HalalWallet (halalwallet.nz) compares every verified Shariah-compliant investing option in New Zealand: the AE Investor managed fund from Always-Ethical, the country's only Shariah-screened fund manager, and the Zoya and Musaffa AAOIFI stock screeners, both verified live on the New Zealand App Store. 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, returns, and Shariah governance so Kiwi investors can build halal portfolios.
Halal Investing in New Zealand
One Shariah-screened managed fund and two AAOIFI stock screeners: the complete verified halal investing shelf in New Zealand, compared on fees, real returns, and who actually oversees the screening.
Reviewed quarterly and updated when provider data, product availability, or pricing changes.
Top Picks
Top Halal Investing Providers
Every provider reviewed against published terms: fees, real returns, minimums, and the Shariah governance actually disclosed.
Ranked by Halal Money Index grade: disclosed Shariah governance, transparency, pricing disclosure and track record. Not sponsored.
Musaffa
B+Stock Screener
Best for: NZ investors who want research depth behind halal verdicts: detailed ratio breakdowns, compliance history and rankings across a wider market set than Zoya, including partial NZX coverage.
Shariah Oversight
Zoya
B+Stock Screener
Best for: NZ self-directed investors buying US or Australian shares through Sharesies, Hatch or Tiger Brokers who want a scholar-reviewed AAOIFI verdict before each trade.
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
Diversified Shariah funds 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 Shariah-compliant retirement portfolio
How Halal Investing Works in New Zealand
One certified fund, a DIY screener route, and the gaps we name instead of hiding
One Screened Managed Fund
AE Investor (formerly AmanahNZ) is New Zealand's only Shariah-screened managed fund: a PIE holding up to 50 US-listed stocks under a Strict Ethical Mandate, with no minimum investment, a named advisory board, and an annual external assurance report.
DIY via Global Screeners
The self-directed route pairs an NZ platform (Sharesies, Hatch, or Tiger Brokers, none of which screens anything) with an AAOIFI-based screener: Zoya for instant compliance verdicts on US shares, Musaffa for deeper research including partial NZX coverage.
No Retail Sukuk Market
New Zealand has never issued a sukuk and no NZ platform offers sukuk funds. Fixed-income substitutes mean offshore Islamic ETFs or accepting that the income sleeve of a halal NZ portfolio stays in cash.
'Ethical' Does Not Mean Halal
Pathfinder and NZ's other ethical KiwiSaver and fund managers use revenue-threshold exclusion screens with no riba screen and no Shariah oversight. They fail Shariah screening structurally, which is why the verified shelf is this short.
Purification Is Quantified
AE Investor discloses its purification donation as a line item (0.34% in the current PDS). DIY investors screening with Zoya or Musaffa must run their own purification math on dividends and donate the non-compliant slice.
Costs Are the Honest Trade-Off
The managed route costs about 3.29% a year all-in; a DIY global Islamic ETF can cost under 0.60% plus a screener subscription. The spread is the price of convenience and certified oversight in a boutique market, and we print it plainly.
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
Low-minimum Shariah funds
- NZ's screened managed fund with no minimum investment
- Live profit rates published online
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
New Zealand's verified halal investing shelf is three products, and we checked everything else before saying so: Pathfinder and every other NZ 'ethical' manager runs revenue-threshold exclusion screens with no riba screen and no Shariah oversight, Sharesies, Hatch, and Tiger Brokers screen nothing, and the pre-launch fintech Nashrr has no live products. What passes is Always-Ethical's AE Investor fund plus the Zoya and Musaffa screeners, both verified live on the NZ App Store with NZD pricing.
AE Investor's honesty is its best feature: a named advisory board, AAOIFI-consistent ratios, a public mandate memorandum and SAE 3100 assurance report, purification quantified at 0.34%, and no minimum, so a student can start with NZ$100. The investment case is more mixed: 3.14% p.a. net over the five years to April 2026 while US markets ran hard, a gap explained by heavy cash allocations and a 3.29% all-in cost. Members are buying certified compliance and an active cash-timing strategy, not a cheap index.
The DIY route inverts the trade-off. A global Islamic ETF through a foreign brokerage can cost under 0.60% a year, with Zoya's free tier or Musaffa's Foundation plan (cheaper on the web than through the App Store markup) handling compliance verdicts. The price is your own effort: purification math, periodic re-screening, and FIF tax awareness above NZ$50,000 of foreign holdings. Musaffa deserves a specific note as the only screener with any NZX coverage at all, partial and ticker-by-ticker as it is.
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 →
Every asset class, every account type, and how to sequence them.
Halal Stocks Guide →
How Shariah stock screening works and how to apply it yourself.
Is Crypto Halal? →
The scholarly positions on digital assets, explained honestly.
Islamic Finance Glossary →
Mudarabah, purification, gharar, and every screening term explained.
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 in New Zealand?
The Managed Route (AE Investor)
Estimated annual charges of 3.29% of NAV: 1.95% management, about 1.00% administration including brokerage, and a 0.34% purification donation. No entry, exit, or switching fees, and no minimum investment. Five-year return to April 2026: 3.14% p.a. net.
You are paying for certified screening, quantified purification, and zero effort. Judge the fee against how much work you would actually do yourself.
The DIY Route (Broker + Screener)
A global Islamic ETF through a foreign brokerage can run under 0.60% a year. Add Zoya (free tier, or Pro from about USD 9 to 11 a month via the web checkout) or Musaffa (Foundation from about USD 72 a year on the web; NZ App Store prices are marked up). You handle purification and periodic re-screening.
Above NZ$50,000 of foreign holdings, FIF tax rules apply; factor them into the comparison.
The KiwiSaver Layer
The AE KiwiSaver Plan charges an estimated 3.16% plus NZ$32.40 a year against a 0.86% category average. Employer matching and the government contribution still apply in full, which softens the fee drag considerably for contributing members.
See our retirement page for the full ten-year record and cost analysis.
Which Approach Is Right for You?
You want certified, hands-off investing
AE Investor is the only Shariah-screened managed fund in New Zealand: named advisory board, AAOIFI-consistent ratios, quantified purification, no minimum. Accept the 3.29% cost and the active cash-heavy strategy with open eyes.
You want low costs and control
Pair Sharesies, Hatch, or Tiger Brokers with Zoya or Musaffa, buy screened US shares or a global Islamic ETF, and run your own purification. A fraction of the cost, all of the responsibility.
You want to screen NZX stocks
Musaffa is the only screener with any NZX coverage, and it is partial: check every ticker individually. Zoya does not cover the NZX at all.
You want a halal income sleeve
No domestic sukuk exists. Go offshore for a global sukuk ETF (mind FIF tax rules) or hold cash as the defensive allocation. Do not accept conventional bond funds relabelled as 'ethical'.
You're saving for retirement
The AE KiwiSaver Plan is New Zealand's only Shariah-compliant KiwiSaver scheme. Employer and government contributions apply in full; see our retirement comparison for the honest cost math.
You're not sure ethical funds count
They do not. Pathfinder and NZ's other ethical managers use revenue-threshold screens with no riba screen and no Shariah oversight. Ethical and halal overlap in spirit, not in method.
Halal Investing by Region
Every verified option is digital and available nationwide, from Northland to Southland
Frequently Asked Questions
Zakat & Islamic Finance Resources
Calculate Zakat on your investments and learn about Islamic finance.
Quick Answer
New Zealand's verified halal investing shelf is three products. AE Investor (Always-Ethical) is the country's only Shariah-screened managed fund: no minimum investment, a named advisory board, AAOIFI-consistent screening, and purification quantified at 0.34%, at a 3.29% all-in annual cost. The DIY route pairs an NZ platform (Sharesies, Hatch, or Tiger Brokers, none of which screens anything) with an AAOIFI screener: Zoya for instant free compliance verdicts on US stocks, or Musaffa for deeper research including partial NZX coverage. No retail sukuk market exists, and no NZ 'ethical' fund passes Shariah screening.
Key Takeaways
- Three verified products: one screened managed fund (AE Investor) and two AAOIFI screeners (Zoya, Musaffa), both live on the NZ App Store with NZD pricing.
- Entry costs nothing: AE Investor has no minimum, Sharesies allows fractional investing, and Zoya's compliance verdicts are free.
- The managed route costs about 3.29% a year; DIY global Islamic ETFs can cost under 0.60% plus your own purification work.
- Pathfinder and NZ's other 'ethical' funds are not halal: revenue-threshold screens, no riba screen, no Shariah oversight.
- No domestic sukuk exists; the halal income sleeve means offshore ETFs (FIF tax applies above NZ$50,000) or cash.
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
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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.
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.