Zamzam Capital Review - Halal Finance Products
Reviewed quarterly and updated for major content changes.
Zamzam Capital offers halal financial products and services designed to align with Islamic principles. These options provide alternatives to conventional interest-based financial products, using structures like Murabaha, Ijara, and Musharakah.
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HalalWallet 2026 Review
Zamzam Capital - At a Glance
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Products Reviewed
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Provinces (Nationwide)
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Category
Our Verdict
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.
Pros & Cons
What We Like
- Fully named and credentialed Shariah board
- Scholar-signed halal stocks list
- Published 3-stage screening with five financial ratios and purification criteria
- Free screener enables methodology audit before paying
- smallcase delivery keeps stocks in the investor's own demat
What Could Be Better
- Subscription pricing and minimums app-gated, not printed
- Limited public track record as a young registered firm
- Swing-trading research plans may not suit conservative Shariah preferences
- Small reported asset base (INR 10 crore plus) relative to PMS rivals
Who Is Zamzam Capital Best For?
Scholar-accountability-first investors
Only Indian retail platform with a named, bio-published, signing Shariah board
DIY screeners
Free 1,800-stock halal screener with 6-monthly refresh and IPO coverage
SIP builders
smallcase portfolios with SIP facility and flat subscription fees
Detailed 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.
How It Works
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.
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.
Shariah Compliance Review
Oversight Level
Review details on provider's website
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/)
Shariah compliance should always be verified directly with Zamzam Capital. HalalWallet reports publicly available oversight information but does not issue fatwas or certify compliance.
How It 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.
vs. Green Portfolio
Islamicly-monitored smallcase with administered purification notifications; Zamzam counters with named scholars and a signed list.
vs. Vivekam Financial Services
TASIS-certified universe with printed INR 5,000 SIP entry; Zamzam counters with published in-house scholar governance.
vs. SenSage Financial Services
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.
Products from Zamzam Capital
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).
Zamzam Capital
Zamzam Capital Shariah smallcase Portfolios
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.
Opens provider site - no obligation
Where Available
Based on listings we track, Zamzam Capital operates nationwide:
Nationwide availability
Availability may vary by product type. Always verify current availability directly with Zamzam Capital.
How We Compare
- • We review publicly available information from providers, including Shariah compliance documentation.
- • We compare financing structures, total costs, down payment requirements, and state availability.
- • We prioritize providers that clearly explain their halal compliance rationale and operate with transparency.
- • We note which products are available nationwide versus regionally.
- • Learn more about our methodology.
Quick Answer
Zamzam Capital offers halal financial products that comply with Shariah principles, avoiding interest (riba) and prohibited industries. Their products are available in 1 state and include Investing options.
Key Takeaways
- Zamzam Capital offers Shariah-compliant financial products that avoid interest and prohibited industries.
- Products are available in 1 state: Nationwide.
- Product categories include Investing.
- Always verify compliance directly with Zamzam Capital and consult qualified Islamic finance advisors when needed.
- Compare Zamzam Capital's products with other providers to find the best fit for your needs.
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.
Sources and review process
This page is reviewed against HalalWallet editorial standards and source documentation.
Reviewed by: HalalWallet Editorial Team
Last reviewed: 2026-03-09
How to cite this page
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For time-sensitive claims (rates, fees, state availability), please verify directly with the provider's official documentation and note the retrieval date.
Related Guides
Frequently Asked Questions
What types of halal products does Zamzam Capital offer?
Zamzam Capital offers 1 product across 1 category. Zamzam Capital is best for [object Object],[object Object],[object Object]. Review the products listed above or contact Zamzam Capital directly for current offerings.
How does Zamzam Capital ensure Shariah compliance?
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 does Zamzam Capital work?
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.
Is Zamzam Capital available in my state?
Zamzam Capital operates nationwide, though specific products may have regional limitations. Always verify current availability directly with Zamzam Capital.
What are alternatives to Zamzam Capital?
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. Green Portfolio: Islamicly-monitored smallcase with administered purification notifications; Zamzam counters with named scholars and a signed list. Vivekam Financial Services: TASIS-certified universe with printed INR 5,000 SIP entry; Zamzam counters with published in-house scholar governance. SenSage Financial Services: Halal-only RIA with goal planning; Zamzam counters with scholar disclosure and a free auditable screener.
Are Zamzam Capital's products more expensive than conventional options?
Halal financing structures can have different fee structures compared to conventional products. Some options may be competitive with conventional rates, while others may have different cost structures. Pricing varies by product type, location, and individual circumstances. Always compare total costs and terms when evaluating options.
How do I contact Zamzam Capital?
Contact information for Zamzam Capital should be available through their website or the product listings above. Use the action links provided with each product to visit Zamzam Capital's website or contact them directly for more information.
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