💭 ## Why This Post Matters ##
If you read my last post, How to Build a Halal Portfolio, then you already know the basics.
But the question most people still ask is:
“Okay, but where do I actually invest?”
I used to get stuck on that too. Understanding halal investing is one thing — knowing where to open an account, what app to use, and how to make sure your money stays halal is another story.
The reality is, most banks and advisors in Canada don’t really understand halal investing the way we do. So I decided to write this guide — no fluff, no financial jargon. Just real steps you can take today to start investing with purpose.
🧭 Step 1: Choose the Right Account
Before you pick a platform, you need to decide which account you’ll use to invest. In Canada, here are your main options:
1️⃣ TFSA (Tax-Free Savings Account)
If you’re just starting out, this is the best place to begin.
Your investments grow tax-free, and you can withdraw your money whenever you want — no penalties or taxes.
Perfect for: Beginners who want flexibility and long-term growth.
Tip: Even $25/month in a TFSA adds up. Just open one and start.
2️⃣ RRSP (Registered Retirement Savings Plan)
RRSPs are designed for long-term savings — like retirement. Your contributions reduce your taxable income now, and you pay tax only when you withdraw later.
Perfect for: People with steady income who want to save for retirement and lower taxes today.
Tip: Think of it as a “future you” account. Your older self will be glad you started early.
3️⃣ Non-Registered (Cash) Account
This one has no contribution limits or tax advantages, but it’s the most flexible.
Perfect for: Anyone who’s maxed out their TFSA or RRSP, or wants quick access to their money.
Tip: Use this after your TFSA and RRSP are working for you. It’s ideal for growing beyond those limits.
💻 Step 2: Pick the Right Platform
Now comes the part most people get stuck on — where to actually invest.
Here are five of the best halal-friendly platforms available in Canada, based on personal experience and real-world usability:
🟢 1. Wealthsimple Trade — Best for Beginners
This is where I got my start. No trading fees, clean interface, and you can buy halal ETFs like HLAL or WSHR easily.
Pros:
$0 commissions
Simple mobile app
Pairs well with Zoya for halal screening
Things to watch for:
Not all ETFs are halal by default (use Zoya to check)
Fewer tools than more advanced platforms
Tip: Don’t wait until you “know everything.” Buy one halal ETF and get comfortable. Learning by doing is the fastest way to grow.
🟢 2. Questrade — Best for Long-Term, Hands-On Investors
When you want more control and lower fees than the big banks, Questrade is where you go.
Pros:
Access to U.S. and Canadian halal ETFs (SPUS, HLAL, WSHR, etc.)
Low fees
Ideal for TFSA and RRSP investing
Cons:
Not beginner-friendly
Interface is a bit more technical
Tip: Use Questrade once you’re ready to build and manage your own portfolio. It’s perfect for intentional, cost-conscious investing.
🟢 3. Wahed Invest — Best for Effortless Halal Portfolios
Don’t want to choose ETFs or rebalance your portfolio? Wahed does it all for you — and keeps it 100% halal.
Pros:
Fully halal-certified portfolios
Automatic management and rebalancing
Great for passive investors
Cons:
Less flexibility (you don’t pick your investments)
Slightly higher management fees (0.5–0.8%)
Tip: Perfect for busy professionals who want to “set it and forget it” — and still stay halal.
🟢 4. Manzil — Best for Halal Fixed Income and Stability
Not everything has to go into stocks. Manzil gives you halal ways to earn stable returns through sukuk-style products and fixed-income solutions.
Pros:
Based in Canada and fully shariah-compliant
Offers halal income products and mortgages
Transparent and values-based
Cons:
Not for trading stocks or ETFs
Limited range compared to other platforms
Tip: Use Manzil to stabilize your portfolio. Stocks grow your wealth, but fixed income keeps it steady.
🟢 5. Zoya — Your Halal Investing Compass
Before I buy anything, I check it in Zoya.
It’s not a brokerage — it’s your halal compliance tool. It screens stocks and ETFs, tracks your portfolio, and even helps with zakat calculations.
Tip: Use Zoya with Wealthsimple or Questrade. It’s like having a halal filter built into your investing routine.
💡 Step 3: Avoid Rookie Mistakes
When I started, I panicked every time my portfolio dipped. I sold too early. I second-guessed myself constantly.
What I learned:
You’ll never feel 100% ready. But you’ll always regret not starting sooner.
Tip: Start small, stay consistent, and focus on the long game. Investing is a skill — you learn it by doing.
🔁 Step 4: Automate Your Success
The best habit I built? Automating my monthly deposits. Even $50/month makes a difference over time.
Tip: When you automate, you stop trying to “time the market.” Your money grows in the background — and you stay emotionally steady.
🌙 Step 5: Invest With Intention
Halal investing isn’t just about avoiding haram industries. It’s about building wealth that feels right — ethically and spiritually.
For me, that means only investing in what I understand, using tools like Zoya to double-check everything, and aligning my money with my values.
Tip: Integrity brings peace of mind. And peace is the real measure of wealth.
✨ Final Thoughts: Just Start
If you’re still unsure where to begin, here’s your starting roadmap:
1️⃣ Open a TFSA
2️⃣ Start with Wealthsimple Trade to get comfortable
3️⃣ Use Zoya to screen your investments
4️⃣ Move to Questrade once you want more control
5️⃣ Add Wahed or Manzil for balance and diversification
Halal investing isn’t about hype or shortcuts. It’s about patience, progress, and purpose.
Every halal dollar you invest is a step toward independence, stability, and barakah.
Start small. Stay consistent. And grow with intention.
####Stayed tuned for our next post where we will talk about how to buy your first Halal ETFs.
