HalalWallet (halalwallet.in) compares Shariah-compliant investing options in India: Shariah mutual funds (Tata Ethical, Taurus Ethical, Quantum Ethical), the NSE-listed Nifty 50 Shariah BeES ETF, halal stock screening apps, and SEBI-registered Shariah advisers and portfolio managers. Founded by Robert Mallon and Kyle Natter, and backed by Niya, a Silicon Valley venture studio, HalalWallet provides independent Halal Transparency Scores and side-by-side comparisons of fees, minimums, and Shariah governance so Indian investors can build halal portfolios.
Halal Investing in India
Shariah mutual funds, the Nifty 50 Shariah BeES ETF, screening apps, and SEBI-registered Shariah advisers compared on fees, minimums, and who actually oversees the Shariah screening.
Reviewed quarterly and updated when provider data, product availability, or pricing changes.
Top Picks
Top Halal Investing Providers
Every provider reviewed against its own published pages: fees, minimums, and the Shariah governance actually disclosed.
Ranked by Halal Money Index grade: disclosed Shariah governance, transparency, pricing disclosure and track record. Not sponsored.
Islamicly
AVaulted 24K digital gold with physical delivery option
Best for: Muslim savers who want small-ticket gold accumulation with physical backing and delivery instead of interest-bearing gold bonds
Shariah Oversight
Musaffa
B+Stock Screener
Best for: Indian investors who want graded AAOIFI screening of NSE/BSE stocks at the lowest paid-plan price among major halal screeners
Shariah Oversight
Not sure where to start?
Answer a few quick questions and get a personalized halal investing strategy with an example portfolio in about 30 seconds.
Choose Your Halal Investing Strategy
Click a strategy to filter providers below, or explore the full strategy guide.
Diversified ETFs
Low-cost Shariah index products for steady, long-term wealth building
Managed Portfolios
Let experts build and manage your halal portfolio for you
Stock Picking
Screen and select individual Shariah-compliant stocks yourself
Income / Sukuk
Prioritize steady halal income through sukuk and income funds
Gold & Real Assets
Hedge inflation with Shariah-compliant real assets
Retirement
Build a do-it-yourself Shariah-compliant retirement corpus
How Halal Investing Works in India
TASIS and AAOIFI screening, SEBI-regulated funds and advisers, and the governance differences that separate providers
TASIS and AAOIFI Screening
India's Shariah screening runs on published thresholds. TASIS (used by the Nifty Shariah indices, Tata's advisor per its own site, Geojit, Vivekam, and IslamicTijarat) caps interest-based debt at 25% of assets and interest income at 2.5%. The global apps apply AAOIFI's 5% and 30% tests.
Three Shariah Mutual Funds
Tata Ethical Fund is India's oldest, running since 1996 with Rs 3,925.70 crore AUM and a 0.61% direct TER. Taurus Ethical (2009) charges 0.86% direct, and Quantum Ethical (December 2024) 0.87% total TER. SIPs start from Rs 100.
One Shariah ETF on the NSE
Nippon India ETF Nifty 50 Shariah BeES (SHARIABEES, listed 2009) passively tracks the Nifty50 Shariah at a 0.82% base expense ratio with 0.09% tracking error. It is small (Rs 55.34 crore), so check spreads; one unit cost about Rs 474 in August 2026.
Shariah Governance Varies
Zamzam Capital names a three-scholar board and Islamicly's is chaired by Dr. Mohamed A. Elgari. Tata appoints a Shariah advisor and publishes purification notices. Taurus's advisor is unnamed, and Quantum publishes no Shariah certification at all. We label each product's oversight.
Purification Is Mostly on You
Tata notifies prohibited income per unit and TASIS hosts a purging calculator for it. For direct stocks and most other products, you calculate and donate the non-compliant slice yourself; Islamicly, Musaffa, and IslamicTijarat build purification calculators into their apps.
SEBI-Registered Shariah Advisers
A genuine Indian niche: SEBI-registered advisers and portfolio managers running halal-only mandates, from Vivekam's Rs 5,000-a-month TASIS-screened SIP to Geojit's TASIS-certified PMS at the SEBI Rs 50 lakh floor.
What a halal portfolio can look like
Example allocations to illustrate how Shariah-compliant investing works in practice. These are not financial advice - consult a qualified advisor for your personal situation.
Moderate risk: a blend of growth and income for most investors.
Core growth engine
International diversification
Stability & income
Inflation hedge
This is an illustrative example only and does not constitute investment advice. Actual allocations should be based on your financial goals, risk tolerance, and consultation with a qualified financial advisor. Past performance does not guarantee future results.
Quick picks by goal
Not sure which provider to start with? Pick a common goal below.
Best for beginners
Hands-off managed investing
- Professionally managed halal portfolios
- Automatic rebalancing & Shariah screening
Best for low-cost investing
Halal ETFs with low expense ratios
- Index-based Islamic ETFs from a 0.50% management fee
- Tradeable through any NSE demat account
Best for stock pickers
Screen and trade halal stocks
- Halal stock screeners with AAOIFI-based filtering
- Full control over individual holdings
Compare Halal Investment Platforms
Every row shows a Halal Transparency Score, “best for” guidance, and context-specific CTAs. Toggle between Beginner and Expert views.
Our Analysis
Investing is where halal finance in India genuinely works: we compare 19 products across mutual funds, one ETF, screening apps, adviser portfolios, PMS mandates, and digital gold. Scale is thin but real. Tata Ethical Fund has run since 1996 and holds Rs 3,925.70 crore (August 5, 2026); Taurus Ethical holds Rs 402.37 crore, the new Quantum Ethical Rs 110.94 crore, and the SHARIABEES ETF just Rs 55.34 crore. Three active funds and one small ETF is the entire AMC shelf, which is why the screening apps and SEBI-registered Shariah advisers carry so much of this market.
The two decisions that matter most are plan choice and governance. Direct plans cost roughly a third of regular plans (Tata: 0.61% vs 1.63%; Taurus: 0.86% vs 2.10%), a gap that compounds meaningfully over a decade. On governance, disclosure splits the market: Tata appoints a Shariah advisor and publishes purification notices, Zamzam Capital names three scholars, Islamicly prints an Elgari-chaired board, and Geojit, Vivekam, and IslamicTijarat carry TASIS certification. Taurus names no advisor on its fund page, and Quantum publishes no Shariah certification at all, anchoring instead to the Nifty 500 Shariah universe.
Practical guidance: start with a direct-plan SIP in a screened fund (from Rs 100 at Tata or Quantum), add SHARIABEES through a demat account if you want passive index exposure and accept the small-fund spreads, and use a screener before buying any individual stock. The adviser and PMS tier makes sense once your halal-only allocation justifies Rs 50,000 (Vivekam) to Rs 50 lakh (SEBI's PMS floor) commitments.
Investing is just one of 7 categories. Average score: 63/100.
See yoursInvestment Guides & Tools
Halal Investing Strategies →
Explore 6 proven halal investing strategies. Diversified ETFs, managed portfolios, stock picking, and more.
Halal Portfolio Builder →
See example halal portfolio allocations for your risk level and time horizon, with real fund suggestions.
Halal Transparency Score: How We Score →
Understand how we calculate the Halal Transparency Score, what data we use, and how confidence levels work.
Deeper Reading
How to Invest Halal in India →
Every route from a Rs 100 SIP to a Shariah PMS, and how to sequence them.
Halal Stocks on the NSE and BSE →
Screening thresholds, purification, and the apps that do the work.
Halal Finance in India: The Complete Guide →
Why investing is the strength of India's halal market, and what else exists.
Is Crypto Halal? →
The scholarly positions, explained without hype.
Browse by Investment Type
Explore Other Categories
Halal vs Haram Investments: General Screening Principles
Islamic investment screening evaluates companies and financial instruments based on Shariah principles. The following are general guidelines; specific criteria and thresholds vary by Shariah board and screening methodology. Always consult with qualified scholars or use a reputable Shariah screening service.
| Criteria | Generally Halal | Generally Not Permissible |
|---|---|---|
| Industry | Technology, healthcare, real estate, manufacturing, halal food | Alcohol, gambling, pork, tobacco, conventional banking/insurance, adult entertainment, weapons |
| Income Source | Revenue from permissible goods and services | Significant revenue from interest (riba), prohibited activities, or excessive speculation |
| Debt Levels | Companies with low interest-bearing debt ratios (thresholds vary by screening standard) | Companies with excessive interest-bearing debt relative to assets or market capitalization |
| Investment Type | Equities (stocks), Sukuk, real estate, commodities, halal ETFs/mutual funds | Conventional bonds, derivatives, options/futures for speculation, interest-bearing instruments |
This table provides general principles only. Different Shariah boards (e.g., AAOIFI, DJIM, S&P Shariah) may apply different financial ratio thresholds and screening methodologies. What qualifies as halal can differ based on the standard used. Consult with qualified Islamic scholars for guidance specific to your investments.
Choosing the Right Halal Investment
What Does Halal Investing Cost?
Shariah Mutual Funds
Direct plans are the honest price: Tata Ethical 0.61%, Quantum Ethical 0.87% total TER, Taurus Ethical 0.86% (all per fund pages, mid-2026). Regular plans cost 1.63% to 2.10% for the same portfolios, the difference going to distributors. Exit loads apply early: 0.50% within 90 days at Tata, 1% within a year at Taurus.
A 1-point annual fee difference compounds into a meaningful slice of your returns over a decade.
The ETF Route
Nippon India's Nifty 50 Shariah BeES charges a 0.82% base expense ratio with no entry or exit loads, tracked within 0.09% of its index. You pay brokerage and bid-ask spreads instead, and the fund is small (Rs 55.34 crore), so spreads matter on larger orders.
Needs a demat account; one unit cost about Rs 474 in August 2026.
Screeners, Advisers, and PMS
Screening apps run from free (Finispia, Musaffa's free tier, IslamicTijarat Basic) to Rs 169 a month (IslamicTijarat Premium) and Rs 999 a month (Islamicly). Adviser portfolios start at Rs 50,000 (Vivekam lumpsum) or Rs 5,000 a month (Vivekam SIP); smallcase baskets charge flat subscription fees. PMS mandates carry SEBI's Rs 50 lakh floor, with Green Portfolio offering a pay-only-for-performance option.
Adviser fees are often app-gated or unprinted; ask for the full schedule in writing before signing.
Which Approach Is Right for You?
You're starting small and want simplicity
A direct-plan SIP in Tata Ethical Fund (from Rs 100 a month, 0.61% TER, advisor-screened universe with published purification notices) or Quantum Ethical (Rs 100 daily SIP). No demat account needed.
You want passive index exposure
Nippon India Nifty 50 Shariah BeES (SHARIABEES) through any demat account: TASIS-screened large caps in one trade at 0.82%, no loads. Use limit orders on a fund this small.
You want to pick your own stocks
Any brokerage plus a screener. IslamicTijarat is TASIS-supervised at Rs 169 a month, Musaffa grades 4,854 Indian stocks on AAOIFI rules with a free status tier, and Finispia cross-checks five methodologies free. Avoid margin and derivatives, and purify dividends.
You want named-scholar governance behind a managed basket
Zamzam Capital's smallcase portfolios run under a named three-scholar board with SIP support, delivered into your own demat account for a flat subscription fee.
You have Rs 3 lakh or more for a dedicated halal adviser
Vivekam (TASIS universe, from Rs 50,000) and SenSage (India's first halal-only SEBI RIA, from Rs 1 lakh for its ETF portfolio) run advisory model portfolios below PMS ticket sizes.
You're an HNI wanting a certified discretionary mandate
Geojit's Ethical Portfolio PMS is TASIS-certified at the SEBI Rs 50 lakh floor; Green Portfolio's Shariah PMS offers performance-only fees with Islamicly screening. Compare fee schedules in writing.
Halal Investing by State
Funds and apps are digital and nationwide; branch and adviser access still varies by state
Frequently Asked Questions
Zakat & Islamic Finance Resources
Calculate Zakat on your investments and learn about Islamic finance.
Quick Answer
The best halal investment in India depends on your goal. For most investors the starting point is a direct-plan SIP in a Shariah mutual fund: Tata Ethical Fund (since 1996, Rs 3,925.70 crore AUM, 0.61% direct TER, SIP from Rs 100), Taurus Ethical (0.86%), or Quantum Ethical (0.87% total TER). Demat investors can add the Nippon India Nifty 50 Shariah BeES ETF (SHARIABEES, 0.82%, TASIS-screened index). Stock pickers should pair any brokerage with a screening app such as IslamicTijarat (TASIS-supervised, Rs 169 a month), Musaffa, Islamicly, Zoya, or Finispia. Larger portfolios can use SEBI-registered Shariah advisers from Rs 50,000 (Vivekam) up to TASIS-certified PMS mandates at the Rs 50 lakh SEBI floor (Geojit).
Key Takeaways
- India has three Shariah-screened equity mutual funds (Tata, Taurus, Quantum) and one Shariah ETF (SHARIABEES); SIPs start at Rs 100.
- Direct plans cost roughly a third of regular plans for the same fund: 0.61% vs 1.63% at Tata Ethical.
- TASIS is India's reference Shariah certifier: it screens the Nifty Shariah indices monthly and certifies Geojit, Vivekam, and IslamicTijarat.
- Governance disclosure varies sharply: named scholar boards at Zamzam and Islamicly, an unnamed advisor at Taurus, no certification published at Quantum.
- Purification is the investor's job for direct stocks; Tata publishes fund-level purification notices and the major apps calculate it for you.
Sources and review process
This page is reviewed against HalalWallet editorial standards and source documentation.
Reviewed by: HalalWallet Editorial Team
Last reviewed: 2026-03-06
How to cite this page
Preferred format:
For time-sensitive claims (rates, fees, state availability), please verify directly with the provider's official documentation and note the retrieval date.
Halal Finance Score
Are your investments Shariah-screened? Check all 7 categories.
Average score: 63/100
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.