Quantum Mutual Fund Quantum Ethical Fund
Halal Investing in Rajasthan
India's newest ethical/Shariah-linked equity fund, an open-ended equity scheme following an Ethical Theme launched 20 December 2024 and benchmarked to Nifty 500 Shariah TRI. Asset size Rs 110.94 crore as on 30/06/2026; expense ratio shown on the fund page as 0.64% base and 0.87% total TER; NAV Rs 10.33 per unit as on 06/08/2026; minimum Rs 500 lumpsum or Rs 100 daily SIP. The published investment funnel starts from a 750+ stock addressable universe, applies ethical screening to about 350 names (companies in the Shariah Compliant Universe, Jainism-aligned and similar ethical frameworks), then Quantum's proprietary integrity score narrows to a 30-50 stock portfolio managed by CIO Chirag Mehta (crawled quantumamc.com 2026-08-06).
Quantum Ethical is the interesting newcomer: benchmarked to the Nifty 500 Shariah TRI, screened from the Shariah Compliant Universe, and early performance ahead of that benchmark. But precision matters for this audience: Quantum does not claim Shariah certification, publishes no scholar names, and folds Jainism and other ethics into the same screen. For a Muslim investor that makes it a watchlist fund or a satellite holding, not a core one - Tata Ethical (TASIS-certified, purification published) remains the certified active option, and Shariah BeES the structural passive one. If Quantum ever adds formal certification and purification reporting, its published process would make it a serious competitor.
Pros
- Since-inception direct return of 1.36% vs -2.15% for the Nifty 500 Shariah benchmark (to Jul 31, 2026)
- Published, understandable screening funnel with an explicit exclusion-list step
- Low entry (Rs 100 daily SIP) and moderate total TER on the page (0.87%)
- Adds a third active option to a category that had only Tata and Taurus for 15 years
Cons
- No Shariah board, named advisor or Shariah certificate published - not a certified halal fund
- Mandate explicitly spans Jainism and other ethical frameworks, so holdings may diverge from strict Shariah screens
- Very young (December 2024) and small (Rs 111 crore)
- No purification reporting for Muslim investors
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Product Details
Type
Mutual Fund
Expense Ratio
0.64% base / 0.87% total TER as shown on the fund page (plans have different expense structures), crawled 2026-08-06
Min Investment
Rs 500 lumpsum; SIP Rs 100 (daily) or Rs 500 (weekly/fortnightly/monthly/quarterly)
Screening Method
Proprietary three-stage funnel: 750+ stock universe (> $1m daily traded value), ethical screen to ~350 names using the Shariah Compliant Universe, Jainism and other ethical frameworks plus an exclusion list, then integrity scoring (-70 to +30, score above 0 qualifies) to a 30-50 stock portfolio
Quantum Mutual Fund in Rajasthan
Quantum Mutual Fund's Quantum Ethical Fund is accessible to investors in Rajasthan, structured as Ethical-theme equity fund benchmarked to Nifty 500 Shariah TRI: India's halal investing shelf is digital, so region matters less than fees, minimums, and who certifies the screening. The product reports an expense ratio of 0.64% base / 0.87% total TER as shown on the fund page (plans have different expense structures), crawled 2026-08-06. Minimum investment: Rs 500 lumpsum; SIP Rs 100 (daily) or Rs 500 (weekly/fortnightly/monthly/quarterly). Quantum Mutual Fund operates across India, so Rajasthan residents have full access to this product.
Our Take on Quantum Mutual Fund
Quantum Ethical is a welcome third active option with one decisive caveat: it is not a certified Shariah fund. The process is published and sensible, the benchmark is the Shariah index, early performance is ahead of that benchmark, and Quantum's low-cost house culture shows in the 0.87% total TER on the page. But there is no Shariah board, no advisor, no certificate and no purification support, and the mandate explicitly includes Jainism and other ethical frameworks. For Muslim investors it is a satellite or watchlist position until certification appears; for broader values-based investors it is a solid product.
How Quantum Mutual Fund Works
Invest small
Rs 500 lumpsum or Rs 100 daily SIP via quantumamc.com or platforms.
Three-stage screen
750+ universe filtered to ~350 ethical names, then integrity-scored to a 30-50 stock portfolio.
Verify yourself
No purification or certification support - cross-check holdings with a screening app if strict compliance matters to you.
Financing Structure
Open-ended SEBI-regulated equity scheme following an Ethical Theme. Shariah exposure comes via the ethical screen's use of the Shariah Compliant Universe and the Nifty 500 Shariah TRI benchmark; there is no Shariah certification layer.
In-Depth Analysis
Quantum Ethical Fund's December 2024 launch ended a 15-year drought in new Indian ethical/Shariah-linked equity funds (nothing had launched since Taurus in 2009). Its design is candid about being ethical-first: the investable pool is companies that 'form part of the ethical frameworks Shariah Compliant Universe, Jainism and such other Ethical principles', filtered through an exclusion list and then Quantum's proprietary integrity score (-70 to +30, only positive scorers qualify), producing a 30-50 stock portfolio.
The Shariah relevance is real but indirect. Anchoring to the Shariah Compliant Universe and benchmarking to the Nifty 500 Shariah TRI means the portfolio will substantially overlap a certified halal fund's. But without a named advisor, certificate or purification mechanism, a Muslim investor cannot verify the fund's holdings remain within Shariah bounds at any moment, nor cleanse prohibited income with fund-supplied numbers.
Early numbers favor the process: direct plan 1.36% since inception versus -2.15% for the benchmark, and 7.47% over the six months to Jul 31, 2026 versus 1.27%. CIO Chirag Mehta manages the fund; AUM was Rs 110.94 crore at 30/06/2026 with the page showing 0.64% base and 0.87% total TER.
Shariah Compliance Details
- Ethical screen includes the Shariah Compliant Universe (fund page, crawled 2026-08-06)
- Benchmark: Nifty 500 Shariah TRI
- No Shariah board, advisor, certificate or purification reporting published
How Quantum Mutual Fund Compares
Against Tata Ethical: Quantum is younger, smaller and uncertified but currently outperforming; Tata is the certified, purification-enabled core. Against Taurus: Quantum's process disclosure is comparable and its fees lower, but Taurus at least publishes an audit certificate. Muslim investors wanting certainty should hold Tata or the Shariah BeES ETF and watch Quantum for a certification upgrade.
The certified default with purification support.
Printed screens and an audit certificate, higher regular-plan cost.
Index-enforced passive compliance via SHARIABEES.
Bottom Line
A promising ethical fund that overlaps heavily with the Shariah universe but does not certify it. Watch it; size it as a satellite if you invest at all on strict halal criteria.
Read full Quantum Mutual Fund reviewShariah Compliance & Oversight
No Shariah board, advisor or certificate is published on the fund page or in its crawlable materials. The fund's ethical screen references the Shariah Compliant Universe alongside Jainism and other ethical frameworks, and the benchmark is Nifty 500 Shariah TRI, but compliance verification is Quantum's own proprietary process (crawled quantumamc.com 2026-08-06).
Purification: Not published
2026-08-06
Why It's Halal
The fund's ethical definition on its own page is 'Form part of the ethical frameworks Shariah Compliant Universe, Jainism and such other Ethical principles', and its Tier I benchmark is the Nifty 500 Shariah TRI, so the investable pool is anchored to the TASIS-screened Shariah universe. Honest caveats, stated plainly: Quantum publishes no Shariah board, no named Shariah advisor and no Shariah audit certificate for this fund; the screening is Quantum's proprietary ethics-and-integrity framework rather than a scholar-certified process, and the mandate is explicitly broader than Shariah alone. Muslim investors who require formal certification should treat this as an ethical fund with substantial Shariah overlap, not a certified halal fund (crawled quantumamc.com 2026-08-06).
Regional Availability
Quantum Mutual Fund serves all of India
✓ Available nationwide including Rajasthan
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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.