HalalWallet (halalwallet.au) compares every Shariah-compliant superannuation option in Australia on fees, screening, governance, and pension pathways: Salaam Super and iQ Retirement, Hejaz Islamic Super & Pension, Meezan Wealth's Super Simplifier, and ICFAL's SMSF investment. Founded by Robert Mallon and Kyle Natter, and backed by Niya, a Silicon Valley venture studio, HalalWallet compares Islamic retirement providers and strategies so Muslims in Australia can invest for the future while adhering to Islamic principles.
Islamic Retirement Planning in Australia
Every halal super option compared on fees, AAOIFI screening, and Shariah governance, plus SMSF routes and pension pathways. The differences compound for decades.
Reviewed quarterly and updated when provider data, product availability, or pricing changes.
Is There Halal Super in Australia? Quick Answer
Yes. Dedicated Islamic superannuation options exist inside APRA-regulated funds. Salaam Super (the longest-established, a division of the Russell Investments Master Trust, audited annually by Dar Al Sharia) and Hejaz Islamic Super & Pension both run three pre-mixed AAOIFI-screened options. Meezan Wealth offers an advised managed-portfolio arrangement through Super Simplifier, and SMSF trustees can hold screened investments directly, including ICFAL's quarterly-distribution SMSF product.
What Makes Super Halal
- • Choose a dedicated Islamic super option
- • Equities screened to AAOIFI standards
- • Sukuk, gold, and property instead of conventional bonds
- • Named Shariah advisor, board, or certifier
What to Avoid
- • Conventional pension funds holding interest-bearing bonds
- • Provident funds invested in interest-based deposits
- • Funds without disclosed Shariah oversight
- • Non-compliant sectors (conventional banking, alcohol, gambling)
Top Picks
Top Islamic Retirement Providers
Every halal super option reviewed against its PDS: fees, screening, and disclosed Shariah governance, verified August 2026.
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: Muslim Australians wanting AAOIFI-screened super with full fee disclosure - once new membership reopens
Shariah Oversight
ICFAL
ACo-operative Share Membership (SMSF)
Best for: SMSF trustees adding halal income exposure
Shariah Oversight
Retirement Savings Options in Australia
Different vehicles offer varying levels of halal compliance control
Islamic Super Option
Concessional contributions taxed at 15%
Full: you pick the fund & risk option
Employer SG plus voluntary contributions, standard caps
Most employees wanting halal super without running a fund
SMSF (Self-Managed)
Same super tax treatment, self-administered
Total: you choose every holding
Standard caps; trustee duties and running costs apply
Larger balances wanting direct screened holdings
Age Pension (State)
Government welfare payment, means-tested
None (government-run)
Eligibility by age and assets/income tests
Baseline safety net; broadly treated as permissible
Top Islamic Pension Options
Why It's Halal
Hejaz Islamic Super & Pension applies AAOIFI-based screening to superannuation portfolios: the how-we-invest page publishes the excluded-industries list (weapons and defense, interest-based financial institutions, tobacco, gambling and speculative investments, non-compliant entertainment, alcohol/pork/non-halal food), describes an ongoing divestment-and-reinvestment review cycle for holdings that fall out of compliance, and links both an AAOIFI screening methodology document and a Sharia certificate covering super and investments. Governance is the group's 3-tier process - Sharia principles, investment screening, and a 'global shariah board' that audits periodically - with three named scholars and Minarah Consulting as external supervisory board. Structurally the product is conventional Australian superannuation (within AMG Super, with Acclaim/SS&C administration, Deloitte audit, AIA group insurance) whose investment options are Sharia-screened - the halal claim rests on portfolio screening and governance, not on a distinct Islamic contract. Fee disclosure is complete and current. The overriding practical fact: as of this verification the fund is not accepting new members while Hejaz reviews the offering, so the product is effectively closed to new savers until further notice.
Hejaz Financial Services
Hejaz Islamic Super & Pension
Sharia-compliant super and account-based pension promoted by Hejaz Asset Management within AMG Super, with three AAOIFI-screened options - Growth (75/25), Balanced (60/40) and Conservative (35/65) - and performance inception 8 August 2023. Published fees (as of 21 Feb 2025): 1.00-1.15% p.a. investment fees plus 0.02-0.05% transaction costs, $65 p.a. per account and an estimated 0.49% p.a. admin. Administration runs through Acclaim/SS&C with Deloitte as auditor and AIA Australia as group insurer. Currently paused to new members during a product review - prospective members can only register interest (re-verified 2026-08-05).
Opens provider site - no obligation
ICFAL
ICFAL Super Fund (SMSF) Investment
A Shariah-compliant home for SMSF money: the super fund joins ICFAL as an institutional member and earns quarterly dividends from member-funded Islamic real-estate financing. The product page's feature table shows a 3.25% five-year average (as at 30 June 2023), $2,000 minimum, 0.60% fees and a medium risk label, while the co-op's refreshed sitewide table puts the Superannuation (SMSF) portfolio at 4.4% p.a. over five and ten years and 2.8% over one year, net of fees and tax (crawled 2026-08-05). Asset mix: 60% rental property, 10% investment property, 30% community projects.
Opens provider site - no obligation
Meezan Wealth
Islamic Super & Pension (Super Simplifier)
Sharia-screened superannuation and pension delivered as advised managed portfolios inside 'Super Simplifier' - an APRA-regulated fund on the DASH platform issued by Equity Trustees Superannuation Limited (AFSL 229757). Published fees: 0.71% MDA management + 0.35% super admin + 0.03% expense recovery, with nil establishment, contribution, withdrawal or exit fees, plus optional death/TPD/trauma/income-protection cover and account-based or transition-to-retirement pension conversion.
Opens provider site - no obligation
Salaam
Salaam Super
Australia's pioneer Islamic superannuation, operating as a division of the Russell Investments Master Trust (trustee: Total Risk Management, AFSL 238790; USI TRM0001AU) and sponsored by Salaam Wealth Funds Management (AFSL 365260, formerly Crescent Wealth). Members choose from three pre-mixed Shariah-compliant options - Defensive, Balanced and Growth - screened to AAOIFI standards and audited annually by Dar Al Sharia.
Opens provider site - no obligation
Salaam
iQ Retirement (Shariah Options)
The Russell Investments Master Trust's account-based pension product carrying three Salaam Shariah-compliant investment options - one of the only ways in Australia to draw a retirement income stream (account-based pension or transition-to-retirement) while staying invested in Islamically screened portfolios.
Opens provider site - no obligation
Our Analysis
The Australian Islamic super market is small but structurally serious. Salaam Super is the pioneer, operating as a division of the Russell Investments Master Trust with institutional trusteeship and annual Shariah audits by Dar Al Sharia; its admin runs 0.21% of balance plus $60 per year with investment fees of 1.13% to 1.36% by option and no performance, entry, or exit fees. Hejaz's three AAOIFI-screened options price investment fees at 1.00% to 1.15% plus $65 per year and an estimated 0.49% admin, with a downloadable screening methodology and Sharia certificate; note that new member applications were paused when we last verified.
Meezan Wealth takes a different route: advised managed portfolios inside the APRA-regulated Super Simplifier fund (issued by Equity Trustees Superannuation), at 0.71% MDA plus 0.35% admin and roughly 0.03% expense recovery, with nil establishment and exit fees and optional insurance. For SMSF trustees, ICFAL's investment pays quarterly distributions from member-funded Islamic real-estate financing at 0.60% fees from a $2,000 minimum.
Every option carries fees above a mainstream index-tracking MySuper product; that premium is the current price of AAOIFI screening and Shariah audit in Australia. Before committing decades of contributions, read the PDS, add up the full fee stack at your balance, and confirm who certifies the screening and how often it is audited.
Retirement is just one of 7 categories. Average score: 63/100.
See yoursMaking Your Retirement Halal
Choose Shariah-compliant funds inside a tax-advantaged pension scheme
AAOIFI-Screened Portfolios
Islamic super options invest in screened equities, sukuk, gold, and property instead of conventional bonds and unscreened shares. Salaam's investments are audited annually by Dar Al Sharia; Hejaz publishes its screening methodology and Sharia certificate.
Risk Option Choice
Both dedicated funds run three pre-mixed options: Salaam's Defensive, Balanced, and Growth, and Hejaz's Conservative (35/65), Balanced (60/40), and Growth (75/25). Aggressive early, defensive near retirement.
Standard Super Tax Concessions
Islamic super sits inside Australia's normal superannuation system: concessional contributions are taxed at 15%, employer Superannuation Guarantee contributions can be directed to it, and standard contribution caps apply. Confirm current caps with the ATO or your adviser.
Fees Decide Decades
Total costs differ by structure: Salaam charges 0.21% plus $60 per year admin with investment fees of 1.13% to 1.36%; Hejaz lists 1.00% to 1.15% investment fees plus $65 and about 0.49% admin; Meezan Wealth's advised route stacks 0.71% MDA plus 0.35% admin. Over 30 years the gap compounds into a different retirement.
Optional Insurance Inside Super
Meezan Wealth's Super Simplifier offers optional death, TPD, trauma, and income protection cover, and Hejaz supports insurance with fees charged additionally. Useful, but never the reason to accept worse fees.
SMSF Routes
Self-managed funds can hold screened investments directly: ICFAL's SMSF investment pays quarterly distributions from Islamic real-estate financing (0.60% fees, $2,000 minimum), and Shariah-structured SMSF property finance exists for fund-held premises.
Frequently Asked Questions
Guides & Resources
Halal Investing in Australia →
The full investment shelf: ASX Islamic ETFs, funds, and portfolios.
The Halal Retirement Strategy →
How to sequence super, investments, and drawdown halal.
Compare Halal Super Options →
Fees, options, and governance side by side.
Provider Profiles →
Salaam, Hejaz, Meezan Wealth, and ICFAL reviewed in depth.
Islamic Estate Planning →
Super death benefits and your Islamic will need to work together.
Zakat on Funds and Shares →
How Zakat applies to your super and fund holdings.
Zakat & Islamic Finance Resources
Understand your Zakat obligations on retirement savings.
Planning for Halal Retirement
Which Halal Retirement Route Fits You?
You want an established fund with institutional structure
Salaam Super operates as a division of the Russell Investments Master Trust with annual Shariah audits by Dar Al Sharia. Admin is 0.21% plus $60 per year, investment fees 1.13% to 1.36% by option, and iQ Retirement carries the same options into pension phase.
You want documented AAOIFI screening you can read yourself
Hejaz Islamic Super & Pension publishes a downloadable screening methodology and Sharia certificate across its three options (1.00% to 1.15% investment fees plus $65 per year and an estimated 0.49% admin). Confirm application status first: new member applications were paused when we last verified.
You want personal advice bundled with your super
Meezan Wealth's Super Simplifier runs advised managed portfolios inside an APRA-regulated fund at 0.71% MDA plus 0.35% admin, with nil establishment and exit fees, optional insurance, and a pension pathway built in.
You run an SMSF and want direct screened holdings
Combine ASX-listed Islamic ETFs and screened shares with income products like ICFAL's SMSF investment: quarterly distributions from Islamic real-estate financing, 0.60% fees, $2,000 minimum, 7-year suggested term.
You're close to retirement
Shift toward each fund's defensive option and check the pension-phase fee schedule in the PDS. Salaam's iQ Retirement and Hejaz's pension phase are the main ways to draw a halal income stream.
Islamic Retirement Options by State & Territory
Super is national by design; see which providers and advisers serve your state.
Quick Answer
Islamic superannuation is available in Australia through dedicated options inside APRA-regulated funds. Salaam Super (a division of the Russell Investments Master Trust, audited annually by Dar Al Sharia) and Hejaz Islamic Super & Pension each offer three AAOIFI-screened pre-mixed options; Meezan Wealth runs advised managed portfolios via Super Simplifier at 0.71% MDA plus 0.35% admin. SMSF trustees can hold screened investments directly, including ICFAL's quarterly-distribution product at 0.60% fees from $2,000.
Key Takeaways
- Dedicated Islamic super options exist inside APRA-regulated funds; standard super rules, caps, and the 15% concessional tax all apply.
- Salaam Super charges 0.21% plus $60 per year admin and 1.13% to 1.36% investment fees; iQ Retirement extends the options into pension phase.
- Hejaz publishes its AAOIFI screening methodology and Sharia certificate, at 1.00% to 1.15% investment fees; new member applications were paused when we last verified.
- Meezan Wealth's Super Simplifier bundles advice with managed portfolios in an APRA-regulated fund, with nil entry and exit fees.
- Default MySuper options are almost never Shariah-compliant; rolling over is a standard form and needs no employer permission.
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
Is your super Shariah-compliant? Find out with your Halal Finance Score.
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.