Sharia Portfolio Canada

What Sharia Portfolio Canada does

ShariaPortfolio Canada Inc. is a Toronto-area licensed Portfolio Manager and Exempt Market Dealer, registered in six Canadian provinces (Ontario, Alberta, British Columbia, Quebec, New Brunswick, Nova Scotia) with the Ontario Securities Commission as principal regulator. Founded in January 2020 as the Canadian arm of ShariaPortfolio Inc. (USA, founded 2003 by Naushad Virji), it is described as Canada's only licensed Portfolio Manager fully dedicated to Sharia-compliant, socially responsible investing, primarily serving Canadian Muslim individuals and families, secondarily incorporated professionals via Individual Pension Plans (IPP) and Personal Pension Plans (PPP), and general values-aligned Canadian investors.

The firm offers two core investment strategies — ShariaPortfolio Active (active Value and Growth equity management) and ShariaPortfolio Passive (halal ETF allocation) — and supports a comprehensive suite of registered account types (RRSP, TFSA, RESP, RRIF, LIRA, FHSA, non-registered, IPP/PPP). All portfolios are managed in accordance with AAOIFI rules, applying business-activity screens (excluding alcohol, tobacco, gambling, pork, interest-based businesses) and financial-ratio screens (interest-bearing debt under 30% of average market cap, cash under 30%, non-compliant income under 5%). Compliance is overseen by an independent Islamic Finance Advisory Council of Canadian imams and scholars. The proprietary tool set includes a Sharia-compliant stock screener (sourced from Raqaba and Muslim XChange), a Zakat calculator (co-developed with NZF Canada), and a self-service client portal with iOS and Android apps; custody is provided by Fidelity Clearing Canada ULC.

The business model is AUM-fee based at 0.5%-1.5% of portfolio value annually, with no mutual-fund commissions accepted, aligning advisor incentives with client outcomes. Revenue is generated through discretionary portfolio management fees across the registered account suite. Distribution is hybrid: direct advisory sales, inside sales via website forms and Outlook booking, self-service account opening, and educational demand generation through multilingual webinars, blog content, social media, and PR. The firm is part of a group that includes US-based ShariaPortfolio Inc. and SP Funds (which launched two Sharia-compliant ETFs on the NYSE in 2019).

Name

Sharia Portfolio Canada

Legal name

ShariaPortfolio Canada Inc.

Website

https://shariaportfolio.ca

Company type

Private

Founded year

2020

Operating status

Operating

Headcount range

11–50 employees

Short description

ShariaPortfolio Canada is a licensed Portfolio Manager and Exempt Market Dealer across six Canadian provinces, fully dedicated to Sharia-compliant investing. It serves primarily Canadian Muslims, plus incorporated professionals and values-aligned investors, with active and passive halal strategies across RRSP, TFSA, RESP, RRIF, LIRA, FHSA, and IPP/PPP accounts under AAOIFI screening.

Ownership category

akta.pro rank

Product category

Sharia-Compliant Wealth Management

NAICS

Portfolio Management and Investment Advice (523940), Trust, Fiduciary, and Custody Activities (523991)

SIC

Investment Advice (6282)

akta.pro primary industry

Managed Platforms & Wrap Programs for Private Clients (Model Portfolios, UMA/SMAs) (FSAAABAM)

akta.pro secondary industries

Retirement & Distribution Planning RIAs (401(k)/IRA/Pension Rollovers) (FSAAACAE), Trust & Estate Tax Planning & Compliance (FSAEAKAE)

Keywords

• Sharia compliant investing
• Halal wealth management
• Portfolio management services
• Islamic financial planning
• Asset management advisory

Headquarters

HQ city

Lake Mary

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Asset Under Management (AUM) Fees: ShariaPortfolio Canada charges annual fees ranging from 0.5% to 1.5% of portfolio value, depending on the amount of assets under management and the type of service provided. Unlike many other advisors, the firm does not accept commissions from mutual fund companies, aligning its incentives with client outcomes.
2. Discretionary Portfolio Management: As a registered Portfolio Manager, the firm provides discretionary investment advisory services to clients, managing their portfolios in accordance with Sharia principles for a recurring AUM-based fee.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels7 records

Core offering

ShariaPortfolio Canada Inc. is a licensed Portfolio Manager and Exempt Market Dealer that provides professionally managed, AAOIFI-compliant Sharia (Halal) investment portfolios and wealth management services to Canadian individuals and families. The firm offers two core strategies — ShariaPortfolio Active (active stock-picking) and ShariaPortfolio Passive (Halal ETFs) — delivered through a full range of registered Canadian account types (RRSP, TFSA, RESP, RRIF, LIRA, FHSA, Non-Registered) and pension plans (IPP/PPP), with custody handled by Fidelity Clearing Canada ULC.

Product overview

ShariaPortfolio Canada is a boutique asset management firm specializing in socially responsible and Halal investing. The company offers two main investment strategies: ShariaPortfolio Active (hands-on approach with goal of outperforming stock market returns) and ShariaPortfolio Passive (long-term growth through Halal ETFs). The company manages all portfolios according to AAOIFI rules, offering comprehensive wealth management solutions through various registered account types (RRSP, TFSA, RESP, RRIF, LIRA, FHSA, Non-Registered), retirement planning products (IPP, PPP), stock screening tools, and Zakat calculation services. The firm operates as the only licensed Portfolio Manager in Canada dedicated to Sharia-compliant investing.

Differentiator

Problem solved

Functional benefit

Products and services

• ShariaPortfolio Active Hands-on active investment strategy that uses a Value and Growth approach with experienced portfolio managers actively identifying opportunities and managing risks, aimed at outperforming stock market and benchmark returns while remaining AAOIFI-compliant. Designed for Canadian individual investors and families seeking professionally managed Sharia-compliant exposure to global equities.
• ShariaPortfolio Passive Passive investment strategy for clients seeking long, steady growth through a mix of Halal ETFs rather than individual stocks, lowering single-stock risk exposure. Suited to risk-averse Canadian individual investors who want Sharia-compliant exposure via diversified ETF portfolios.
• RRSP (Registered Retirement Savings Plan) Tax-advantaged retirement savings plan registered with the Canadian government, allowing contributions for retirement purposes with tax-deductible contributions and tax-sheltered growth, invested in Sharia-compliant portfolios. Targeted at Canadian individual investors saving for retirement.
• TFSA (Tax-Free Savings Account) Tax-exempt Canadian account allowing contributions to invest without tax liabilities, with capital gains, dividends, and income non-taxable and withdrawals also non-taxed. Offered in a Sharia-compliant mandate for individual investors.
• RESP (Registered Education Savings Plan)
• LIRA (Locked-In Retirement Account) Locked retirement account allowing transfer of pension funds from a former employer plan with tax-sheltered growth and restricted withdrawals. Offered within a Sharia-compliant mandate for individuals managing transferred pension balances.
• RRIF (Registered Retirement Income Fund)
• FHSA (First Home Savings Account)
• Non-Registered Cash Accounts
• IPP (Individual Pension Plan)
• PPP (Personal Pension Plan)
• Sharia-Compliant Stock Screener
• Zakat Calculator

Quantifiable outcome

• ShariaPortfolio, Inc. (US affiliate) managed over US$150M in assets as of 2020, with clients in 26 US states

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

Feature3 records

Partnerships

Four partnerships are on record, tiered core and minor.

• Fidelity Clearing Canada ULCcoreOthersFidelity Clearing Canada ULC serves as the custodian for client portfolios held with ShariaPortfolio Canada. It is a custodian registered with the Investment Industry Regulatory Organization of Canada (IIROC) and part of the Fidelity group of companies that handles over $10 trillion in customer assets worldwide. This partnership provides institutional-grade custody and clearing infrastructure, building trust with clients.
• Integris Pension AdministrationcoreImplementation/ SI/ Consulting PartnerIntegris Pension Administration is a trusted partner in designing and administering pension plans. For IPP and PPP pension plans, Integris handles actuarial calculations and actuarial administration while ShariaPortfolio focuses on portfolio construction and investment management according to Islamic values. This partnership enables the firm to offer comprehensive pension plan solutions to incorporated professionals.
• NZF Canada (National Zakat Foundation)minorStrategic or Co-development PartnerNZF Canada developed the Zakat Calculator available on the ShariaPortfolio Canada website as a free tool for clients. The calculator helps users determine their Zakat obligations based on their assets and liabilities. NZF provides the calculation logic and updates, while ShariaPortfolio provides the distribution platform and user interface.
• Islamic Finance Advisory CouncilcoreStrategic or Co-development PartnerAn independent body composed of imams, scholars, and Islamic finance experts from Canada. The council reviews and verifies contracts and processes for Sharia compliance, ensuring that the firm's services and investment offerings meet Islamic financial standards. This advisory council provides credibility and a competitive moat for ShariaPortfolio Canada.

Scale indicators5 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Azzad Asset Management: US registered investment advisor specializing in Shariah-compliant portfolio management for Muslim individuals and institutions; comparable as a dedicated halal PM offering screened active strategies, retirement accounts, and community-led GTM.
• Sarwa: Middle East-headquartered digital wealth management platform offering Sharia-compliant investment portfolios alongside conventional options; comparable as a Sharia-focused portfolio manager using technology-driven onboarding and advisor support for retail clients.
• Aghaz Investments: Canadian halal investment firm providing Sharia-screened portfolios, RRSP/TFSA accounts, and educational content to Canadian Muslims; directly comparable as a domestic competitor targeting the same Canadian Muslim retail segment with similar registered-account offerings.
• Wahed Invest: Global digital halal investing platform offering automated, Shariah-screened portfolios to retail clients across multiple countries; comparable as a Sharia-focused wealth management firm targeting the same Muslim retail investor segment, differing mainly in a digital-first delivery model.
• Saturna Capital (Amana Mutual Funds): US-based investment manager of the Amana family of Shariah-compliant mutual funds, providing portfolio management services to Muslim investors across North America; comparable as a long-standing, AAOIFI-aligned halal asset manager with a similar advisor-led distribution model.

Broad incumbents

• IG Wealth Management: Major Canadian wealth management firm with national advisor-led distribution across all provinces; comparable as a scaled incumbent that could extend into halal/ethical segments and capture share of the same retail investor pool.
• iShares (BlackRock): Global ETF provider whose MSCI World Islamic and Emerging Markets Islamic ETF series offer passively managed Shariah-screened exposure; comparable as a meaningful substitute product that Canadian investors can access through general brokerages, representing competitive pressure on the firm's passive Sharia strategy.
• Wealthsimple: Large Canadian direct investing and wealth management platform offering self-directed accounts (TFSA, RRSP, FHSA) where clients can construct halal portfolios using Islamic ETFs; comparable as a Canadian incumbent that can host Sharia-compliant investing as a feature within a broader product suite.
• Manulife Wealth & Asset Management: Large Canadian insurer-owned wealth and asset manager with registered account offerings and proprietary fund families; comparable as an established Canadian wealth manager with the distribution and product scale to potentially introduce Sharia-compliant vehicles.

Regional players

• Hejaz Financial Services: Australian Islamic financial services firm offering Sharia-compliant wealth management, superannuation, and advisory services; comparable as a peer operating in a different developed-market regulatory environment but targeting a similar Muslim diaspora with analogous advisor-led and community-driven GTM.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UCukV568aUUkGQqcwcCMIqfA
• Facebookfacebook.com/shariaportfoliocanada
• LinkedInlinkedin.com/company/sharia-portfolio-canada-inc
• Instagraminstagram.com/shariaportfoliocanada
• Xx.com/ShariaPortfolio

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles17 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Sharia Portfolio Canada