Threshold: < 30–33%
Debt Ratio
‍Why It Matters: Prevents heavy reliance on interest-based financing.
Threshold: < 5%
Impermissible Income
‍Why  It Matters: Ensures primary earnings come from permissible activities
Threshold: < 30%
Cash & Interest Assets
‍Why  It Matters: Avoids excessive exposure to interest-earning
Threshold: < 45%
Accounts Receivable
‍Why  It Matters: Maintains focus on asset-backed operations
Experienced investors
Charles Schwab
Commission-Free ETFs: Yes
Research Tools: Excellent
Research-focused investors
Fidelity
Commission-Free ETFs: Yes
Research Tools: Strong
Automated investing
M1 Finance
Commission-Free ETFs: Yes
Research Tools: Good
Mobile-first beginners
Robinhood
Commission-Free ETFs: Yes
Research Tools: Limited
SPUS
SP Funds S&P 500 Sharia Industry Exclusions ETF
Assets: $500+ million
‍Expense Ratio: 0.49%
‍Holdings: ~230 Shariah-compliant companies from S&P 500
‍Top Sectors: Technology (48%), Healthcare (16%), Consumer Discretionary (12%)
‍Best For: Core large-cap US exposure with established companies
‍Performance: 11.9% annualized since March 2019 inception
HLAL
Wahed FTSE USA Shariah ETF
Assets: $200+ million
‍Expense Ratio: 0.50%
‍Holdings: ~200 US companies across market capitalizationsTop
Sectors: Technology (52%), Healthcare (14%), Communication (10%)
‍Best For: Growth-oriented investors seeking broader market cap exposure
‍Performance: 12.3% annualized since July 2019 inception
SPSK
SP Funds Dow Jones Sukuk ETF
Assets: $150+ million
‍Expense Ratio: 0.59%
‍Asset Class: Global Islamic bonds (sukuk)
‍Duration: 3.2 years average
‍Yield: 3.8% current yield to maturity
‍Best For: Fixed income allocation in halal portfolios
FIA
Falah Russell-IdealRatings Islamic US Large Cap ETF
Assets: $100+ million
‍Expense Ratio: 0.75%
‍Holdings: 500+ companies from Russell 1000 index
‍Screening: Monthly compliance reviews with quarterly rebalancing
‍Best For: Broader large-cap exposure than SPUS