How are Halal Money Index grades calculated?

Each provider is scored on Shariah integrity (35 points: the strength and credibility of Shariah oversight, with claims requiring published evidence such as named boards, fatwas and audit reports), transparency (20: whether the board, scholars, methodology and real fee numbers are publicly disclosed, plus how complete the provider's data profile is), cost/value (15: pricing transparency, since publishing actual rates and fees beats hiding them in a Schedule of Charges), and track record (10: at least a year in operation earns full marks, so longevity beyond that adds nothing). A 20-point verified-data credit reflects how recently our editorial team verified the provider's data against its published sources, and it decays when verification goes stale. Up to 4 editor's-pick points recognize documented benefits the rubric can't quantify, awarded only with a published rationale. Missing data is never excused: it scores a conservative floor and is flagged. Every grade is reviewed and approved before publication.

Is a low grade a religious ruling that a provider is not halal?

No. The Index is not a fatwa and HalalWallet does not issue religious rulings. A low Shariah-integrity score most often means a provider has not published evidence of independent Shariah oversight, which is a transparency problem, not necessarily a compliance one. India has no statutory Shariah governance regime, so published evidence (TASIS certification, named scholar boards, documented screening methodologies) is the only signal available. We encourage every consumer to review a provider's own Shariah documentation and consult a qualified scholar for religious questions.

Can providers pay for a better grade?

No. Grades are computed from the same rubric for every provider and the methodology is published in full on this page. Even the editor's-pick points are capped at 4, positive-only, and require a published rationale. Providers can improve their grade one way: by publicly disclosing stronger Shariah oversight, real rates and fees, and a complete data profile.

Why do the cooperative societies cluster at B-?

Because their public disclosure profiles genuinely are thin. Most interest-free cooperative credit societies publish little about their Shariah oversight, service-charge schedules, or governance, so they score the conservative floor on the pillars that depend on published evidence. The screening apps and certified fund products lead the Index for the opposite reason: named scholar boards, published methodologies, and printed fee schedules. Where the registry can't verify a data point, the provider scores the conservative floor for it.

How often are grades updated?

Grades recompute whenever the underlying registry data changes: new Shariah certifications, new declared rates, fee changes, or new disclosures. Every change is re-reviewed before it publishes. The Index is a living scorecard, not an annual snapshot.

The independent scorecard for halal money in India

The Halal Money Index

Every Indian halal provider, graded from A to B− on a transparent rubric: Shariah integrity, transparency, pricing disclosure, track record, and verified data. Computed from HalalWallet's live provider registry, reviewed before publication, and updated whenever the data changes.

Quick Answer

The Halal Money Index grades every Indian halal finance provider from A to B- on Shariah integrity (35 points), transparency and data completeness (20), cost/value measured as pricing disclosure (15), track record (10), and verified data (20). Up to 4 further points are an editor's pick, awarded only with a published rationale. Coverage is shown for context but never scored. Of the 25 provider grades published so far, 1 earn an A or A-. The rest range from B+ down to B-, the floor grade, which means we don't yet have enough verified information rather than that a provider is bad. Grades are computed from HalalWallet's live provider registry and reviewed before publication.

Halal Investing

Compare all halal investing options →

Shariah-screened mutual funds, the Shariah BeES ETF, stock screening apps, SEBI-registered halal advisers and certified PMS mandates.

A
IslamiclyHigh confidence
The best-governed halal product in the Indian market: an Elgari-chaired named board, AAOIFI-aligned screening with printed thresholds, daily compliance alerts with sell-by dates and full rupee pricing, at top-of-market subscription cost.
Named Shariah board · est. 2021 · available across India
Score breakdown
Shariah integrity
35/35
Transparency
17/20
Cost / value
15/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
B+
MusaffaHigh confidence
The value pick for Indian halal screening: $72 a year buys graded AAOIFI reports on nearly 5,000 NSE/BSE names under a named Amanah Advisors certification chain, used as a research layer over the investor's own Indian broker.
Named-scholar oversight · est. 2020 · available across India
Score breakdown
Shariah integrity
24/35
Transparency
18/20
Cost / value
15/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
B+
ZoyaHigh confidence
The most methodologically candid screener serving India, AAOIFI screening with an honest questionable label for gray areas and advisor names published on its own About page, though Indian funds are not covered and billing is in dollars.
Named-scholar oversight · est. 2020 · available across India
Score breakdown
Shariah integrity
24/35
Transparency
17/20
Cost / value
15/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
B+
Tata Mutual FundHigh confidence
India's anchor halal fund since May 1996: Rs 3,900 crore in assets, a 0.61% direct TER, TASIS certification verifiable on the certifier's own site and purification numbers actually published, though Tata's own SID leaves the advisor unnamed.
Third-party certified (TASIS-linked) · est. 1996 · available across India
Score breakdown
Shariah integrity
29/35
Transparency
12/20
Cost / value
12/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
B+
IslamicTijaratMedium confidence
The best certification-to-price ratio in Indian screening: TASIS, the same institution behind the Nifty Shariah indices, supervises its verdicts at Rs 169 a month, on a young platform with template artifacts and no public track record.
Third-party certified (TASIS-linked) · available across India
Score breakdown
Shariah integrity
29/35
Transparency
17/20
Cost / value
15/15
Track record
2/10
Verified data
20/20
Recently verified Aug 2026
B
Vivekam Financial ServicesHigh confidence
TASIS-certified screening at retail money, INR 50,000 lumpsum or INR 5,000 monthly SIP, with the certifier confirming Vivekam on its 2025 ledger, inside a mixed conventional house that does not print its Shariah advisory fees.
Third-party certified (TASIS-linked) · est. 2010 · available across India
Score breakdown
Shariah integrity
29/35
Transparency
13/20
Cost / value
8/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
B
Nippon India Mutual FundHigh confidence
India's only Shariah ETF, listed since 2009 with compliance enforced monthly by TASIS at index level under thresholds stricter than AAOIFI's, though the AMC itself publishes no Shariah board and the 17-stock portfolio is heavily concentrated in IT.
TASIS-screened at index level · est. 2009 · available across India
Score breakdown
Shariah integrity
28/35
Transparency
12/20
Cost / value
9/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
B
Green PortfolioHigh confidence
A performance-only fee option and live Islamicly compliance monitoring with administered purification notifications, genuinely differentiated mechanics on a young mandate (June 2024) whose certification rests on a screening platform rather than named scholars.
Third-party certified (TASIS-linked) · est. 2024 · available across India
Score breakdown
Shariah integrity
29/35
Transparency
12/20
Cost / value
8/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
B
Geojit Financial ServicesHigh confidence
The verification benchmark of Indian halal investing: Geojit names TASIS on the product page and TASIS lists the Ethical Portfolio on its live certified-clients ledger for 2025, at a INR 50 lakh PMS gate with fees not printed.
Third-party certified (TASIS-linked) · est. 2022 · available across India
Score breakdown
Shariah integrity
29/35
Transparency
12/20
Cost / value
8/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
B
Taurus Mutual FundHigh confidence
Printed screening math (25% debt to assets, 4% interest income) and an annual Shariah audit certificate, but the scanned certificate's signatory is unreadable, the SID names no advisor, and TASIS states plainly that it does not certify this fund.
Certification asserted, certifier unnamed · est. 2009 · available across India
Score breakdown
Shariah integrity
24/35
Transparency
12/20
Cost / value
9/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
B
Zamzam CapitalLow confidence
The governance leader of Indian retail halal investing, three named scholars with published bios signing the halal stock list, but subscription pricing and minimums are app-gated and no founding date is on file.
Named Shariah board · available across India
Score breakdown
Shariah integrity
34/35
Transparency
14/20
Cost / value
4/15
Track record
2/10
Verified data
20/20
Recently verified Aug 2026
B-
Quantum Mutual FundAwaiting verified dataHigh confidence
A candid ethical fund benchmarked to the Nifty 500 Shariah TRI with a published screening funnel and a Rs 100 daily SIP, but Quantum claims no Shariah certification, names no scholars and folds Jainism into the same screen: a satellite holding, not a core one.
No public Shariah review · est. 2024 · available across India
What we're missing to score higher:
- No public Shariah review on file
- Board members / scholars not named
Recently verified Aug 2026
B-
SenSage Financial ServicesAwaiting verified dataHigh confidence
India's first fully Shariah-dedicated SEBI adviser prints its screening ratios and INR 1 to 3 lakh entry points, but the Shariah board it references is unnamed, no external certifier is claimed and purification is left to the investor.
No public Shariah review · est. 2006 · available across India
What we're missing to score higher:
- No public Shariah review on file
- Board members / scholars not named
Recently verified Aug 2026
B-
FinispiaAwaiting verified dataMedium confidence
A free five-methodology cross-check (Dow Jones, FTSE, S&P, MSCI, AAOIFI) that is genuinely useful for threshold cases, but no scholar or certification body is named anywhere on the site and India coverage is inferred rather than documented.
No public Shariah review · available across India
What we're missing to score higher:
- No public Shariah review on file
- Board members / scholars not named
- Founding year not on file
Recently verified Aug 2026

Interest-Free Accounts

Compare all interest-free accounts options →

Deposit accounts from interest-free cooperative credit societies that pay no return by design. Cooperative deposits carry no DICGC insurance.

B-
Janseva Co-operative Credit SocietyAwaiting verified dataHigh confidence
The most doctrinally precise deposit shelf in India, qard-e-hasanah demand money and amanah accounts with membership costs printed, across twelve permitted states, though no scholar body certifies the classifications and deposits carry no DICGC insurance.
No public Shariah review · est. 2010 · 12 of 36 states and union territories · Qard-e-hasanah demand deposits and amanah accounts with opt-in investment deposits
What we're missing to score higher:
- No public Shariah review on file
- Board members / scholars not named
Recently verified Aug 2026
B-
Al-Khair Co-operative Credit SocietyAwaiting verified dataHigh confidence
Al-Khair prints its deposit economics to the rupee, INR 50 doorstep minimums, share and admission costs and an explicit zero return on every deposit, but it is a cooperative society with no DICGC insurance and no Shariah board anywhere in its sector.
No public Shariah review · est. 2002 · 4 of 36 states and union territories · Interest-free daily-collection savings (cooperative society deposit)
What we're missing to score higher:
- No public Shariah review on file
- Board members / scholars not named
Recently verified Aug 2026
B-
Bait-Un-Nas'r Urban Co-operative Credit SocietyAwaiting verified dataHigh confidence
Fifty years of interest-free deposit-taking across nine Mumbai and Thane branches, with the market's only profit-share term deposit at up to 10%, but the mechanics behind the asterisk, and every other term, require a branch visit.
No public Shariah review · est. 1976 · 1 of 36 states and union territories · Interest-free cooperative deposits with profit-share term deposit
What we're missing to score higher:
- No public Shariah review on file
- Board members / scholars not named
Recently verified Aug 2026

Personal Financing

Compare all personal financing options →

Interest-free member loans and Qard Hasan from cooperative credit societies, priced with one-time service charges instead of interest.

B-
Al-Khair Co-operative Credit SocietyAwaiting verified dataHigh confidence
An 8-month one-time-charge loan built to displace the 60% to 120% moneylender debt the society documents, with published eligibility gates, though the demand loan's own charge is not printed and percentage service charges remain fiqh-debated.
No public Shariah review · est. 2002 · 4 of 36 states and union territories · Qard-style demand loan with one-time service charge plus GST
What we're missing to score higher:
- No public Shariah review on file
- Board members / scholars not named
Recently verified Aug 2026
B-
Janseva Co-operative Credit SocietyAwaiting verified dataHigh confidence
Debt liberation ranks first in Janseva's published lending priorities, a genuinely Islamic ordering no other Indian society prints, but loan charges are board-decided and unpublished, so total cost requires a branch enquiry.
No public Shariah review · est. 2010 · 12 of 36 states and union territories · Interest-free loans from qard pools with published priority categories
What we're missing to score higher:
- No public Shariah review on file
- Board members / scholars not named
Recently verified Aug 2026
B-
Bait-Un-Nas'r Urban Co-operative Credit SocietyAwaiting verified dataMedium confidence
The most bank-like interest-free loan shelf in Mumbai, gold, vehicle, property, surety and micro lines from a 1976 institution, but the annual-rate service charge is the sector's most interest-like pricing and no rates are printed.
No public Shariah review · est. 1976 · 1 of 36 states and union territories · Qard hasan loan suite with annual-rate service charge model
What we're missing to score higher:
- No public Shariah review on file
- Board members / scholars not named
- No published rates or fees on file
Recently verified Aug 2026

Business Financing

Compare all business financing options →

Interest-free business loans and self-help-group microfinance programs for members of cooperative societies.

B-
Janseva Co-operative Credit SocietyAwaiting verified dataHigh confidence
India's only SHG program with a published path from fee-based qard to 70/30 profit-sharing partnership, loan costs printed at 1% processing plus a refundable 4% group reserve, though the fee-based phase takes 20% of group deposits.
No public Shariah review · est. 2010 · 12 of 36 states and union territories · SHG joint-liability microfinance migrating from fee-based qard to 70/30 profit sharing
What we're missing to score higher:
- No public Shariah review on file
- Board members / scholars not named
Recently verified Aug 2026
B-
Al-Khair Co-operative Credit SocietyAwaiting verified dataHigh confidence
The sector's price-transparency leader prints its business loan charges, 8% one-time for 3 months and 16% to 18% for 8 to 12 months, honest numbers that annualise well above bank credit but far below the moneylenders it exists to displace.
No public Shariah review · est. 2002 · 4 of 36 states and union territories · Qard-style business loan, 8% one-time service charge plus GST
What we're missing to score higher:
- No public Shariah review on file
- Board members / scholars not named
Recently verified Aug 2026

Wills & Estate Planning

Compare all wills & estate planning options →

Islamic will services with Muslim Personal Law support for Faraid-compliant succession.

B-
Yellow (Digital Succession Solutions)Awaiting verified dataMedium confidence
India has no Islamic will platform, so the honest pick is the lawyer-drafted route that documents Muslim personal law competence: Yellow's Custom Will gets the one-third wasiyyah rule right, but there is no scholar review and the custom price is on request.
No public Shariah review · available across India · Lawyer-drafted custom will honouring Muslim personal law (no dedicated Islamic SKU)
What we're missing to score higher:
- No public Shariah review on file
- Board members / scholars not named
- Founding year not on file
Recently verified Aug 2026

Zakat Platforms

Compare all zakat platforms options →

Zakat calculators, crowdfunding platforms and institutional collection and distribution programs.

B-
IndiaZakat.com (Association of Muslim Professionals)Awaiting verified dataHigh confidence
India's strongest verified zakat product: a detailed free calculator, dual legal-plus-Sharia cause screening, 200+ AMP chapters verifying beneficiaries and a 0% commission rule so 100% reaches recipients, though the advisory ulema are unnamed.
No public Shariah review · est. 2020 · available across India
What we're missing to score higher:
- No public Shariah review on file
- Board members / scholars not named
Recently verified Aug 2026
B-
Zakat Foundation of IndiaAwaiting verified dataMedium confidence
The institutional pole of Indian zakat, compounding donations into an orphanage, a women's home and a UPSC coaching pipeline, with trust, 12A, 80G and FCRA registrations printed, but no calculator, no Shariah board and no itemised zakat accounting.
No public Shariah review · est. 2002 · available across India
What we're missing to score higher:
- No public Shariah review on file
- Board members / scholars not named
- No published rates or fees on file
Recently verified Aug 2026

How the grades work

Pillar	Points	What we measure
Shariah integrity	35	Strength of oversight: formal Shariah board (strongest) → third-party certification → named scholar → no public review (weakest). Claims require published evidence; an unsubstantiated “formal board” scores at the named-scholar tier.
Transparency	20	Are the board members named? Is the oversight detail published? Are real fee and rate numbers in plain sight? Plus data completeness: the more of their profile a provider shares, the more they earn. Disclosure always beats silence.
Cost / value	15	Pricing transparency, not price level: publishing actual declared rates, spreads, fees or expense ratios scores; pointing customers to an unpublished Schedule of Charges does not. Where nothing numeric is on file the pillar scores a conservative floor and is flagged.
Track record	10	A legitimacy check, not a longevity contest: at least a year in operation earns full marks. Decades in business don't add points, but brand-new pop-ups and undisclosed founding dates can't hold a top score.
Verified data	20	How recently our editorial team verified the provider's data against its published pages and documents. The credit decays when verification goes stale, so a strong grade cannot coast on old data. Coverage is displayed but never scored.
Editor's pick	4	Positive-only editorial points for real, documented benefits no rubric can quantify. Awarded only with a published rationale. A perfect 100 requires it, but an A doesn't.

Letter scale

A 90+ · A- 85+ · B+ 78+ · B 70+ · B- 0+. B− is the floor: it means we don't yet have enough verified information to score the provider higher, not that the provider is bad. Floor-tier rows show what's missing instead of a numeric score. Products with structural red flags, such as undisclosed riba, are removed from the Index rather than graded.

Verified data decays

Verified data is worth 20 points, a fifth of the grade. Past 30 days without re-verification the credit decays (minus 8, then minus 14 at 60 days, minus 20 at 90) until the data is confirmed again, so stale data cannot keep a strong grade.

The Index is an editorial transparency rating, not a religious ruling or financial advice. Grades are computed from HalalWallet's provider registry, reviewed before publication, and recomputed when the underlying data changes. Confidence labels reflect how complete a provider's verified data is. Providers cannot pay for a grade. See our methodology for how the registry itself is built.

Frequently Asked Questions

How to cite this page

Preferred format:

HalalWallet. “The Halal Money Index.” HalalWallet, https://www.halalwallet.in/halal-money-index. Accessed 2026-08-12.

For time-sensitive claims (rates, fees, state availability), please verify directly with the provider's official documentation and note the retrieval date.

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.