Is the S&P 500 Halal? Why Nearly Half of It Fails the Shariah Test, and the Halal Version That Has Quietly Beaten It Since 2019
About ten years ago, a young banker in New York named Junaid Wahedna noticed something that bothered him. Ordinary Muslims around him had money to invest, but nowhere they trusted to put it. So they kept it in cash. They asked the imam at their local mosque. Or they bought property, because it felt safe.
At 22, he set out to fix it, starting Wahed, a halal investing company, with US$30,000. But the problem he saw is still common today. Millions of careful, hard-working people sit out of the stock market for years because nobody gave them a straight answer to one question.
So here it is.
The short answer No. The regular S&P 500, and the funds that copy it (VOO, SPY, IVV, CSPX), is not halal under mainstream Shariah standards. It holds banks, insurers, alcohol and gambling companies, and firms that borrow too much. But about half of the S&P 500 does pass, and Shariah-screened versions exist. The best known is SPUS, which has beaten the S&P 500 since it launched in 2019. |
In this guide you will learn exactly why the index fails, which companies pass and which don't, the halal funds you can buy from the US, the UK and Malaysia, what they cost, how they have performed, and how to handle purification and zakat. By the end you will know what to do next.
Table of contents
What the S&P 500 Is, and Why Muslims Ask This Question
The S&P 500 is a list of about 500 of the biggest companies in America, run by S&P Dow Jones Indices. When people say they "invest in the market", this is usually the index they mean.
An index fund simply buys every company on the list. That is why it is cheap, simple and hard to beat. If you are new to this, start with my plain-English guide to index funds for people who have been burned before.
The problem for a Muslim investor is that "every company" means every company. You don't get to pick. You end up owning a slice of JPMorgan's interest-based lending, a slice of companies that sell alcohol, and a slice of firms carrying heavy interest-bearing debt.
This is not a small, niche worry. Islamic funds worldwide held about US$375 billion in 2025, up 22% in a single year, according to the LSEG Islamic Finance Development Report 2026. And in the UK, a 2024 report by Mud Orange found that about 44% of British Muslims were actively looking at Shariah-compliant investing.
People want in. They just want to do it right.
Why the Regular S&P 500 Is Not Halal: The Two Tests
Shariah scholars don't judge an index fund as one thing. They look through it to every company inside. Each company must pass two tests.
Test 1: What does the company do?
The first test is the business screen. A company fails if its main business is something Islam forbids. S&P's own Shariah methodology excludes companies in:
Conventional banking, lending and insurance
Alcohol, from brewers and distillers to sellers
Gambling and casinos
Pork-related products
Tobacco, e-cigarettes and vaping
Recreational cannabis
Adult entertainment, and most music and conventional media
Advertising
There is a small allowance. Almost every big company earns a little interest on its cash, or sells a few things that aren't halal. So the main standards let a company through if non-permissible income, including interest income, is less than 5% of its total income. This 5% tolerance is in AAOIFI Shari'ah Standard No. 21, the most widely used rulebook, and in S&P's own method.
Test 2: How much does the company borrow and hold in interest-bearing cash?
A company can sell perfectly halal products and still fail. If it runs on large interest-bearing loans, or parks a big pile of money in interest-earning deposits, it is too deep in riba (interest).
Here the standards set limits on two ratios. Since 21 September 2026, S&P's Shariah indices use these:
Debt test: interest-bearing debt must be under 30% of the company's average market value over the last 36 months (this was 33% before).
Cash test: cash, deposits and interest-bearing securities must also be under 30% of that average market value.
AAOIFI uses the same 30% limits. Malaysia's Securities Commission uses 33%, but measures against total assets instead of market value.
Worth knowing AAOIFI's own standard starts from the rule that dealing in interest is forbidden "regardless of amount". The 30% and 5% limits are a tolerance allowed because of general need and to remove hardship, not a stamp of approval. That is why purification (explained below) is not optional. |
The three main rulebooks side by side
Test | AAOIFI Standard No. 21 | S&P Shariah indices (from Sept 2026) | Securities Commission Malaysia |
Non-halal income | Under 5% of total income | Under 5% of total income | Under 5% of group income |
Interest-bearing debt | Under 30% of market value | Under 30% of 36-month average market value | Under 33% of total assets |
Interest-bearing cash | Under 30% of market value | Under 30% of 36-month average market value | Under 33% of total assets |
Who uses it | Many Islamic funds and Shariah boards worldwide | S&P's Shariah indices, including the one SPUS follows | Malaysia's official list of Shariah-compliant shares |
Because the rulebooks differ a little, a company can be halal under one standard and not another. That is normal. It is one reason two halal funds rarely hold exactly the same stocks.
So how many S&P 500 companies pass?
As of 30 September 2026, S&P's own Shariah version of the index, the S&P 500 Shariah, held 263 companies. The full S&P 500 held 503. So about 52% pass and 48% fail.
By value, the halal part is bigger than half, because many of the largest companies (Apple, Microsoft, Nvidia) pass. At the end of 2022, the S&P 500 Shariah covered about 65% of the S&P 500's total market value, according to S&P Dow Jones Indices. S&P tightened its rules in September 2026, so that share is now likely a little lower.
A Worked Example: Why One Company Passes and Another Fails
Numbers make this clear. Here are three made-up companies (simplified so you can follow the maths).
Company A: a software maker. Its average market value is US$100 billion. It owes US$12 billion in interest-bearing loans (12%, under 30%). It holds US$18 billion in cash and bonds (18%, under 30%). Interest and other non-halal income are 1.5% of revenue (under 5%). Result: passes.
Company B: a supermarket chain. It sells rice, vegetables and household goods, all halal. But its average market value is US$50 billion and it has borrowed US$19 billion. That is 38%, over the 30% limit. Result: fails, purely on debt. If it pays down debt, it can pass again later.
Company C: a big bank. Its debt ratio doesn't matter. Its core business is lending at interest. Result: fails the business screen straight away.
The key point Most failures are not "sinful" companies. Many are ordinary businesses that borrow too much. That is why a stock can move in and out of a halal fund over time, and why halal funds review their holdings every month or quarter. |
Which Famous S&P 500 Companies Are In, and Which Are Out?
The easiest way to see this is to look at the holdings of SPUS, the largest fund built from the S&P 500 using Shariah screens.
On 30 October 2026, SPUS's ten biggest holdings were Nvidia, Apple, Microsoft, Alphabet (Google), Broadcom, Tesla, Eli Lilly, Micron, AMD and ExxonMobil. Other familiar names inside include Home Depot, Procter & Gamble, Johnson & Johnson, PepsiCo and Oracle.
Some household names were not in SPUS at that date: JPMorgan, Visa, Mastercard, Boeing, Amazon, Meta, Netflix, Coca-Cola, McDonald's, Walmart and Costco.
The reasons vary. Banks like JPMorgan fail the business test. Visa, Mastercard and Boeing are left out by SPUS's extra industry exclusions (payment processors and defence companies). For the rest, the fund doesn't publish a reason for each company, and a stock that is out today can come back after its next review.
One more thing worth noticing: Nvidia, Apple and Microsoft alone were about 36% of SPUS. A halal S&P 500 fund leans much more heavily on big technology companies than the normal index does. I explain why that matters in my article on the Magnificent 7 versus the other 493 stocks.
Is VOO Halal? What About SPY, IVV and CSPX?
No. VOO, SPY, IVV and the UCITS fund CSPX all copy the full S&P 500. They hold every company, including the banks, insurers and alcohol makers. Halal screening services such as Musaffa and HalalWallet list SPY and its relatives as not Shariah-compliant.
People sometimes ask: "Can I just buy VOO and give away part of my dividends?"
Under the mainstream AAOIFI view, no. Purification is meant to clean up the small, unavoidable non-halal income of companies that already passed the screens. It doesn't make it acceptable to own a bank or a brewery in the first place. If you want S&P 500-style investing, the halal route is a fund that has done the screening for you.
The Halal Alternatives to the S&P 500
Here are the main Shariah-compliant index funds for people who want large American companies. Figures are from each fund's own website or factsheet, checked in early November 2026.
Fund (ticker) | What it holds | Yearly fee | Size | Where it trades | Good fit for |
SP Funds S&P 500 Sharia Industry Exclusions ETF (SPUS) | About 216 S&P 500 companies that pass S&P's Shariah screens | 0.45% | About US$3.4 billion | New York (NYSE Arca) | Investors with a US broker who want the closest thing to a halal S&P 500 |
Wahed FTSE USA Shariah ETF (HLAL) | About 200 US companies that pass FTSE's Shariah screens | 0.50% | About US$960 million | New York (Nasdaq) | Investors who want a broader US list screened by a different rulebook |
iShares MSCI USA Islamic UCITS ETF (ISUS in pounds / ISDU in dollars) | About 140 US companies that pass MSCI's screens | 0.30% | About US$650 million | London | UK and European investors, and non-US investors who want to avoid US estate tax |
Eq8 Dow Jones US Titans 50 ETF (EQ8US50) | 50 of the largest Shariah-compliant US companies | About 0.475% in total | Not published separately | Bursa Malaysia, in US dollars | Malaysians who want US halal stocks on the local exchange |
Kenanga Shariah US Titans 50 Fund | Invests in the Eq8 ETF above | See fund documents | New (launched April 2026) | Unit trust, in ringgit | Malaysians starting with as little as RM1,000 |
HSBC Islamic Global Equity Index Fund | 100 large Shariah-compliant companies worldwide | From about 0.49% (varies by share class) | About US$3.2 billion | Fund platforms, UK and elsewhere | People who want the whole world, not just America |
Two pieces of history help explain where these came from. The Dow Jones Islamic Market World Index, launched in 1999, was the world's first global Shariah-compliant benchmark. And in America, the Amana Income Fund started in June 1986, one of the first halal investment options available to US investors.
SPUS vs HLAL: which is better?
These are the two most popular halal funds for US stocks, and they are close cousins rather than twins.
Rulebook: SPUS starts from the S&P 500 and uses S&P's Shariah screens. HLAL uses FTSE's screens on a wider list of US companies.
Extra exclusions: SPUS also drops defence companies, financial exchanges and payment processors. HLAL doesn't apply those exact extra cuts.
Cost: SPUS charges 0.45% a year, HLAL 0.50%. On US$10,000, that is US$45 against US$50.
Size: SPUS is about three and a half times bigger.
Results: in the year to 30 September 2026, HLAL returned 26.4% and SPUS 21.2%. Over five years, SPUS returned 16.4% a year against HLAL's 15.5% a year. Both beat the S&P 500 over both periods.
Neither is clearly "better". If you want the closest copy of the S&P 500 idea, SPUS fits. If you prefer a second rulebook and a broader list, HLAL fits. Some investors simply pick one and never think about it again, which is a perfectly good plan. If you're unsure how many funds you need, read how many index funds you should own.
If you live outside America: two tax traps to know first
SPUS and HLAL are American funds. If you are not a US citizen or resident, that brings two costs most people never hear about.
Dividend tax. America withholds tax on dividends paid to foreign investors, 30% unless your country has a tax treaty that lowers it. Malaysia has no such treaty. I explain the details in the 30% dividend tax you didn't know you pay.
US estate tax. If a non-American dies holding more than US$60,000 of US-based assets, including US-listed ETFs like SPUS and HLAL, their family can face US estate tax. Read how your family could lose up to 40% to the US taxman before you build a big position.
This is why the Ireland-based iShares MSCI USA Islamic fund (ISDU or ISUS) is worth a look for non-Americans. Irish funds aren't treated as US assets for estate tax. I compare the two fund homes in CSPX vs VOO, and the same logic applies to halal versions.
If you live in Malaysia
Malaysian Muslims have more choices than they think.
On Bursa Malaysia: the Eq8 Dow Jones US Titans 50 ETF (code 0827EA) holds 50 large Shariah-compliant American companies. When it listed in 2018 it was the first US-dollar Shariah security on Bursa. Its Shariah adviser is Amanie Advisors.
As a unit trust in ringgit: the Kenanga Shariah US Titans 50 Fund, launched on 22 April 2026, invests in that same ETF, with a minimum of RM1,000.
Through a foreign broker: you can buy SPUS, HLAL or ISDU directly. My step-by-step guide to investing in the S&P 500 from Malaysia covers brokers, fees and taxes.
Malaysia's own stock market is very halal-friendly too. In May 2026 the Securities Commission listed 886 Shariah-compliant securities on Bursa, out of more than 1,000.
Does Halal Investing Cost You Returns? The Surprising Numbers
Many Muslims assume that choosing halal means accepting less money. For the past several years, the opposite has been true.
Here is SPUS against SPY (the oldest S&P 500 fund), year by year, with dividends reinvested.
From its launch in December 2019 to 30 October 2026, SPUS grew about 18.0% a year, against about 15.0% a year for SPY.
S&P's own index data tells the same story. In the five years to 30 September 2026, the S&P 500 Shariah returned 15.4% a year and the S&P 500 13.8%. S&P Dow Jones Indices said its Shariah version outperformed across every period it measured, mainly because it holds almost no banks and more technology and healthcare.
Don't miss this The same tilt that helped in good years hurt in the bad one. In 2022, when technology stocks crashed, SPUS fell 22.8% while SPY fell 18.2%. S&P's Shariah index has also been bumpier: its five-year volatility was 17.3%, against 15.6% for the S&P 500. Halal funds are not a magic shortcut to higher returns. They are a different mix, with different good and bad years. |
The real cost: fees
The one thing halal funds reliably cost you is a higher fee. VOO charges 0.03% a year. CSPX charges 0.07%. The halal ETFs charge between 0.30% and 0.50%.
Over a long time, small fees add up. Suppose you invest US$100,000 for 20 years and every fund earns the same 8% a year before fees.
The gap between VOO and SPUS is about US$34,800, from fees alone. So far SPUS's stronger returns have more than covered that. But returns change and fees don't, so the fee is worth knowing. See the true cost of a 1% fee over 30 years for how to check what you are paying.
A Real Story: When 635,037 Malaysians Moved Their Retirement Money
In August 2016, Malaysia's Employees Provident Fund (EPF) gave members a choice: keep their savings in the normal fund, or move them to a new Shariah-compliant one called Simpanan Shariah.
In the first round, 635,037 members switched, taking RM59.03 billion with them, according to the New Straits Times. That was well over half of the RM100 billion EPF had set aside.
In the first year, the halal choice paid less. For 2017, EPF paid 6.90% on conventional savings and 6.40% on Simpanan Shariah. In 2018 it was 6.15% against 5.90%.
But the members who stayed the course saw the gap close. For 2025, EPF paid 6.15% on both, and Simpanan Shariah had grown to RM224 billion in investment assets.
The lesson for halal index investors is simple. In some years the halal choice will trail. In others it will lead. What matters is choosing a sound, low-cost, properly screened fund and staying with it for decades. I compare EPF with the S&P 500 in detail in EPF vs the S&P 500.
Purification: How to Clean Your Dividends
Even a halal fund owns companies that earn a little interest or non-halal income (under the 5% limit). Islamic rules say you should give away the part of your income that came from those sources. This is called purification.
AAOIFI's standard says the person who owns the shares at the end of the company's financial period should do it, and the money can't be used for your own benefit in any way, including paying your taxes. It goes to charity.
How to do it with SPUS. SP Funds publishes a purification percentage every quarter. For the second quarter of 2026 it was 1.66%. Since 2021 it has ranged from 0.88% to 2.42%.
Worked example You received US$1,000 in SPUS dividends this year. US$1,000 × 1.66% = US$16.60 to give to charity. Use the latest figure on the SP Funds purification page, because it changes every quarter. |
How to do it with HLAL. Wahed publishes a purification amount per share for each quarter's dividend. For the second quarter of 2026 it was US$0.00095 a share. Multiply that by the number of shares you hold.
What about capital gains? Scholars differ. Mufti Taqi Usmani notes that some scholars say purifying only dividends is enough, while purifying gains as well is the more cautious path. If unsure, ask a scholar you trust.
Zakat on Halal Index Funds
Zakat is due on investments that reach the nisab and are held for a full lunar year (the haul). There are three common ways to work it out for shares and funds, as set out by Islamic Finance Guru and the UK's National Zakat Foundation (NZF).
Market value method. Pay 2.5% of the full value. Best suited to people who trade often.
Underlying assets method. Pay 2.5% only on the zakatable part of each company (its cash, stock and money owed to it). Most accurate, but hard to calculate for a fund with 200 companies.
25% shortcut. Many long-term investors assume 25% of the fund's value is zakatable, so they pay 2.5% of that 25%, which is 0.625% of the whole holding. NZF accepts this shortcut and reviews the figure every year.
You hold US$20,000 in SPUS for a full year | Zakat due |
Market value method (2.5% of US$20,000) | US$500 |
25% shortcut (0.625% of US$20,000) | US$125 |
In Malaysia, zakat on shares is managed by each state's zakat authority, and the rules differ. The nisab is linked to the price of 85 grams of gold. Some states use the market value of long-term holdings. Perlis's fatwa committee decided in 2019 that long-term shares that are not traded pay zakat only on the dividends. Check your own state zakat body's calculator, or ask its officers, before you pay.
Is Investing in a Halal Index Fund Really Halal? What Scholars Say
To be fair to you, this is not a question with one answer agreed by every scholar.
The mainstream view. AAOIFI, whose standards most Islamic funds follow, allows investing in companies with a halal main business, as long as they stay inside the 30% debt, 30% cash and 5% income limits and you purify. It bases this on general need and removing hardship, and says most fatwa bodies uphold it. Mufti Taqi Usmani sets out similar conditions, adding that the investor should make known their disapproval of the company's interest dealings, for example at a shareholder meeting.
The stricter view. The OIC's International Islamic Fiqh Academy looked at this question in 1995 and deferred a ruling on companies with halal businesses that borrow or deposit at interest, asking for deeper study. Some scholars therefore avoid listed shares altogether.
The practical view. The rulebooks themselves differ (30% of market value versus 33% of total assets, for example). So "halal" in investing means "passes a recognised standard, approved by a named Shariah board". Look for that when you choose a fund.
Please note This article is education, not a fatwa. I am not a scholar. If you are unsure, take this guide to a qualified scholar you trust and ask them about your situation. |
Which Halal Fund Fits You? A Simple Decision Path
Your 5-Step Checklist for Tonight
Check what you already own. Look up each fund you hold on a halal screener. If you own VOO, SPY, IVV or CSPX, they are not Shariah-compliant.
Choose your halal fund using the table and decision path above. Pick one. Simple is better.
Check the tax home. If you live outside the US, compare a US-listed fund (SPUS, HLAL) with an Irish one (ISDU, ISUS) for estate tax and dividend tax.
Set a date to purify. Put a reminder in your phone for each quarter's dividend, using the fund's published figure.
Set your zakat date. Pick your haul date and the method you will use, and write it down so you do it the same way every year.
Frequently Asked Questions
Is the S&P 500 halal?
Not as a whole. About half of its companies fail Shariah screens because they are banks, insurers, alcohol, gambling or tobacco companies, or because they carry too much interest-bearing debt. Shariah-screened versions, such as the S&P 500 Shariah index and the SPUS ETF that follows it, keep only the companies that pass.
Is VOO halal?
No. VOO copies the full S&P 500, so it holds every company on the list, including conventional banks, insurers and alcohol makers. The same applies to SPY, IVV and CSPX. For S&P 500-style investing, mainstream scholars point to screened funds such as SPUS, HLAL or the iShares MSCI USA Islamic ETF instead.
Is SPUS halal?
SPUS is built to be Shariah-compliant. It holds only S&P 500 companies that pass S&P's Shariah screens, provided by Ratings Intelligence, and also drops defence, exchange and payment-processing companies. Investors are expected to purify their dividends using the quarterly percentage SP Funds publishes, which was 1.66% for the second quarter of 2026.
Which is better, SPUS or HLAL?
Neither is clearly better. SPUS starts from the S&P 500, charges 0.45% a year and is the larger fund. HLAL uses FTSE's Shariah screens on a broader US list and charges 0.50%. Both beat the S&P 500 over the five years to September 2026. Choose the one that fits your broker and stick with it.
Is there a halal index fund in Malaysia?
Yes. The Eq8 Dow Jones US Titans 50 ETF trades on Bursa Malaysia in US dollars and holds 50 large Shariah-compliant American companies. The Kenanga Shariah US Titans 50 Fund invests in it in ringgit, from RM1,000. Malaysians can also buy SPUS, HLAL or ISDU through foreign brokers.
Can I buy a normal S&P 500 fund and just purify the dividends?
Under the mainstream AAOIFI view, no. Purification cleans up the small, unavoidable non-halal income of companies that already passed the screens. It does not make it acceptable to own banks, insurers or brewers in the first place. To invest in the S&P 500 the halal way, use a screened fund.
How much zakat do I pay on a halal ETF?
It depends on the method. Paying 2.5% of the full value suits active traders. Many long-term investors use a 25% shortcut accepted by the UK's National Zakat Foundation, paying 0.625% of the holding. On US$20,000, that is US$500 or US$125. In Malaysia, follow your state zakat authority's method.
Do halal index funds earn less than the S&P 500?
Not in recent years. SPUS beat SPY in every calendar year from 2020 to 2025 except 2022, when it fell harder. But halal funds hold more technology and almost no banks, so they can swing more in both directions. They also charge higher fees, from about 0.30% to 0.50% a year.
The Bottom Line
The regular S&P 500 is not halal. But the idea behind it is: own a slice of hundreds of great companies, keep costs low, and let time do the work. Thanks to funds like SPUS, HLAL, the iShares MSCI USA Islamic ETF and Malaysia's Eq8 US Titans 50, you can now follow that idea without compromising your faith.
You don't need to pick stocks, watch the news or trade. You need one sound, screened fund, a habit of investing regularly, and a calendar reminder for purification and zakat.
If you lost money in the stock market before, and that is part of why you held back, my free report explains why it wasn't your fault and how to start again the calm way.
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About the Author
Stephen Loke has been a student of the market for more than 15 years. He is also an agritourism entrepreneur whose farm has been featured in Bloomberg News and Asahi Shimbun.
This article is general education only. It is not personal financial advice, tax advice or a religious ruling. I'm not a licensed financial adviser or a Shariah scholar. Fund details, fees and Shariah status change, so check each fund's latest documents, and speak to a qualified adviser and scholar before you invest.
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Islamic Finance Guru, calculating zakat on shares: https://www.islamicfinanceguru.com/articles/calculating-zakat-on-shares
National Zakat Foundation, zakat on shares: https://nzf.org.uk/knowledge/shares-unit-trusts-equity-investments-2/
Mufti Perlis, zakat on traded shares (2019): https://muftiperlis.gov.my/index.php/fatwa-insights/islamic-finance/1474-calculation-of-zakat-on-traded-shares-on-the-stock-market
Mufti Taqi Usmani, conditions for investment in shares (SeekersGuidance via IslamQA.org): https://islamqa.org/hanafi/seekersguidance-hanafi/31895/conditions-for-investment-in-shares/
International Islamic Fiqh Academy, Resolution 87 (9/4), 1995: https://iifa-aifi.org/en/32514.html
IRS, nonresidents with US assets and estate tax: https://www.irs.gov/individuals/international-taxpayers/some-nonresidents-with-us-assets-must-file-estate-tax-returns
Musaffa, SPY Shariah status: https://musaffa.com/etf/SPY/
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