HLAL
Wahed FTSE USA Shariah ETF
Is HLAL Halal?
Pure Sharia-screened US equity ETF.
What You Should Know
HLAL provides exposure to large and mid-cap US equities that comply with Islamic investment principles. Its February 28, 2026 N-PORT reports $757.701 million of assets, $0.286 million of liabilities and $1.836 million of cash; underlying look-through revenue and purification remain incomplete.
⚠️ Concerns
- •Lower liquidity than conventional ETFs
- •Underlying holdings and methodology can change
- •Fund-level proxy ratios do not replace issuer-level review
Current quantitative Sharia screen
Based on Form N-PORT-P figures for the period ended 2026-02-28; calculated 2026-07-15.
0 / 757.701
1.836 / 757.701
1.836 / 757.701
- Financial
- Incomplete
- Overall
- Incomplete
The N-PORT supplies total assets and limited cash information but not complete fund-level revenue, debt, receivables or prohibited-income lines; underlying issuer review remains incomplete.
- Financial
- Pass
- Overall
- Incomplete
Proxy debt/assets, liquidity/assets and receivables-plus-cash/assets are 0.00%, 0.24% and 0.24%; unreported lines and look-through activity prevent a complete classification.
- Financial
- Pass
- Overall
- Incomplete
Reported proxy debt/assets and liquidity/assets are below the examined Malaysia limits; complete fund-level activity and income data are unavailable.
- Financial
- Not calculated
- Overall
- Incomplete
A licensed historical fund look-through market-cap series is not stored.
Business-activity disclosure
HLAL tracks the FTSE USA Shariah Index and is marketed as a Sharia-screened ETF. The retained qualitative HALAL verdict is preserved, while holdings, methodology changes and purification require continuing review.
Limitation: The N-PORT does not provide a universal underlying prohibited-revenue numerator or complete fund-level operating-income statement.
Purification
The N-PORT does not provide a universal underlying prohibited-income allocation; ZakatInvest does not invent a purification percentage.
Inputs, assumptions and primary sources
- The February 28, 2026 N-PORT reports total assets of $757.701416 million, total liabilities of $0.285672 million and net assets of $757.415743 million.
- The N-PORT reports $1.835895 million of cash not reported in the schedule of investments and no fund-level borrowings; complete operating revenue and receivable lines are not provided.
- HLAL tracks the FTSE USA Shariah Index. TotalRevenue is zero because an ETF has no operating-company revenue denominator; this is not evidence of a financial pass for every underlying issuer.
- Underlying holdings, purification and scholar interpretation remain separate from fund-level proxy ratios.
This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.
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