A Beginner’s Guide to Halal Investing in North America
If you are a Muslim investor in North America, you may have found yourself asking: Can I invest? And if so, how do I do it without compromising my faith? The answer to the first question is yes. Islamic scholars broadly agree that building and growing wealth through ethical, productive investment is not only permissible — it is encouraged. The key is how you invest. What Makes an Investment Halal? Halal investing involves placing capital into businesses and operations that align with Islamic law while steering clear of prohibited ones. Every Muslim investor should be guided by four foundational rules: shunning riba (usury or interest), steering clear of gharar (extreme ambiguity or gambling-like risk), completely avoiding prohibited (haram) sectors, and backing tangible economic assets instead of engaging in mere financial speculation. In practice, this means screening out companies involved in alcohol, tobacco, gambling, conventional banking, weapons manufacturing, and other prohibited sectors. It also means reviewing a company’s financial ratios, ensuring it is not overly reliant on interest-bearing debt or earning significant income from impermissible sources. What to Avoid Conventional bonds are haram because they involve lending money to an issuer in exchange for regular interest payments — a direct form of riba. Similarly, standard savings accounts, certificates of deposit, and margin accounts that charge interest on borrowed funds are not Shariah-compliant. What Is Available to You The good news is that options are growing. Shariah-compliant equities, halal ETFs, and Islamic investment platforms have expanded significantly in recent years, making values-aligned investing more accessible than ever before in North America. The Manzil Russell Halal USA Broad Market ETF (MNZL) was built specifically for this moment. Listed on the Nasdaq under the ticker $MNZL, it offers diversified exposure to rigorously screened U.S. large- and mid-cap equities, combining AAOIFI Shariah compliance with an AFSC human rights overlay, all in a single, transparent, exchange-traded fund. You no longer have to choose between growing your wealth and staying true to your values. To learn more about the objectives and risks of MNZL and to obtain a prospectus, scroll to the Important Information section at the bottom of this page. Read the prospectus carefully before investing. ETFAC-5548998-07/26Read the prospectus at manzilfunds.com.
From the Nasdaq Floor to Your Portfolio: The MNZL ETF
The launch of the Manzil Russell Halal USA Broad Market ETF (Ticker: MNZL) marked asignificant moment for Islamic finance in North America. Dr. Mohamad Sawwaf, Manzil’sCEO appeared on the Nasdaq “Just for Funds” segment to discuss the fund’s launch andManzil’s expansion into the United States. Who Is MNZL For? MNZL is designed for investors who want their portfolio to reflect both their financial goals andtheir values. Muslim Investors Seeking Shariah-Compliant Options: For Muslim investors, MNZL offers arigorously screened, accessible entry point into the U.S. equity market, without compromising onIslamic finance principles. Whether you are building long-term wealth, saving for retirement, orestablishing a core portfolio holding, MNZL is designed to help keep your investments alignedwith your faith. Ethically Minded Investors MNZL’s dual-screening process: Combining AAOIFI Shariahstandards with an AFSC human rights overlay, also appeals to investors who prioritize investingethtically, regardless of religious affiliation. If you believe your capital should not support humanrights violations, weapons manufacturing, tobacco, or predatory financial practices, MNZL’smethodology aligns with those convictions. Investors Seeking Broad U.S. Market Exposure MNZL draws from the Russell 1000®universe of large- and mid-cap U.S. equities, making it suitable as a diversified core holding forinvestors seeking broad domestic market participation through a single, transparent, low-costinstrument. The Screening of MNZL Many investors in the North American Muslim community have had limited access todiversified, Shariah-compliant equity options. MNZL is built on a three-layer screeningmethodology. ● Layer 1: Shariah Compliance: Every holding must pass AAOIFI-guided businessactivity and financial ratio screens, excluding prohibited sectors and companies withinterest-bearing debt exceeding 30% of average market capitalization, or impermissibleincome above 5% of total revenue.● Layer 2: Ethical Overlay: An AFSC human rights screen removes companies with demonstrated links to apartheid, ethnic cleansing, or grave human rights violations.○ Strategic Index Design: Drawing from the Russell 1000®, MNZL accesses bothlarge- and mid-cap U.S. equities to pursue broader diversification than narrowlarge-cap-only Halal funds. Note*Individual holdings are capped at 10% at each quarterly rebalance. Where Is MNZL Accessible and Tradable? MNZL is listed on the Nasdaq Stock Exchange under the ticker symbol MNZL, making itaccessible through most major brokerage platforms in the United States. As an exchange-traded fund, MNZL trades like a stock — meaning you can buy or sell sharesthrough any brokerage account that provides access to Nasdaq-listed securities. This includesmany widely used retail and self-directed investment platforms. For investors outside the United States, availability will depend on your country of residence andthe platforms accessible in your jurisdiction. We encourage you to check with your local brokeror financial advisor to confirm access. To learn more or to read the full prospectus before investing, visit manzilfunds.com. Important Disclosures: To learn more about the objectives and risks of MNZL and toobtain a prospectus, scroll to the Important Information section at the bottom of this page.Read the prospectus carefully before investing. ETFAC-5548998-07/26 Read the prospectus at manzilfunds.com.
The 1% vs. 25% Gap: Why Shariah-Compliant Assets Are Underrepresented Globally
There is a striking imbalance at the heart of global finance. One that affects billions of people and remains largely unaddressed. The world’s Muslim population surpassed 2 billion in 2023, accounting for over 25% of the global population. DinarstandardStandard Chartered Yet the financial products designed to serve them tell a very different story. In 2024, the Islamic finance industry surpassed $5 trillion in global assets, a 12% rise from 2023 and a 43% increase from 2020. Significant growth, but still a small fraction of the hundreds of trillions that make up global financial markets. Standard Chartered Islamic Banking Financial Institutions Report. The gap is not a reflection of disinterest. It reflects decades of limited access: few exchange-listed products, narrow index coverage concentrated in large-cap equities, and an infrastructure primarily built around the Gulf and Southeast Asia. For the millions of Muslim investors in North America, accessible and rigorously screened Halal investing alternatives have been hard to find. The momentum is shifting. Global Islamic finance assets are projected to reach $7.5 trillion by 2028, driven by a young, growing Muslim population and rising global demand for ethical, values-aligned finance. https://www.sc.com/en/press-release/standard-chartered-global-islamic-finance-assets-to-sur pass-usd-7-5-trillion-by-2028/ The Manzil Russell Halal USA Broad Market ETF (MNZL) was built for this moment, bringing a diversified, AAOIFI-screened, Nasdaq-listed investment to investors who have long deserved better options. To learn more about the objectives and risks of MNZL and to obtain a prospectus, scroll to the Important Information section at the bottom of this page. Read the prospectus carefully before investing. ETFAC-5548998-07/26 Read the prospectus at manzilfunds.com Sources are drawn from Standard Chartered’s 2025 Islamic Banking Report and the DinarStandard SGIE Report 2024/25.
The Overlap Between Islamic Finance and ESG: It Is More Similar Than You Think
When most people hear “Environmental, Social, and Governance (ESG) investing,” they think of a modern, secular movement driven by corporate governance and climate concerns. When they hear “Islamic finance,” they think of faith-based rules rooted in centuries of scholarship. On the surface, these two worlds seem entirely separate. But if you look closer, the overlap is striking! Both Islamic finance and ESG investing are built on a foundational premise: that capital should not simply grow; it should do good, or at minimum, do no harm. Both approaches use negative screens to exclude industries whose activities conflict with their values and in many cases, these screens overlap. Tobacco, alcohol, and gambling are excluded under both Shariah compliance and many ESG mandates. Standard Chartered Both frameworks prioritize long-term sustainability over immediate profits, rooted in the core belief that investments should generate positive social impact alongside financial returns. That is precisely why the Manzil Russell Halal USA Broad Market ETF (MNZL) was designed with a dual-screening process — combining AAOIFI Shariah compliance with an AFSC human rights overlay. The result is a portfolio that speaks to both communities: investors driven by faith, and investors driven by conscience. For a growing number of people, those two things are the same. To learn more about the objectives and risks of MNZL and to obtain a prospectus, scroll to the Important Information section at the bottom of this page. Read the prospectus carefully before investing. ETFAC-5548998-07/26 Read the prospectus at manzilfunds.com. Statistical and analytical claims are drawn from Standard Chartered and a published academic/industry comparison. Maintain source documentation in compliance records.