New to this? Funds and ETFs explained covers the background this guide assumes, as part of the course.
If you'd rather hold a fund than pick individual stocks off the ASX Screener, there are Shariah-compliant ETFs listed on the ASX. But as of today, every single one of them comes from one issuer: Hejaz Financial Services.
| Ticker | Fund | What it holds |
|---|---|---|
| ISLM | Hejaz Equities Fund Active ETF | Global equities, screened to AAOIFI standards. Benchmarked to the MSCI World Islamic Index (hedged to AUD), this is a global fund, not an ASX-only one; recent disclosed holdings include names like Taiwan Semiconductor and AMD alongside BlueScope Steel. |
| HJZP | Hejaz Property Fund Active ETF | Global property assets. |
| SKUK | Hejaz Sukuk Active ETF | Sukuk (Islamic bonds): asset-backed certificates structured to avoid interest, as an alternative to conventional fixed income. |
| HJHI | Hejaz High Income Active ETF | Listed high-dividend companies, screened. |
| HHIF | Hejaz High Innovation Active ETF | Listed companies in innovation-focused sectors, screened. |
Who certifies them
Hejaz's funds are independently certified by Minarah Consulting, an external Sharia Supervisory Board, and Hejaz is an institutional member of AAOIFI. Hejaz publishes an actual Shariah compliance certificate for its super and investment products, worth reading directly rather than taking a marketing page's word for it: Hejaz Shariah Certificate (PDF).
The single-issuer problem
Every ASX-listed halal ETF currently available is a Hejaz product. That's not a knock on Hejaz specifically. It's a genuine structural risk worth naming: no competing issuer, no alternative if you want diversification of certification methodology or management, and all five funds share the same house view on what counts as compliant. If a global provider like BlackRock or Vanguard ever lists a Shariah-screened ETF on the ASX, that changes; as of this guide, it hasn't happened. The same single-issuer point applies even more starkly to sukuk. See our sukuk in Australia guide.
Whichever route you take, individual stocks or an ETF wrapper, the same diligence applies: check the current PDS and Target Market Determination, confirm who's actually doing the Shariah screening and certification, and don't assume "Islamic" or "halal" in a fund's name is self-certifying.