UMMA vs HLAL: Wahed's Two Halal ETFs Compared
Wahed runs both funds, and searchers mix them up constantly. HLAL is the US equity fund; UMMA is the international (ex-US) fund. They are complements, not competitors.
Quick Answer
- 1HLAL is Wahed's US fund: it tracks the FTSE USA Shariah index, holds 197 US large and mid caps (Apple, Microsoft, Alphabet at the top), charges 0.50%, and manages about $920M (July 2026).
- 2UMMA is Wahed's international fund: actively managed, ex-US only, guided by the Dow Jones Islamic Market International Titans 100 Index. 95 holdings led by TSMC, Samsung, and ASML, 0.65% fee, about $300M in assets.
- 3They hold zero overlapping stocks, so the real question is portfolio construction: HLAL (or another US fund) for the US core, UMMA for international diversification.
Head-to-Head Comparison
| Feature | UMMA | HLAL |
|---|---|---|
| Provider | Wahed Invest | Wahed Invest |
| Universe | Global ex-US | US only |
| Approach | Active (guided by DJ Islamic Market International Titans 100) | Passive (FTSE USA Shariah) |
| Expense Ratio | 0.65% | 0.50% |
| AUM (July 2026) | ~$300M | ~$920M |
| Holdings | 95 | 197 |
| Top Holdings | TSMC, Samsung, ASML | Apple, Microsoft, Alphabet |
| Top Sector | Technology ~49% | Technology ~57% |
| Inception | January 2022 | July 2019 |
| Exchange | Nasdaq | Nasdaq |
01Why People Confuse UMMA and HLAL
Both funds come from Wahed Invest, and both carry the Wahed name in their official titles: HLAL is the Wahed FTSE USA Shariah ETF, and UMMA is the Wahed Dow Jones Islamic World ETF. Search data shows investors regularly query one ticker with the other fund's index name.
The distinction is simple once stated: HLAL owns US-listed companies screened by the FTSE USA Shariah methodology. UMMA owns companies domiciled OUTSIDE the United States, selected by Wahed's managers to mirror the Dow Jones Islamic Market International Titans 100 Index.
As of July 2026 their holdings do not overlap at all. HLAL's top names are Apple, Microsoft, and Alphabet; UMMA's are TSMC, Samsung Electronics, and ASML.
02Structure and Cost
HLAL is a passive index fund: it replicates the FTSE USA Shariah index with 197 holdings, turns over about 10% of the portfolio per year, and charges 0.50%. With roughly $920M under management it is one of the largest halal ETFs in the world.
UMMA is actively managed and non-diversified. The managers seek returns similar to the Dow Jones Islamic Market International Titans 100 Index but are not bound to replicate it. It holds 95 positions, turns over about 15% per year, and charges 0.65%, a premium that reflects the active mandate and the higher cost of accessing international markets.
Both funds are certified by Wahed's Shariah board. If independent third-party certification matters to you, note that both share the same internal oversight structure; see our SPUS comparison for the independent-board alternative on the US side.
03How to Combine Them
Because the universes are disjoint, UMMA vs HLAL is not an either-or decision. A common halal portfolio structure uses a US core (HLAL or SPUS) for 60-80% of equity exposure and an international sleeve (UMMA, ISWD, or IGDA) for the remainder.
UMMA's international book is heavy in Asian and European semiconductor and healthcare champions: TSMC (~16%), Samsung, ASML, Infineon, SK hynix, Roche, AstraZeneca, Novartis. That concentration (the fund is officially non-diversified) is the main risk to size accordingly.
If you want ONE fund covering both the US and international markets, neither fits alone; look at global halal ETFs like ISWD or IGDA instead, and accept their different methodology trade-offs.
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This content is for educational and informational purposes only. It does not constitute investment advice, a recommendation, or an offer to buy or sell any security. Shariah compliance assessments are based on publicly available data and established screening methodologies. They are not religious rulings (fatwas). Investors should consult a qualified Shariah scholar and a licensed financial advisor before making investment decisions.
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