Zamzam Capital Zamzam Capital Shariah smallcase Portfolios
Halal Investing in Lakshadweep
Long-term Shariah-compliant model portfolios from Zamzam Capital, a SEBI-registered Research Analyst firm (INH000016199, BSE enlistment 6158) that works exclusively on Shariah-compliant equity research. Portfolios are delivered through the smallcase platform (zamzamcapital.smallcase.com) for a flat subscription fee, with SIP facility and regular rebalancing, and are built from the firm's proprietary 3-stage screening universe: 1,800+ NSE stocks above INR 500 crore market cap screened, of which 900+ pass as halal, refreshed every six months plus mainboard IPO updates. The firm reports INR 10 crore plus in assets managed through its portfolios and a 20,000+ investor community. Founder Saif Ahmed's career spans Merrill Lynch and J.P. Morgan investment banking, senior Islamic banking roles at Kuwait Finance House, and founding India's first Shariah-compliant licensed chit fund company.
Zamzam is the governance leader of India's halal retail investing scene: three named scholars with verifiable institutional affiliations, a signed stock list, and a published screening methodology most rivals keep vague. As a product, the smallcase shelf is young and its pricing is app-gated, so Green Portfolio's Islamicly-monitored Ethical smallcase currently offers more printed evidence of process at similar money. If scholar accountability is your first filter, Zamzam wins the cluster outright.
Pros
- Strongest scholar disclosure in the Indian retail halal investing market
- Direct stock ownership through the investor's own demat account
- Founder combines Wall Street and Kuwait Finance House pedigree
- Free screener lets investors audit the methodology before paying
Cons
- Subscription fees and minimums not printed in crawlable text
- Young firm with limited public track record for the portfolios
- Firm also sells swing-trading plans, which sit less comfortably with conservative Shariah opinion than buy-and-hold portfolios
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Product Details
Type
Model portfolios (smallcase)
Min Investment
Varies by portfolio; app-gated (flat subscription fee model)
Screening Method
Proprietary 3-stage screen: business sector (>50% halal), five financial ratios, qualitative review; 1,800+ stocks screened, 900+ halal; universe refreshed every 6 months plus IPO updates; purification criteria included
Zamzam Capital in Lakshadweep
Zamzam Capital's Zamzam Capital Shariah smallcase Portfolios is accessible to investors in Lakshadweep, structured as Scholar-signed Shariah smallcase portfolios: India's halal investing shelf is digital, so region matters less than fees, minimums, and who certifies the screening. Minimum investment: Varies by portfolio; app-gated (flat subscription fee model). Zamzam Capital operates across India, so Lakshadweep residents have full access to this product.
Our Take on Zamzam Capital
Zamzam Capital is the governance benchmark for halal retail investing in India: no other firm in this cluster names its scholars, publishes their bios and signs its stock list. The research stack (3-stage screening, published ratios, purification criteria, free screener) is genuinely auditable. It is also a young firm whose smallcase pricing and minimums live behind the app, and whose swing-trading plans sit awkwardly next to the long-term portfolios for conservative investors. As the scholar-accountable option, it currently has no peer in this market.
How Zamzam Capital Works
Audit the methodology
Use the free screener and published 3-stage criteria to check the framework against your own standards.
Subscribe
Pick a smallcase portfolio (long-term) or research plan; fees are flat subscriptions shown in the app.
Invest through your broker
Connect your existing broker on smallcase, invest the shown minimum, optionally set up SIP.
Follow rebalances and purify
Apply rebalance updates and follow the published purification criteria for impure income.
Financing Structure
SEBI Research Analyst model: Zamzam publishes research, lists and model portfolios; execution always happens in the client's own broker and demat account (smallcase platform for portfolios). No custody, no discretionary management. Shariah layer is in-house: the named board approves the screening criteria and signs the stock list; purification criteria are included in the published methodology.
In-Depth Analysis
Zamzam Capital positions itself as India's number one Shariah-compliant research analyst firm, registered with SEBI as a Research Analyst (INH000016199) and enlisted with BSE (6158). It is Bangalore-registered and led by managing partner Saif Ahmed, supported by compliance officer Shafik Ahmed. The firm's identity is exclusively Shariah: there is no conventional research shelf.
The screening framework is published in unusual detail: stage 1 tests whether over 50% of a company's business is halal (excluding banking and finance, investments, insurance, alcohol, impermissible entertainment, pork, gambling, tobacco); stage 2 applies five financial ratio tests; stage 3 adds a qualitative assessment to catch compliance risks that quantitative screens miss. The screening universe covers 1,800+ NSE-listed stocks above INR 500 crore market cap, refreshed every six months with mainboard IPO updates in between, and roughly 900+ names pass.
Scholar governance is the differentiator. Mufti Asadullah Qasmi brings Darul Uloom Deoband ifta training (nearly 1,000 fatawa as assistant at Darul Ifta Deoband, 2004-2006) and prior Shariah advisory posts at Parsoli Corporation and Pragmatic Wealth Management, the two pioneering Indian Islamic equity firms of the 2000s. Mufti Mohammad Yahya Qasmi serves as Shariah Auditor at the Jamiat Ulama Halal Foundation and formerly sat on the Islamic Investment and Finance Board. Shaykh Sahlu Rahman holds an INCEIF MSc and AAOIFI's CSAA and teaches Fiqh Muamalat in Kerala. The halal stocks list ships as a letter signed by board members, which converts scholar names into accountability.
Product delivery spans a free screener, the paid halal stocks list, smallcase model portfolios with SIP and rebalancing, and swing-trading research plans. The last category deserves a flag: short-horizon trading in Shariah-screened stocks is permissible under most contemporary rulings when settlement is spot, but conservative investors following stricter opinions on rapid turnover should weigh the portfolios over the trading plans. Reported scale is INR 10 crore plus assets managed and a 20,000+ investor community, honest numbers for a young firm rather than marketing inflation.
Shariah Compliance Details
- SEBI Research Analyst registration INH000016199; BSE enlistment 6158 (site header and smallcase profile, crawled 2026-08-06)
- Named Shariah board with published bios at zamzam-capital.com/shariah/ (crawled 2026-08-06)
- Published 3-stage screening criteria including five financial ratios and purification criteria (homepage and shariah page, crawled 2026-08-06)
- Registered address and named compliance and grievance officer (Shafik Ahmed) printed in site footer
- Full compliance page: terms, grievance redressal, AML, internal policies, disclosures (zamzam-capital.com/compliance/)
How Zamzam Capital Compares
Against Green Portfolio's Ethical smallcase, Zamzam trades platform-based Islamicly surveillance for named-scholar sign-off; both deliver via smallcase into the investor's own demat. Against SenSage, Zamzam is research-only (no financial planning) but publishes the scholar identity SenSage withholds. Against Vivekam, Zamzam's in-house board contrasts with Vivekam's outsourced TASIS universe; Vivekam wins on printed minimums, Zamzam on governance transparency.
Islamicly-monitored smallcase with administered purification notifications; Zamzam counters with named scholars and a signed list.
TASIS-certified universe with printed INR 5,000 SIP entry; Zamzam counters with published in-house scholar governance.
Halal-only RIA with goal planning; Zamzam counters with scholar disclosure and a free auditable screener.
Bottom Line
The most scholar-accountable halal investing platform in India. Check live pricing in the smallcase app, prefer the long-term portfolios over the trading plans if you follow conservative opinions, and treat the young track record as the main open question.
Read full Zamzam Capital reviewShariah Compliance & Oversight
Zamzam Capital's Shariah Board, published with full bios on zamzam-capital.com/shariah/: Mufti Asadullah Qasmi (Darul Uloom Deoband trained, nearly 1,000 fatawa as assistant at Darul Ifta Deoband 2004-2006, ex Shariah advisor to Parsoli Corporation and Pragmatic Wealth Management, coordinator of MMERC online fatwa service), Mufti Mohammad Yahya Qasmi (Deoband Fazilat and Takmil-e-Ifta, Shariah Auditor and Halal Coordinator at Jamiat Ulama Halal Foundation since 2012, former member of the Islamic Investment and Finance Board), and Shaykh Sahlu Rahman (MSc Islamic Finance from INCEIF Malaysia, AAOIFI Certified Shariah Advisor and Auditor, HoD Fiqh Muamalat at WAFY CIC Kerala, Shariah roles at Minhaj Advisory Dubai and IFRA Business Solutions Malaysia). The halal stocks list letter is signed by board members (crawled 2026-08-06).
2026-08-06
Why It's Halal
Zamzam is one of only two firms in this cluster with a fully named Shariah board on its own site: Mufti Asadullah Qasmi (former Darul Ifta assistant at Darul Uloom Deoband, ex Shariah advisor to Parsoli and Pragmatic Wealth), Mufti Mohammad Yahya Qasmi (Shariah Auditor at Jamiat Ulama Halal Foundation, former IIFB member) and Shaykh Sahlu Rahman (AAOIFI-certified CSAA, INCEIF MSc, HoD Fiqh Muamalat at WAFY CIC Kerala). The halal stocks list is issued as a letter signed by board members. Screening is 3-stage: business sector check (over 50% halal), five financial ratio tests, and a qualitative review layer, with purification criteria included in the methodology. Caveats: subscription pricing and portfolio-level minimums are app-gated rather than printed, and the firm is young relative to its 20-year-experience founders (registration granted in the INH000016xxx series). The firm also sells swing-trading research plans, which risk-averse scholars may treat more cautiously than its long-term portfolios (crawled zamzam-capital.com 2026-08-06).
Regional Availability
Zamzam Capital serves all of India
✓ Available nationwide including Lakshadweep
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NationwideHalal Investment Growth Estimate
See how your halal investments could grow over time
Total Value
₹3,43,778
Contributed
₹1,30,000
Growth
₹2,13,778
Hypothetical projection. Past performance does not guarantee future results.
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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.