Best Halal Investing Apps in 2024

Finding halal investment options used to be a challenge. The traditional financial industry rarely prioritized the unique, faith-based needs of Muslims, forcing many to stay on the sidelines and feel excluded from opportunities to grow their wealth.

While traditional investing focuses solely on financial returns, halal investing goes one step further to adhere to Islamic principles. This can make the already complex world of investing feel even more challenging.

Fortunately, a growing number of apps now cater specifically to Muslims looking for Shariah-compliant investments, making halal investing more accessible than ever.

In this guide, we’ll review the best halal investing apps available in 2024, each offering unique advantages to meet different goals and preferences.

Why use a halal investing app?

Navigating the complexities of Shariah compliance in traditional investing platforms can be a challenge. This is where halal investing apps come in, offering essential tools and guidance tailored to faith-based investing.

Shariah oversight

Halal investing apps streamline compliance by screening stocks, ETFs, and other assets according to strict Shariah standards. Most platforms work with qualified Shariah boards to regularly review their processes, ensuring that every investment aligns with Islamic principles. This oversight enables users to invest confidently, knowing their portfolios remain fully compliant without the need for constant manual checks.

Portfolio management

Unlike conventional investing apps, halal investing platforms are designed with the unique needs of Muslim investors in mind. Features like compliance alerts, pre-built halal portfolios, and purification tools help users manage and optimize their investments.

Streamlining zakat

If you hold a range of different assets, calculating zakat can quickly become complex. Halal investing apps simplify this process by offering built-in tools to calculate and give zakat without the hassle.

Top 3 best halal investing apps in 2024

These apps do the heavy lifting by using modern technology to make halal investing easy and accessible. Each platform carefully screens investments and works with trusted scholars to ensure everything stays Shariah-compliant.

Let's explore the top picks for the best halal investment apps of 2024.

#1. Zoya

Zoya is a leading halal investing app designed to make Shariah-compliant investments accessible and straightforward. With a clear and intuitive interface, Zoya lets you quickly screen stocks, build custom portfolios, and monitor investments with up-to-date Shariah compliance data. The app also simplifies the process of calculating and donating zakat for your portfolio, making it a comprehensive financial tool.

The app integrates seamlessly with brokerage accounts, enabling you to keep an eye on all of your investments in one place. If you're looking for something more hands-off, Zoya also lets you invest in pre-built baskets of halal stocks tailored to different themes and strategies, making it easy for new investors to get started.

Zoya is a top choice for do-it-yourself (DIY) investors seeking a complete halal investing toolkit. By combining simplicity with transparency, Zoya is hard to beat for investors at any experience level who want to build a Shariah-compliant portfolio confidently.

#2. Wahed

Wahed is a digital investment platform offering Shariah-compliant portfolios tailored to various risk appetites and financial goals. By utilizing a robo-advisory model, Wahed provides diversified investments across asset classes such as halal equity funds, sukuk (Islamic bonds), and gold, ensuring adherence to Islamic principles.

With an easy-to-use interface, Wahed makes the investing process straightforward, allowing users to start with a minimum investment of $100. The platform also manages portfolios, including regular rebalancing, to stay in line with each investor's preferred risk level.

Expanding its offerings, Wahed has launched its own halal ETFs, including the Wahed FTSE USA Shariah ETF (HLAL), providing investors with Shariah-compliant exposure to U.S. equities. In select markets, Wahed has introduced additional options like equity crowdfunding, real estate investing, and waqf (Islamic endowment) services.

#3. Cur8 by IFG

Cur8, developed by Islamic Finance Guru (IFG), is a unique investment platform that opens access to Shariah-compliant private market opportunities traditionally reserved for institutional investors. The platform extends beyond the typical stock market, focusing on alternative asset classes like fixed income, real estate, venture capital, and private equity. Through Cur8, investors can explore growth-oriented opportunities while ensuring their portfolios adhere to Islamic principles.

Investment options on Cur8 include early-stage startups, real estate projects, and fixed-income funds backed by sukuk or property. This range of offerings caters to those seeking a combination of steady income, long-term growth, and ethical alignment. By focusing on private markets, Cur8 enables investors to build diversified portfolios with access to higher-growth potential options within a halal framework.

Designed primarily for sophisticated investors, Cur8 provides a level of access and control over private market investments that was previously difficult to achieve in halal investing.

How to choose the right halal investing app

Selecting the right halal investing platform depends largely on your investment style, experience level, and financial goals. Here's how to evaluate which platform best suits your needs:

For new investors

If you're just starting your investment journey, Wahed offers the most straightforward path forward. With its $100 minimum investment and automated portfolio management, you can begin building wealth without needing extensive investment knowledge. The platform handles all the complexities of portfolio management while maintaining Shariah compliance.

For active investors

If you prefer hands-on control of your investments, Zoya provides the most comprehensive toolset. The platform's detailed screening capabilities and brokerage integrations make it ideal for those who want to build and manage their own portfolios. You'll have access to extensive research tools while maintaining confidence in Shariah compliance.

For sophisticated investors

For those seeking higher potential returns and have larger amounts to invest, Cur8 opens doors to private market opportunities. This platform is best suited if you understand alternative investments and can commit to longer holding periods. The trade-off for potentially higher returns is reduced liquidity and higher investment minimums.

Conclusion

As the Islamic finance industry continues to grow, these platforms are likely to evolve and expand their features and capabilities. In this guide, we highlighted the key features of the top halal investing apps, which are summarised below:

• Zoya: Best overall
• Wahed: Best for automated investing
• Cur8: Best for private investments

Whether you're just starting your investment journey or looking to diversify your existing portfolio, these platforms offer varying approaches to achieving your financial goals while maintaining Shariah compliance.

Frequently asked questions