HalalWallet (halalwallet.au) compares Shariah-compliant investing options in Australia: all six ASX-listed Hejaz Islamic ETFs, MCCA's income and property funds, ICFAL member investment funds, Meezan Wealth's managed Islamic portfolio, and app-based investing from $100. Founded by Robert Mallon and Kyle Natter, and backed by Niya, a Silicon Valley venture studio, HalalWallet provides independent Halal Transparency Scores and side-by-side comparisons of fees, minimums, and Shariah governance so Australian investors can build halal portfolios.
Halal Investing in Australia
ASX-listed Islamic ETFs, halal income and property funds, and managed portfolios compared on fees, minimums, and who actually oversees the Shariah screening.
Reviewed quarterly and updated when provider data, product availability, or pricing changes.
Top Picks
Top Halal Investing Providers
Every provider reviewed against published FMRs: fees, returns, minimums, and the Shariah governance actually disclosed.
Ranked by Halal Money Index grade: disclosed Shariah governance, transparency, pricing disclosure and track record. Not sponsored.
Hejaz Financial Services
AScreened portfolio (AAOIFI)
Best for: A growth/technology satellite allocation within an already-diversified halal portfolio
Shariah Oversight
ICFAL
ACo-operative Share Membership
Best for: Members investing for community impact halal
Shariah Oversight
Not sure where to start?
Answer a few quick questions and get a personalized halal investing strategy with an example portfolio in about 30 seconds.
Choose Your Halal Investing Strategy
Click a strategy to filter providers below, or explore the full strategy guide.
Diversified ETFs
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 (Islamic super)
How Halal Investing Works in Australia
AAOIFI screening, ASIC-regulated Islamic funds, and the governance differences that separate providers
AAOIFI Screening
Australian Islamic funds screen to AAOIFI standards: the business must be halal, and financial ratios (interest-bearing debt, non-compliant income) must stay under published thresholds. Hejaz applies AAOIFI screening across its whole range; Meezan Wealth uses IdealRatings screening with a published purification methodology.
Six Islamic ETFs on the ASX
Hejaz lists Australia's full Islamic ETF suite: global equities (ISLM, 1.89%), high income (HJHI, 1.10%), sukuk (SKUK, 1.33%), property (HJZP, 1.50%), and innovation (HHIF, 1.55%). All trade through any ASX broker with no entry or exit fees.
Halal Income Funds
The defensive workhorses: the MCCA Income Fund pays monthly distributions from Islamic property finance ($1,000 minimum, no entry or exit fees), and the Hejaz Sukuk ETF is the only ASX-listed alternative to interest-bearing bonds.
Shariah Governance Varies
MCCA publishes a named four-scholar panel plus Amanie Advisors certification; Hejaz runs a formal board with third-party certificates per fund; Meezan Wealth names SRA Consulting as its sharia board. We label each product's oversight so you can compare like for like.
Fund-Level Purification
Managed Islamic funds purify non-compliant income at the fund level under their Shariah advisors; Meezan Wealth publishes a quarterly purification methodology. Direct stock investors must calculate and donate the purification amount themselves.
App-Based Entry From $100
Hejaz's Halal Money app invests in the Islamic ETF suite from a $100 minimum at a flat A$10 brokerage per trade, the lowest published entry point in Australian halal investing. ICFAL's member funds offer a co-operative alternative from $500.
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
- ASX-listed Islamic ETFs from a 1.10% management fee
- Tradeable through any ASX brokerage account
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
We compare 11 halal investment products from 4 Australian providers, and the shelf is more complete than most investors realise. Hejaz lists the country's entire Islamic ETF suite on the ASX: global equities (ISLM), high income (HJHI), sukuk (SKUK), property (HJZP), and innovation (HHIF), all AAOIFI-screened with no entry or exit fees, plus wholesale funds from $5,000 to $100,000 minimums. MCCA brings the registered fund alternatives: an Income Fund paying monthly distributions from Islamic property finance ($1,000 minimum) and a direct Property Fund (typically $50,000 per sub-scheme).
Fees are the decision that compounds. The Hejaz ETFs run 1.10% to 1.89% in management fees and costs, well above mainstream index funds but with screening, purification, and certification built in. HJHI at 1.10% is the value pick within the suite; ISLM at 1.89% plus 0.31% transaction costs is the flagship and the most expensive. Meezan Wealth's managed Islamic Growth Portfolio charges 1.35% from $5,000 with full holdings transparency, and ICFAL's co-operative funds (General, Children, Hajj) run from $500 membership with the Hajj fund at 0.60% fees.
On governance, disclosure is strong at the top: MCCA publishes a named four-scholar panel plus Amanie Advisors certification, Hejaz maintains a formal board with fund-level certificates, and Meezan Wealth names SRA Consulting with a published quarterly purification methodology. Australia has no national Shariah governance framework, so these provider-level structures are the whole story; our transparency labels in the table reflect exactly that.
Investing is just one of 7 categories. Average score: 63/100.
See yoursInvestment Guides & 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.
Go Deeper
How to Invest Halal: The Complete Guide →
Every asset class, every account type, and how to sequence them.
Halal Investing Strategies →
Six strategies matched to different goals, timeframes, and effort levels.
Halal Stocks Explained →
Screening rules, purification, and how to buy compliant shares yourself.
Islamic Superannuation →
Halal super options compared: fees, screening, and pension pathways.
Zakat on Stocks & Funds →
How to calculate what you owe on shares, ETFs, and managed funds.
Islamic Finance Glossary →
Sukuk, purification, gharar, and every screening term explained.
Browse by Investment Type
Explore Other Categories
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
What Does Halal Investing Cost?
ASX-Listed Islamic ETFs
The Hejaz suite runs from 1.10% (HJHI, high income) through 1.33% (SKUK, sukuk) and 1.50% (HJZP, property) to 1.89% plus 0.31% transaction costs (ISLM, global equities), per each fund's PDS. No entry, exit, or performance fees; normal brokerage and bid/ask spreads apply.
A 1.89% fee means roughly $1,890 per year per $100,000 invested.
Managed Portfolios and Wholesale Funds
Meezan Wealth's Islamic Growth Portfolio charges 1.35% p.a. from $5,000 with no setup or exit fees. Hejaz's wholesale funds run 1.30% to 1.89% with minimums from $5,000 to $100,000, and one (HEIF) carries a 30-month lock-in.
Check buy/sell spreads and lock-in terms in the PDS before committing.
Income and Co-operative Funds
The MCCA Income Fund has no establishment, entry, or exit fees, a $1,000 minimum, a 6-month minimum term, and redemption on 30 days' notice; management costs come out before monthly distributions. ICFAL's Hajj fund charges 0.60% with a $2,000 minimum and quarterly distributions.
Income funds are investments, not deposits; distributions are not guaranteed.
Which Approach Is Right for You?
You want defensive, income-style exposure
The MCCA Income Fund ($1,000 minimum, monthly distributions from Islamic property finance) or the Hejaz Sukuk ETF (SKUK, 1.33%), the only ASX-listed alternative to interest-bearing bonds.
You want core long-term equity exposure
The Hejaz Equities Fund ETF (ISLM) is the flagship global halal holding; HJHI adds dividend income at the lowest fee in the suite (1.10%). Both trade through any ASX broker with no loads.
You want someone else to manage it
Meezan Wealth's Islamic Growth Portfolio (1.35% p.a., $5,000 minimum, full holdings transparency) or Hejaz's managed and wholesale funds for larger balances.
You want to pick your own stocks
Any ASX brokerage works if you screen against AAOIFI-style criteria, avoid margin, and handle purification yourself. Budget real time for compliance monitoring.
You're starting small
Hejaz's Halal Money app invests in the Islamic ETF suite from $100 at flat A$10 brokerage. ICFAL membership starts at $500 with community-oriented General, Children, and Hajj funds.
You're saving for retirement
Islamic Voluntary Pension Schemes offer tax credits under the Income Tax Ordinance. See our dedicated retirement comparison for fees and equity sleeve records.
Halal Investing by State & Territory
Funds are digital and nationwide; branch and broker access still varies by region
Frequently Asked Questions
Zakat & Islamic Finance Resources
Calculate Zakat on your investments and learn about Islamic finance.
Quick Answer
The best halal investment in Australia depends on your goal. For long-term growth, the ASX-listed Hejaz Islamic ETF suite covers global equities (ISLM, 1.89%), high income (HJHI, 1.10%), sukuk (SKUK, 1.33%), and property (HJZP, 1.50%), all AAOIFI-screened with no entry or exit fees, from $100 via the Halal Money app. For monthly income, the MCCA Income Fund distributes returns from Islamic property finance from a $1,000 minimum. For managed investing, Meezan Wealth's Islamic Growth Portfolio charges 1.35% p.a. from $5,000. All are ASIC-regulated; none are government-guaranteed deposits.
Key Takeaways
- Six ASX-listed Islamic ETFs cover equities, income, sukuk, property, and innovation, at management fees of 1.10% to 1.89% with no loads.
- The MCCA Income Fund pays monthly distributions from Islamic property finance: $1,000 minimum, no entry or exit fees, 6-month minimum term.
- Shariah governance disclosure is strong at the majors: MCCA's named four-scholar panel plus Amanie certification, Hejaz's formal board, Meezan Wealth's SRA Consulting with published purification.
- Minimums start at $100 (Halal Money app); ASX ETFs need only one unit through any broker.
- Halal fees sit above mainstream index funds; compare within the halal shelf, where differences still compound heavily.
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
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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.