah oversight at all.
Baraqah's Murabaha car finance publishes a genuine worked example ($35,000 car plus $6,500 fixed margin over 5 years) but no markup-rate schedule. Compliance is self-asserted with no scholar, fatwa or certificate anywhere, and the company's history claims contradict each other.
What we're missing to score higher:
- No public Shariah review on file
- Board members / scholars not named
- Founding year not on file
Recently verified Aug 2026
B-
Halal LoansAwaiting verified dataLow confidence
No scholars, board members or certificates are published, and no markup ranges or fees for any of the three offered structures.
No scholars, board members or certificates are published; Shariah assurance rests on the matched funder. No markup ranges, rates or fees are published for any of the three structures, and the firm's operating history is undocumented.
What we're missing to score higher:
- No public Shariah review on file
- Board members / scholars not named
- No published rates or fees on file
- Founding year not on file
Recently verified Aug 2026

Halal Investing

Compare all halal investing options →

ASX-listed Islamic ETFs, halal income and property funds, and managed portfolios.

A
Hejaz Financial ServicesHigh confidence
ANIC Shariah Board certification with semi-annual independent audits, AAOIFI screening and published PDS fees across seven products make Hejaz the most complete halal investing shelf in Australia.
Hejaz's five ASX ETFs and managed funds are certified by ANIC's Shariah Board with semi-annual independent audits, AAOIFI-standard screening, and the group's named three-scholar board plus Minarah Consulting behind them. Management fees are published for every product, from 1.10% to 1.89% plus the flat A$10 Halal Money brokerage. Seven documented products make this the deepest halal investing shelf in Australia.
Score breakdown
Shariah integrity
35/35
Transparency
20/20
Cost / value
15/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
A
ICFALHigh confidence
Co-operative investment memberships screened by a named Shariah board under Dr Mufti Imran Usmani, externally audited by Meezan Bank, at a published 0.60% fee.
All ICFAL investments are screened by its named internal Shariah Board chaired by Dr Mufti Imran Usmani, with an external Shariah audit by Meezan Bank's team in March 2023. Fees are published (0.60% on the Hajj fund, $2,000 minimums, membership from $500). As unlisted co-operative shares the funds sit outside the PDS regime, which is disclosed plainly.
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
Meezan WealthHigh confidence
SRA Consulting oversight with AAOIFI-standard IdealRatings screening and a published 1.35% management fee on a $5,000 minimum.
SRA Consulting (Malaysia) oversees AAOIFI-standard screening through IdealRatings with a published quarterly process. The 1.35% p.a. management fee, $5,000 minimum and nil entry and exit fees are all published. Founded 2020.
Score breakdown
Shariah integrity
32/35
Transparency
17/20
Cost / value
15/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
A-
MCCAHigh confidence
A dedicated downloadable fatwa for the Income Fund from a named scholar panel including the Grand Mufti of Australia, though no headline management fee percentage is published.
The MCCA Income Fund carries a dedicated downloadable fatwa from the named panel (Grand Mufti of Australia among four Australian scholars, plus Amanie Advisors internationally). Minimums and nil entry and exit fees are published, but no headline management fee percentage appears on-page for either fund. Operating since 1989.
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

Islamic Superannuation

Compare all islamic superannuation options →

Shariah-compliant superannuation options and SMSF investments from Islamic providers.

A
Hejaz Financial ServicesHigh confidence
Three-tier Sharia governance with a downloadable AAOIFI screening methodology and a fully published fee table put Hejaz at the top of halal super, though new members are paused as of August 2026.
Hejaz Islamic Super runs three-tier Sharia governance with a downloadable AAOIFI screening methodology and a named three-scholar group board with Minarah Consulting as external supervisor. Fees are fully published (1.00-1.15% investment plus $65 p.a. and about 0.49% admin as of 21 Feb 2025). Note the product is paused to new members as of August 2026.
Score breakdown
Shariah integrity
35/35
Transparency
18/20
Cost / value
15/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
A
ICFALHigh confidence
SMSFs join a named-board, Meezan-audited co-operative at a published 0.60% fee, with a track record running since 1998.
SMSFs join ICFAL as institutional members under the named Shariah board chaired by Dr Mufti Imran Usmani, with Meezan Bank's external Shariah audit on file. The 0.60% fee, $2,000 minimum and quarterly distributions are published, with returns running since a 2002 inception. The co-operative has operated since 1998.
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
Meezan WealthHigh confidence
AAOIFI-standard screening under SRA Consulting with a fully published fee stack and nil establishment, contribution, withdrawal and exit fees.
Meezan's Islamic super applies the site-wide stack: SRA Consulting as named sharia board, AAOIFI standards and IdealRatings screening. The fee stack is fully published (0.71% MDA management plus 0.35% super admin plus 0.03% expense recovery) with establishment, contribution, withdrawal and exit fees all nil. Founded 2020.
Score breakdown
Shariah integrity
32/35
Transparency
18/20
Cost / value
15/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
A
SalaamHigh confidence
Dar Al Sharia annually audits Salaam Super to AAOIFI standards, and every administration and investment fee is published; the lineage runs back to Crescent Wealth in 2010.
Salaam Super's investments are screened to AAOIFI standards and audited annually by Dar Al Sharia, with quarterly re-screens and charity purification. Administration (0.21% plus $60 per year) and investment fees (1.13-1.36%) are fully published. The lineage runs back to Crescent Wealth, whose superannuation business dates to 2010.
Score breakdown
Shariah integrity
32/35
Transparency
17/20
Cost / value
15/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026

Insurance Alternatives

Compare all insurance alternatives options →

Discretionary mutuals and Shariah-conscious protection products; Australia has no APRA-licensed takaful insurer.

B-
Najmaa MutualAwaiting verified dataLow confidence
Adl Advisory certification with named credentialed scholars and a published product certificate, on a discretionary mutual whose contributions are quote-only.
Najmaa's vehicle protection is certified by Adl Advisory (Malaysia) with named credentialed scholars, a published product certificate PDF and an annual independent Shariah audit, the strongest Shariah stack of any Australian Islamic finance startup. Contributions are quote-based with no published rate card, and payouts are discretionary in the mutual structure. No founding year is documented, so track record scores the floor.
What we're missing to score higher:
- No published rates or fees on file
- Founding year not on file
Recently verified Aug 2026
B-
Hejaz Financial ServicesAwaiting verified dataMedium confidence
Hejaz's group Shariah governance is real, but nothing public ties it to the Hayat insurance product: no certificate, PDS, premium or even a product page is published.
Hejaz's named group Sharia Board and Minarah Consulting operate at group level, but nothing public ties them to the Hayat insurance product: no structure description, PDS or certificate is published. There is not even a dedicated product page, and no premiums or fees are published anywhere. Cover is quoted only through the contact funnel.
What we're missing to score higher:
- No public Shariah review on file
- Board members / scholars not named
- No published rates or fees on file
Recently verified Aug 2026

Islamic Business Financing

Compare all islamic business financing options →

Commercial property Ijarah, equipment Murabaha, and SMSF commercial finance.

B+
MCCAMedium confidence
MCCA's named scholar panel and 36-year operating history carry its commercial finance, though rates and fees are quote-only.
MCCA's commercial property finance sits under the same named scholar panel as its residential products, four Australian scholars including the Grand Mufti of Australia. Published parameters run $100,000 to $50,000,000 at up to 75% LVR, but no rates or fees are published. Operating since 1989.
Score breakdown
Shariah integrity
34/35
Transparency
15/20
Cost / value
4/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
B
InsaafMedium confidence
The same named four-mufti supervisory team as its vehicle product plus a published fee stack, with markup disclosed only in the contract.
The same named four-mufti Sharia Supervisory Team frames policy as on the vehicle product. The application fee ($550-$1,500), 2.5% facility fee and membership costs are published; markup and rental ranges are not. No registration date is documented, so track record scores the floor.
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
Crestmount MoneyMedium confidence
The site-wide Amanie Advisors endorsement is asserted without a published certificate, and commercial pricing is entirely by consultation.
The site-wide Amanie Advisors endorsement applies but no certificate is published for commercial property finance, and all pricing is tailored by consultation. Licensed since February 2025.
Score breakdown
Shariah integrity
30/35
Transparency
14/20
Cost / value
4/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
B-
Amanah Islamic FinanceAwaiting verified dataMedium confidence
Identical named-scholar governance to Amanah's flagship home product, but no rates, facility fees or LVR caps are published for any commercial asset class.
Commercial finance runs under the same governance stack as Amanah's home product: supervision by Sheikh Dr Zaid Alsalami with Al-Sistani certification lineage. No rates, facility fees or maximum LVRs are published for any commercial asset class. Financing since 2014.
What we're missing to score higher:
- No published rates or fees on file
Recently verified Aug 2026
B-
AfiyahAwaiting verified dataLow confidence
Brokered development finance gated by ADL Advisory certification, with unnamed funders and consultation-only pricing.
Brokered development facilities pass ADL Advisory's scope-limited certification before recommendation. No rates, margins or fee schedules are published, the funders are unnamed, and no founding year is documented.
What we're missing to score higher:
- No published rates or fees on file
- Founding year not on file
Recently verified Aug 2026
B-
Riyadh FSAwaiting verified dataMedium confidence
The anonymous certified as Shariah compliant claim carries the least product detail of Riyadh's shelf, with no named authority and no pricing.
Both commercial products carry the same anonymous certified as Shariah compliant claim with no named certifier or published certificate. No dividend rates, risk fees or worked examples are published. Operating since 2019.
What we're missing to score higher:
- No public Shariah review on file
- Board members / scholars not named
- No published rates or fees on file
Recently verified Aug 2026
B-
Sharia FinanceAwaiting verified dataMedium confidence
No board, scholar or certificate is published for either business line, and no pricing for the commercial or private finance products.
No board, scholar or certificate is published for the commercial or private finance lines, and the equity-based private product raises structural questions the site does not address. No pricing is published for either line. Established 2019.
What we're missing to score higher:
- No public Shariah review on file
- Board members / scholars not named
- No published rates or fees on file
Recently verified Aug 2026
B-
NABAwaiting verified dataMedium confidence
Australia's only major-bank Islamic offering claims sign-off by globally recognised advisors but names none of them and publishes no pricing on its $3 million minimum facilities.
NAB claims sign-off by globally recognised advisors affiliated with AAOIFI and the IFSB but names none of them and publishes no fatwa or certificate. Pricing is not published and the minimum facility is $3 million. As Australia's only major bank in Islamic finance, its regulated operating standing is documented, which carries the track-record score.
What we're missing to score higher:
- No public Shariah review on file
- Board members / scholars not named
- No published rates or fees on file
Recently verified Aug 2026

Education Financing

Interest-free and Shariah-structured student financing options.

A
ICFALHigh confidence
An interest-free Qard Hasan hardship loan under ICFAL's named Shariah board, genuinely free of charges beyond the co-operative's membership gate.
The Qard Hasan hardship loan is covered by ICFAL's named Shariah Board chaired by Dr Mufti Imran Usmani and the co-operative's March 2023 external Meezan Bank audit. It is genuinely free of charges: principal-only repayment with no establishment, monthly or profit charges, gated only by the $500 share minimum and $100 membership. Loan amounts are case-by-case and unpublished; the co-operative itself has operated since 1998.
Score breakdown
Shariah integrity
34/35
Transparency
17/20
Cost / value
15/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026

Islamic Wills & Estate Planning

Compare all islamic wills & estate planning options →

Islamic will services that make faraid legally binding under Australian succession law.

A
WasiyyahHigh confidence
A published Shariah Compliance Certificate signed by five named scholars and institutions, a flat $89 price and fourteen years of operation make Wasiyyah the standard for Australian Islamic wills.
Wasiyyah publishes a Shariah Compliance Certificate signed by five named scholars and institutions including Sheikh Yahya Ibrahim and the Islamic Council of Victoria, the strongest scholar transparency of any AU will platform. The $89 flat price including six months of updates is published. Operating since 2012 with over 1,300 wills generated.
Score breakdown
Shariah integrity
33/35
Transparency
18/20
Cost / value
15/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
B+
MuslimWillsMedium confidence
A named scholarly collaborator, a published Jumhur inheritance methodology and transparent $149+GST pricing, but the platform's founding history is not on file.
Built in collaboration with Prof Muneer Abduroaf of the Muslim Judicial Council, with a published Jumhur inheritance methodology and per-relative eligibility rules no AU competitor matches. Pricing is transparent at $149 plus GST with a free public inheritance calculator. The platform's founding year is not documented, which holds back its track-record score.
Score breakdown
Shariah integrity
33/35
Transparency
17/20
Cost / value
15/15
Track record
2/10
Verified data
20/20
Recently verified Aug 2026
B-
LawBridgeAwaiting verified dataLow confidence
A capable law firm drafting to Mawarith and Faraid with no named scholar, no Shariah certification and no published pricing.
LawBridge drafts Islamic wills and testamentary trusts through in-house lawyers with substantial Islamic-law experience, but names no scholar, mufti or Shariah certification. Pricing is unpublished bespoke law-firm rates. No founding history is on file.
What we're missing to score higher:
- No public Shariah review on file
- Board members / scholars not named
- No published rates or fees on file
- Founding year not on file
Recently verified Aug 2026

Halal Certifications

Third-party Shariah certification and screening services operating in Australia.

Grades for this category are in final editorial review and publish here first.

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 rates, fees or expense ratios scores; quote-only pricing that hides the numbers until application 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.au/halal-money-index. Accessed 2026-08-26.

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.