Robo-advisors have been a thing for about 15 years now, and for most of that time, Muslims were left out of the party. The big US robo-advisors (Betterment, Wealthfront, SoFi) didn't offer Shariah-compliant portfolios, and building your own halal portfolio meant researching individual ETFs and rebalancing manually.

That started changing around 2017 when Wahed Invest launched as the first dedicated halal robo-advisor in the US. Aghaz and Sarwa followed with different regional focuses. Now there's a real competitive field of faith-based robo-advisors, and you can actually pick one based on features rather than settling for whoever got there first.

Let's compare the three main options.

Wahed Invest

Wahed launched in 2017 in the US and quickly became the most recognizable halal robo-advisor brand globally. The firm is headquartered in New York and has regional operations in the UK, Malaysia, Bahrain, and elsewhere. Wahed serves clients across many countries but the US operation is the largest.

Account Minimum: 100 dollars to open a general investment account in the US. That's genuinely low and makes Wahed accessible to first-time investors.

Management Fee: 0.49 to 0.99 percent depending on account size. Smaller accounts pay higher fees (up to about 0.99 percent for accounts under 10,000 dollars), and larger accounts pay less. Very small accounts under 7,500 dollars have a flat monthly fee of about 6 dollars that works out to higher percentages.

Portfolio Construction: Wahed uses its own ETFs (HLAL, UMMA, SUKX) as the core building blocks, plus some third-party halal ETFs and physical gold exposure. Portfolios are built at several risk levels from very conservative to aggressive.

Screening: Shariah compliance certified by Wahed's Shariah advisory board, which includes established Islamic finance scholars. The firm publishes annual Shariah audits and purification guidance.

Account Types: Traditional and Roth IRAs, individual brokerage, joint accounts, and trust accounts in the US. Wahed does not currently offer 401(k) rollover specific products, though you can transfer retirement assets to a Wahed IRA.

Distinctive Features: Wahed has a mobile-first experience with a polished app. The firm also offers a Wahed+ premium tier with additional services for higher-balance accounts. Gold exposure is a distinctive Wahed feature that some halal investors appreciate as an inflation hedge.

Aghaz Investments

Aghaz launched in 2021 in the US as an alternative halal robo-advisor aimed specifically at a younger, more digital-first audience. Based in the US, Aghaz emphasizes low cost and direct-indexing approaches.

Account Minimum: 100 dollars to start. Same as Wahed.

Management Fee: 0.49 percent flat fee for most accounts, with some discounting at higher asset levels. Aghaz positions itself as more cost-competitive than Wahed for small and mid-sized accounts.

Portfolio Construction: Aghaz uses both ETF-based portfolios and direct indexing (where you actually own individual stocks rather than fund shares). The direct indexing approach is unusual in the halal robo space and appeals to investors who want tax-loss harvesting benefits or more granular control over their holdings.

Screening: Aghaz uses proprietary screening methodology with Shariah advisory input. The firm emphasizes transparency about which companies pass screening and why.

Account Types: Similar to Wahed: traditional and Roth IRAs, individual and joint brokerage accounts.

Distinctive Features: Tax-loss harvesting through direct indexing is a real feature for investors in taxable accounts with meaningful balances. Aghaz has also pushed into ESG and values-based investing alongside Islamic compliance, which gives some flexibility for investors who want combined screening approaches.

Sarwa

Sarwa is a Dubai-based robo-advisor that launched in 2018, originally focused on UAE and GCC investors. The firm has expanded its footprint significantly and now serves clients across the Middle East, Africa, and beyond. Sarwa offers both conventional (non-halal) portfolios and Islamic portfolios as separate products.

Account Minimum: 5 dollars to start with their basic offering. The practical minimum for building a meaningful portfolio is higher, but the entry point is extremely low.

Management Fee: Ranges from 0.50 to 0.85 percent depending on account size and product tier. Sarwa's pricing is competitive with Wahed but varies by region and product.

Portfolio Construction: Sarwa builds Shariah portfolios using a mix of halal ETFs including SPUS, HLAL, UMMA, ISDW (where available to Sarwa clients), and sukuk ETFs. The portfolios are designed for GCC tax and regulatory environments primarily.

Screening: Uses established third-party halal ETFs rather than proprietary screening. Sarwa's Shariah compliance comes through the underlying fund selection rather than independent company-level screening.

Account Types: Varies by jurisdiction. In the UAE, Sarwa can offer local brokerage accounts. In other markets, they operate through partner brokers. Not currently available to US residents.

Distinctive Features: Strong local presence in the Middle East with Arabic-language support. Sarwa also offers crypto exposure, cash management accounts, and other fintech features beyond pure investing, making it more of a complete financial services app for its users.

Direct Comparison Table

Feature	Wahed	Aghaz	Sarwa
HQ	USA	USA	UAE
Min account	$100	$100	$5
Fee range	0.49-0.99%	0.49%	0.50-0.85%
US availability	Yes	Yes	No
Direct indexing	No	Yes	No
Gold exposure	Yes	Limited	Limited
Proprietary ETFs	HLAL, UMMA, SUKX	No	No
Mobile app quality	High	Medium	High
Sukuk portfolio option	Yes	Yes	Yes

Fee Math: Real World Impact

On a 25,000 dollar account, let me calculate annual fees.

Wahed: 0.79 percent = 197.50 dollars per year
Aghaz: 0.49 percent = 122.50 dollars per year
Sarwa: 0.65 percent = 162.50 dollars per year

Add the underlying ETF expense ratios (typically 0.40 to 0.50 percent blended) and your total annual cost is roughly:
- Wahed: 1.20 to 1.30 percent all-in
- Aghaz: 0.90 to 1.00 percent all-in
- Sarwa: 1.10 to 1.20 percent all-in

Over 30 years, the difference between 0.90 and 1.25 percent all-in on a starting 25,000 dollar account with regular contributions can compound to tens of thousands of dollars in lost returns. Fees matter enormously over long time horizons.

The DIY Alternative

Here's a question worth asking: do you actually need a halal robo-advisor, or can you just buy a few ETFs yourself in a regular brokerage account?

If you can handle the basic portfolio construction yourself, you can build a halal portfolio at Fidelity, Schwab, or another mainstream brokerage with something like:

55 to 60 percent SPUS or HLAL
25 to 30 percent UMMA
15 to 20 percent SPSK or SUKX for sukuk
Maybe 5 to 10 percent SPRE for real estate if wanted

Blended expense ratio on that portfolio: about 0.50 to 0.55 percent. No robo-advisor fee on top. You save roughly 0.50 to 0.75 percent per year compared to using a halal robo.

The catch: you have to rebalance yourself (a couple times a year), you have to handle tax-loss harvesting yourself if you care about that, and you have to not panic sell during drawdowns. For some people, the behavioral coaching and automatic rebalancing of a robo is worth the fee. For others, the DIY savings are worth doing the small amount of work.

When Robo-Advisors Actually Help

Robo-advisors add real value in a few specific situations:

You're a beginner who will not otherwise invest. The hardest part of halal investing is just getting started. If a robo gets you putting money in the market instead of keeping it in a checking account because you don't know where to begin, it pays for itself.

You want automatic rebalancing without thinking about it. Some people know they should rebalance but never actually do it. Robos handle this.

You have a taxable account and want tax-loss harvesting. Direct indexing robos like Aghaz can harvest tax losses throughout the year in ways that are difficult to do manually.

You value the behavioral coaching. When markets drop 20 percent, a lot of DIY investors sell at the bottom. Robos tend to just keep rebalancing, which prevents panic selling. If you know you're prone to behavioral mistakes, the robo fee is cheap insurance.

When You Should Just DIY

You have a reasonably large account (100,000 dollars or more). The fee savings become meaningful at scale.

You're comfortable with basic investing mechanics. If you can buy an ETF and place a rebalancing trade once a year, you don't need a robo.

You want specific portfolio construction that robos don't offer. Most halal robos have limited customization. If you want a specific allocation, DIY is more flexible.

You don't want to worry about the robo going out of business. Small fintech robos have real business model risks. Your money is safe (custodial accounts are protected), but your account could get migrated to a different platform with different fees. DIY at Fidelity or Schwab avoids that complication.

Account Protection and Custodial Arrangements

All three of these robos use third-party custodians for client assets. Wahed uses Apex Clearing in the US. Aghaz also uses Apex. Sarwa uses various custodians depending on jurisdiction.

This matters because it means your actual securities are held by established custodians, not by the robo-advisor directly. If Wahed or Aghaz went out of business tomorrow, your securities would still exist at the custodian, and you could transfer them to another brokerage. This is standard industry practice and it's reassuring.

SIPC insurance covers US accounts up to the usual limits (500,000 dollars per customer with 250,000 for cash).

Who Each Robo Serves Best

Wahed: Best for first-time Muslim investors who want a polished app experience and a trusted brand with long operating history in the halal space. Also best for investors who specifically want gold exposure in their portfolio.

Aghaz: Best for cost-conscious Muslim investors who want lower fees and are comfortable with a newer firm. Also good for taxable account investors who benefit from direct indexing and tax-loss harvesting.

Sarwa: Best for Middle East and North Africa investors who want a local fintech experience with Islamic portfolio options alongside broader financial services.

Bottom Line

The faith-based robo-advisor space is much healthier in 2026 than it was five years ago. You have actual choices, prices are coming down (gradually), and the underlying product is better built out. For Muslim investors who want simplicity and are willing to pay for it, any of these three is a defensible choice within its geography.

For Muslim investors with larger balances or who are comfortable doing their own rebalancing, buying halal ETFs directly at a mainstream brokerage is likely to save meaningful money over time. The robo value proposition is strongest at the small-account and new-investor end of the spectrum.

Pick based on your specific situation, not on the marketing. And whichever route you choose, the important thing is actually starting. A mediocre halal portfolio that you actually fund is worth more than a perfect one you never build.

Faith-Based Robo-Advisors: Wahed Invest, Aghaz, Sarwa Compared