StructureScreens 130,000+ stocks and 8,000+ ETFs to AAOIFI standards with revenue breakdowns, purification calculations and a 1–5 compliance score. The managed service offers four US-focused portfolios (Core, Growth, Income, Innovation), AAOIFI-screened and held at Alpaca; pricing is $5/month flat for smaller balances scaling toward ~0.45% AUM. Built-in zakat tools; 600,000+ users across 200+ countries.
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.
Read the 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.
Established & regulatory standing
The verifiable facts
Established
Founded 2020 (as Amanatrade LLC; renamed Musaffa LLC Nov 2021), HQ 48 Wall Street, New York.
Regulatory standing
SEC-registered investment adviser, CRD#338525, RIA registration completed 2025. Client assets at Alpaca Securities LLC (FINRA; SIPC to $500k). Parent Musaffa Inc. (EDGAR CIK 1966710) has completed multiple Reg CF crowdfunding rounds.
Shariah board
Who certifies it
Dr. Aznan Hasan (Malaysia; sitting AAOIFI Shariah Board member) and Mufti Faraz Adam (UK; head of Amanah Advisors; AAOIFI CSAA), per investor disclosures.
A named, credentialled board is a real signal — but a provider’s own board certifying its own product is not the same as arm’s-length review. Weigh it alongside the independent commentary below.
Independent scholarly review
What independent scholars have said
AAOIFI methodology applied; Dr. Aznan Hasan is a current AAOIFI board member. No AMJA fatwa specific to Musaffa located.
Independent commentary is weighed, not treated as a final personal ruling. A body that rules one way is one respected voice, not a universal consensus — and rulings can lag changes to a live contract.
How the structure works
The mechanics, in principle
Screens 130,000+ stocks and 8,000+ ETFs to AAOIFI standards with revenue breakdowns, purification calculations and a 1–5 compliance score. The managed service offers four US-focused portfolios (Core, Growth, Income, Innovation), AAOIFI-screened and held at Alpaca; pricing is $5/month flat for smaller balances scaling toward ~0.45% AUM. Built-in zakat tools; 600,000+ users across 200+ countries.
This describes the structure in principle — it is not a verdict on the executed contract. How the contract actually behaves is what the checklist below tests.
From the public documents
How the contract actually works
Read from Musaffa’s own public materials — white papers, product pages, FAQs and fatāwā — not its executed contract, which is generally not published. Where a point is undisclosed, it is said plainly rather than guessed. Sources are listed below.
The managed service is equity-only robo-advisory, so the focus is screening integrity — and a sitting AAOIFI board member (Aznan Hasan) as a named adviser is a significant, partially-verifiable positive, with Mufti Faraz Adam adding credibility and a transparent 5-tier scoring and public purification tool. Limitations: SEC RIA registration only in 2025 (thin compliance track record); the parent's multiple 2024–2026 Reg CF rounds signal ongoing capital need and unproven resilience over a long horizon; no formal fatwa is posted; and the AUM threshold at which the $5/month flat fee becomes 0.45% is not disclosed. SIPC protection at Alpaca is a meaningful safeguard.
The Six-Pillar test
The questions that decide it
This is the universal lens this site applies to every home-finance contract, anywhere. Read each pillar as a question to put to Musaffa’s executed contract — not its brochure.
- 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)?
Before you sign
What to ask Musaffa, in writing
Put these to the provider in writing and keep the answers. The reply — not the marketing — is what tells you whether the structure holds.
Can you provide the full named Shariah board with credentials?
Is there a public fatwa or certification covering the managed-portfolio methodology?
Is purification automated by the platform or left to the investor?
At what AUM does the $5/month flat fee switch to 0.45%, and is there a published schedule?
Are Alpaca accounts fully segregated from Musaffa's corporate accounts?
The honest gap
What we have not verified
- Full board roster completeness unconfirmed (two scholars named).
- No public fatwa letter located.
- Ongoing Reg CF rounds (2024–2026) indicate an early-stage capital structure.
- Fee threshold for AUM-based pricing not disclosed.
The reasoning
Why this verdict, and not another
A verdict is only as honest as the reasoning behind it. Here is why Musaffa sits where it does — what keeps it off a clean pass, and what keeps it off an outright avoid.
Not a clean pass because
RIA registration only since 2025 (minimal track record), no public fatwa, ongoing Reg CF fundraising, and an incomplete public board roster.
Not an outright avoid because
A verified SEC RIA using AAOIFI methodology with a sitting AAOIFI board member (Aznan Hasan) as a named adviser, strong purification tooling, SIPC custody at Alpaca, the lowest entry point ($500) of any surveyed manager, and a 600k-user base.
Sources
What this read is built on
The verifiable references behind this page — provider documents and independent scholarly resolutions. Read them yourself; do not take our summary on trust.