New here? Start with how home finance works in the US on the edition hub — the shapes a halal mortgage takes, the housing reality, and the tax wrappers worth screening. Then read each provider below, and click through for the full per-provider read.
How we grade
The Six Pillars
Every provider on this page is read against the same six questions — the universal lens this site applies to any home-finance contract, anywhere. The labels change between markets; the test does not. And the underlying case against riba — why it is prohibited at all — is the same everywhere, and lives on /why and /structures.
- 1
Real ownership
Does the financier genuinely take ownership of the asset — even briefly — and bear a real owner's risk, rather than only ever holding a debt secured against it?
- 2
Risk-sharing
If the asset is destroyed or its value collapses, does the financier share that loss in proportion to its stake, or is the customer left bearing it alone?
- 3
Rent vs interest
In a lease/co-ownership, is the rent benchmarked to a genuine market rent for the property — or is it calibrated to an interest rate (a base-rate + margin) in disguise?
- 4
Default mechanism
On default, does the contract behave like the end of a real lease/partnership — or does it accelerate like a loan, demanding the full outstanding 'principal' plus charges?
- 5
No guaranteed pre-fixed return
Is the financier's return tied to real ownership and risk, or is it a pre-fixed, guaranteed sum that arrives regardless of what happens to the asset?
- 6
Substance over form
Strip away the Arabic labels: does the cashflow, risk, and outcome differ from a conventional loan — or is it the same economics wearing a compliant name (ḥiyal)?
At a glance
Comparison table
Every US provider read against the framework, grouped by tier — the verdict reflects the publicly-described structure, and the primary concern is the single biggest open question for that provider. Read the full per-provider entry below before relying on any verdict.
Home finance
Buying a home
StructureDeclining Balance Co-ownership (Diminishing Mushārakah)
The longest-operating and largest US Islamic home provider. Its co-ownership structure carries one of the most credible Shariah boards in the West, and AMJA ruled it permissible in the face of need — while flagging an unjust distribution of taxes, insurance and maintenance. Permissibility still turns on rent calibration, who bears ownership risk, and the default mechanism in your executed contract.
Contract-grade public documents were read directly (e.g. a full Terms & Conditions or a scholar-reviewed contract). This rates our certainty, not the provider’s compliance.
StructureDiminishing Mushārakah; also Murābaḥah & Ijārah
A faith-based division of University Bank (an FDIC-member community bank), AAOIFI member since 2007. AMJA ruled it permissible only in dire need, flagging a post-default 'continued collection' mechanism and an unfair insurance-cost advantage. As of 1 April 2026 UIF absorbed American Finance House LARIBA. Contract-dependent — verify ownership transfer, risk-bearing and the default terms.
Provider white papers, FAQs or fatāwā were read, but the executed contract itself is not public. This rates our certainty, not the provider’s compliance.
Structure'Declining Participation in Usufruct' (Ijārah + Mushārakah hybrid)
A pioneer of US faith-based home finance (1987) — but AMJA ruled the legacy LARIBA contract IMPERMISSIBLE, finding it 'does not differ from a traditional mortgage'. As of 1 April 2026 LARIBA was merged into UIF; new originations now run through UIF's structures. Treat as legacy/absorbed and verify which entity's contract you would actually sign today.
Provider white papers, FAQs or fatāwā were read, but the executed contract itself is not public. This rates our certainty, not the provider’s compliance.
StructureIjārah wa Iqtinā (lease-to-own) via a purchasing trust
AMJA ruled this IMPERMISSIBLE — its model 'contains clear and explicit interest' because, on AMJA's reading, the customer first takes out a standard interest-based mortgage that is then restructured. A separate Darul Iftaa (Askimam) fatwa also concluded it is not Shariah-compliant. Approach with serious caution and read the actual chain of contracts.
Provider white papers, FAQs or fatāwā were read, but the executed contract itself is not public. This rates our certainty, not the provider’s compliance.
StructureMember-funded Mushārakah co-ownership (cooperative)
Notable as the only US provider in this set to receive an unconditional (not need-limited) AMJA pass: after Ameen eliminated late fees and corrected maintenance allocation, AMJA ruled (Jan 2015 update) that its contracts 'are now consistent with the laws of the Shareeah'. As a member-funded California co-op, capacity and availability are limited. Verify member obligations and current terms.
Provider white papers, FAQs or fatāwā were read, but the executed contract itself is not public. This rates our certainty, not the provider’s compliance.
StructureDiminishing Mushāraka (shared-equity co-ownership) funded only from private investor capital, ending in full buyer ownership over 15 years
The standout new US finding: AMJA's Resident Fatwa Committee (Fatwa ID 87782, 22 January 2026) reviewed Neeyah's ACTUAL contract and found it 'acceptable under Islamic law' — the only provider in this audit with a specific, recent AMJA approval of its executed home-finance structure. The green is conditional: AMJA also recommended Neeyah appoint a formal named independent Shariah Supervisory Board, which has not been publicly confirmed, and no NMLS number is publicly verifiable.
Contract-grade public documents were read directly (e.g. a full Terms & Conditions or a scholar-reviewed contract). This rates our certainty, not the provider’s compliance.
StructureA national conventional mortgage lender distributing Ijara CDC's lease-to-own contract as a 'Halal Financing Program'
A material consumer alert rather than an endorsement. CMG Financial (NMLS #1820, licensed in all 50 states) is a large conventional mortgage lender that markets a 'Halal Financing Program' delivered ENTIRELY through Ijara CDC's contract structure. Because AMJA's 2014 resolution ruled the Ijara CDC structure 'not allowed' (a conventional interest-based mortgage sits at the front of the chain), that impermissibility ruling applies equally to CMG's halal product — yet CMG's national scale means many buyers may encounter it as a mainstream 'halal' option. Treat with serious caution.
Contract-grade public documents were read directly (e.g. a full Terms & Conditions or a scholar-reviewed contract). This rates our certainty, not the provider’s compliance.
Investing
Screened equity & funds
StructureShariah-screened managed portfolios + HLAL ETF
An investment, not a mortgage — an SEC-registered robo-adviser with an external Shariah committee (Shariah Review Bureau) following AAOIFI guidelines. Screened-equity products clear the structural lens more cleanly than home finance. Still verify the screening thresholds and dividend-purification policy.
Read the contract →StructureShariah-managed mutual funds (equity + sukuk income)
Among the oldest screened US funds — the Amana Income Fund dates to 1986. Structurally investment products run by an SEC-registered adviser and reviewed by independent scholars. Review the financial-ratio screens and how purification is handled for shareholders.
Only marketing or secondary sources were available; key facts remain unverified. This rates our certainty, not the provider’s compliance.
StructureFamily of Shariah-compliant ETFs (equity, sukuk, REIT)
A family of US-listed Shariah ETFs managed per AAOIFI rules by ShariaPortfolio, with a published purification calculator. Structurally investment products that clear the lens more cleanly than home finance. Verify each fund's named Shariah committee, expense ratio, and how the industry-exclusion overlay shifts risk versus the parent index.
Contract-grade public documents were read directly (e.g. a full Terms & Conditions or a scholar-reviewed contract). This rates our certainty, not the provider’s compliance.
StructureScreened equity + halal fixed-income funds (Azzad Ethical Fund / Azzad Wise Capital Fund), screened to AAOIFI Shariah Standard 21
Audit V2 (methodology-grounded, from Azzad's own published Ethical and Shariah Investment Guidelines). One of the longest-running US halal managers — an SEC-registered adviser, not a debt provider, so the structural lens that troubles home finance does not apply: a shareholder owns a slice of the underlying businesses rather than holding a debt claim, and the analysis turns on the rigour of the screen. Azzad's is public, explicitly built on AAOIFI Shariah Standard 21, and overseen by a named scholarly board. Green on the structural lens; verify the live thresholds and purification figures on the current prospectus before relying on them.
Provider white papers, FAQs or fatāwā were read, but the executed contract itself is not public. This rates our certainty, not the provider’s compliance.
StructureState-registered RIA — Halal Custom Indexing + financial planning; cash-only; flat monthly fee (0% AUM); AAOIFI-certified by Amanie International; custody at Charles Schwab
A state-registered RIA (CRD#325403, McLean VA) offering halal custom indexing and full financial planning at flat monthly fees with zero AUM%. It carries arguably the strongest named Shariah governance of any newer US investing provider: AAOIFI certification via Amanie International with four named scholars including Dr. Mohamed Ali Elgari and Dr. Mohd Daud Bakar — both sitting AAOIFI Shariah Board members — renewed February 2026. Yellow because it is state-registered only (VA/MD/NC/NY/CA), founded c.2023 with limited track record, and the flat fee is steep on small portfolios.
Provider white papers, FAQs or fatāwā were read, but the executed contract itself is not public. This rates our certainty, not the provider’s compliance.
StructureSEC-RIA human-advised halal equity portfolios; AAOIFI-aligned screening; 401(k)/IRA management; Express digital tier
One of the oldest SEC-registered halal wealth managers in the US (CRD#173937, Lake Mary FL, founded 2003), operating under fiduciary duty across 26 states with AAOIFI-aligned screening. Yellow because the public record does not name the full Shariah board, no external AAOIFI/AMJA certificate is posted, and the fee schedule is not public.
Provider white papers, FAQs or fatāwā were read, but the executed contract itself is not public. This rates our certainty, not the provider’s compliance.
StructureSEC-RIA robo-advisory wrap-fee halal portfolios (via Alpaca); sub-adviser to the MNZL ETF (NASDAQ, Nov 2025); US home finance 'coming soon'
An SEC-registered RIA (CRD#308500, registered 2020 as Aghaz, acquired by Manzil Canada / Murabaha Inc. in Nov 2024 and rebranded). Named, credentialled Shariah board (Dr. Shaher Abbas, Mufti Faraz Adam, Dr. Mohamed Anouar Gadhoum) with AAOIFI compliance stated in its SEC-filed wrap-fee brochure; it also sub-advises the MNZL ETF on NASDAQ. Yellow due to the recent acquisition transition, no AMJA fatwa, and US home finance not yet live.
Provider white papers, FAQs or fatāwā were read, but the executed contract itself is not public. This rates our certainty, not the provider’s compliance.
StructureAAOIFI stock-screening platform (130,000+ stocks) + SEC-RIA managed halal portfolios ($500 min) + brokerage via Alpaca
A widely-used halal screening platform (600,000+ users) that added SEC-RIA managed portfolios in 2025 (CRD#338525). Named scholars include Dr. Aznan Hasan (a sitting AAOIFI Shariah Board member) and Mufti Faraz Adam (Amanah Advisors), with SIPC-protected custody at Alpaca and the lowest entry point of any surveyed manager ($500 / $5-a-month). Yellow due to the recency of RIA registration and the absence of a public formal fatwa.
Provider white papers, FAQs or fatāwā were read, but the executed contract itself is not public. This rates our certainty, not the provider’s compliance.
StructureAAOIFI stock-screening app (130,000+ stocks) — NOT an adviser or broker-dealer; brokerage access via Alpaca
The leading US halal stock-screening app ($1B+ connected assets), founded 2016 by Investroo Inc., with named AAOIFI-credentialled advisers Joe Bradford (AAOIFI CSAA; former VP/Senior Shariah Consultant at Al Rajhi Bank) and Umer Khan. Categorically it is a TOOL — explicitly not an investment adviser, broker-dealer or FINRA member — so it carries no fiduciary duty and the user bears full execution responsibility. Strong screening transparency, but it informs rather than manages.
Contract-grade public documents were read directly (e.g. a full Terms & Conditions or a scholar-reviewed contract). This rates our certainty, not the provider’s compliance.
Other providers
Banking & beyond
StructureMurābaḥah (cost-plus deferred sale); historically Ijārah
A chartered, FDIC-member community bank (Chicago) — among the few halal home-finance providers that is itself a regulated, deposit-insured bank. AMJA ruled it permissible only in dire need, citing ownership-verification, inequitable insurance treatment, account-freeze rights, and default provisions affecting heirs. Contested pending review of the executed contract.
Provider white papers, FAQs or fatāwā were read, but the executed contract itself is not public. This rates our certainty, not the provider’s compliance.