StructureEach client gets a dedicated human adviser who builds and actively manages a personalised Shariah-compliant equity portfolio screened to AAOIFI criteria (prohibited activities, interest-bearing debt above threshold, non-compliant income >5% of revenue), continuously monitored and rebalanced. Tiers: Access (full advisory, $100k min), Express (digital, $1,000 min), 401(k) rollover management, and Institutional.
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.
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 2003 (Naushad Virji); expanded to Canada 2017; now operates in 26 US states.
Regulatory standing
SEC-registered investment adviser, CRD#173937, principal office Lake Mary, Florida, operating in 26 states.
Shariah board
Who certifies it
Shaykh Umer Khan is named as the Shariah adviser for the screening framework (Al-Salam Institute; iftā' Darulifta Birmingham; MSc Finance, Wharton; MSc Islamic Finance). The full board roster is not publicly disclosed on the website.
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
No AMJA or external independent fatwa on ShariaPortfolio products was located; AAOIFI-aligned methodology is claimed.
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
Each client gets a dedicated human adviser who builds and actively manages a personalised Shariah-compliant equity portfolio screened to AAOIFI criteria (prohibited activities, interest-bearing debt above threshold, non-compliant income >5% of revenue), continuously monitored and rebalanced. Tiers: Access (full advisory, $100k min), Express (digital, $1,000 min), 401(k) rollover management, and Institutional.
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 ShariaPortfolio Inc.’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.
Because the vehicles are equity portfolios, the Shariah risk is screening integrity rather than contract structure, and the 20+ year SEC-supervised track record is a meaningful positive; Shaykh Umer Khan (Wharton/Darulifta) is a credible methodology adviser. But the current full board roster is not posted (preventing independent verification of scope), no purification methodology is documented publicly, fee schedules are not disclosed, and it is unclear whether the Express digital tier carries the same human Shariah review as the full Access service — together these gaps support yellow.
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 ShariaPortfolio Inc.’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 ShariaPortfolio Inc., 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.
Who are the named current Shariah board members and what are their credentials?
Is there a public certificate or fatwa from a recognised body covering your screening methodology?
What is the purification (tatheer) methodology and how is it calculated per portfolio?
What are the full fee schedules for each tier?
For the Express digital tier, does a human Shariah adviser review outputs or is it fully algorithmic?
The honest gap
What we have not verified
- Full Shariah board roster (beyond Shaykh Umer Khan) not disclosed.
- AUM not publicly reported.
- Per-tier state coverage not confirmed.
- No external certification document located.
The reasoning
Why this verdict, and not another
A verdict is only as honest as the reasoning behind it. Here is why ShariaPortfolio Inc. sits where it does — what keeps it off a clean pass, and what keeps it off an outright avoid.
Not a clean pass because
The Shariah board is not fully disclosed, there is no external certification, fee transparency is low, and no purification methodology is publicly documented.
Not an outright avoid because
It is the longest-operating halal RIA in the US (SEC since 2003) under enforceable fiduciary duty, with AAOIFI-aligned screening, a credentialled named adviser, a 26-state footprint, and no adverse regulatory actions located.
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.