Halal Investment Options for Canadian Muslims

A Growing Demand for Faith-Based Finance

With over 1.7 million Muslims in Canada, Islamic values are playing a growing role in how Canadians approach finance, homeownership, and long-term wealth planning. One area experiencing significant momentum is halal investing – a movement that allows Muslim Canadians to grow their wealth while staying true to their faith.

The Early Days of Halal Investing in Canada

Back in the early 2010s, halal investing was a foreign concept to many Canadian financial advisors. Most Muslims had to choose between traditional investing—which often conflicted with Islamic values—or simply staying out of the markets altogether.

Shariah-compliant products were limited. Wealthy Muslims might have had access to offshore Islamic funds, but for the everyday Muslim investor, the options were few and far between. Interest-based investments (riba), exposure to alcohol, gambling, and conventional finance companies—all were common in Canadian portfolios, leaving Muslims with very few halal alternatives.

Still, a few trailblazers in Canada began working to change this. They hosted events, held workshops on Islamic finance, and pushed banks and fintech companies to introduce halal options. These grassroots efforts laid the foundation for what would become a steadily growing sector: halal investing in Canada.

Modern Halal Investment Platforms in Canada

Today, Canadian Muslims have more options than ever before to grow their wealth while staying true to their values. Here are a few standout platforms and providers offering halal investment options in Canada:

1. Manzil

Toronto-based Manzil was one of the first to offer a comprehensive suite of halal financial products. From Shariah-compliant home financing to fixed-income funds that avoid riba and unethical industries, Manzil has quickly become a household name in Canadian Islamic finance.

2. Halvest

Halvest, Shariah-compliant investing app based in Nigeria and Canada, is designed for Muslim millennials and Gen Zs looking to invest ethically and digitally. The app allows users to build and manage halal portfolios, screen out haram companies, and stay compliant with real-time Shariah monitoring.

3. Canadian Islamic Wealth (CIW)

Based in Winnipeg, CIW offers personalized financial planning tailored for Muslims. From halal RRSPs to estate planning based on Islamic inheritance rules (Faraid), CIW is helping Muslim families build intergenerational wealth without compromising their faith.

4. Wealthsimple Halal Portfolio

Wealthsimple is one of Canada’s most popular robo-advisors and offers a Halal Portfolio that’s fully screened by Shariah scholars. It excludes haram sectors and interest-based companies, offering a passive investment option that aligns with Islamic principles.

Canada’s Role in Global Halal Finance

Canadian Muslims are increasingly connecting with global Islamic finance initiatives. For example, HASAN.VC, a people powered venture capital firm focusing on ethical startups, reports that 25% of their investor base comes from Canada.

This demonstrates how Canadian Muslims are not only developing local financial infrastructure but also participating in the worldwide growth of ethical, faith-aligned investments.

The Future of Halal Investing in Canada

The halal investment landscape in Canada continues to evolve rapidly. According to Dr. Mohamad Sawwaf, CEO and Co-founder of Manzil:

“A few years ago, halal investment options were extremely limited. Today, we’re seeing stronger community awareness, increased advocacy, and a new generation of investors actively seeking ethical, Shariah-compliant solutions.”

Dr. Mohamad Sawwaf anticipates key trends will shape the future:

 

• Broader appeal to socially conscious investors beyond the Muslim community

• Greater transparency and clearer definitions of what qualifies as halal

• Innovations in fintech, real estate, and private equity

• Collaboration between Islamic finance institutions and mainstream providers

Getting Started with Halal Investing

For newcomers to halal investing, Dr. Mohamad Sawwaf emphasizes the importance of education:

“The first step is to seek knowledge. Educate yourself about what makes an investment halal and what key principles must be upheld — such as avoiding interest (riba), excessive uncertainty (gharar), and companies involved in prohibited industries.

Next, make sure you work with institutions or advisors that are properly certified, ideally by organizations that adhere to globally recognized Shariah standards, such as AAOIFI. Transparency matters: you should be able to clearly understand where your money is being invested and how it aligns with Islamic principles.

Finally, don’t be discouraged by the misconception that halal investing is limited or less profitable. Alhamdulillah, today there are halal investment opportunities across asset classes — from equities to real estate to venture capital — that allow Muslims to grow their wealth ethically and responsibly.”

Final Thoughts: The Future of Halal Investing in Canada

From humble beginnings to a vibrant, fast-growing ecosystem, halal investing in Canada has come a long way. With platforms like Manzil, Halvest, Wealthsimple and CIW, and global platforms like HASAN.VC, Muslim Canadians now have access to ethical, smart, and Shariah-compliant investing options.

 

The future is bright – and halal.

 

Frequently Asked Questions (FAQ)

What is halal investing in Canada?
Halal investing refers to financial strategies that comply with Islamic law. It avoids interest (riba), excessive risk (gharar), and investments in haram industries like alcohol, gambling, pork, and conventional banking.

 

Is halal investing legal in Canada?
Yes. Halal investing fully complies with Canadian financial laws and regulations. Platforms like Manzil, Halvest, and Wealthsimple operate legally while adhering to Islamic principles.

 

How do I know if an investment is halal?
Look for investments that:

• Exclude interest and haram industries
• Are certified by a recognized Shariah advisory board
• Follow standards such as those set by AAOIFI