Compare
Mizan next to the alternatives
There are good products in this space and we'd rather you chose the right one than the loudest one. Everything below about another company is something they publish about themselves, linked so you can check it.
The honest summary
They're not all the same kind of thing
The most useful distinction isn't features. It's whether a product manages money for you, or hands you the reasoning and leaves the decision where it belongs.
Manage it for me
Wahed, and Musaffa's managed portfolios
You deposit money and a registered adviser invests it in a screened portfolio. Simple, hands-off, and the right answer for a lot of people. You give up the choice of what you hold, and you pay a percentage of your balance every year.
Tell me what I'm holding
Mizan, and Zoya
You keep your own broker and your own decisions. The product screens what you already own and shows you where it stands. Neither of us holds your money, and neither of us can trade without you.
Side by side
What each one actually does
| Mizan | Zoya | Musaffa | Wahed | |
|---|---|---|---|---|
| What it is | A screener and record-keeper for the broker you already use | Screening app that can also route orders to seven connected brokerszoya.finance | Screening platform, plus self-directed and discretionary managed portfoliosForm CRS, May 2026 | Discretionary robo-adviser that manages a portfolio for youForm CRS |
| Holds your money | No — read-only, and not a broker-dealer | No. States it is not a broker-dealer and does not custody assetszoya.finance/about | Registered investment adviser; trades execute through Alpaca Securitiesmusaffa.com | Registered investment adviser with discretionary authority; Apex Clearing is custodianForm CRS |
| Works with your existing brokerage | Yes — read-only, through SnapTrade | Yes. Aggregation via Plaid, plus trade-enabled links to seven brokerszoya help | Yes, for monitoring. 1,500+ institutions, on the paid tiermusaffa.com | Not published. Wahed manages its own accounts |
| Screening standard | AAOIFI Standard 21, with the ratios and limits shown on every security | AAOIFI by default; paid users can switch to S&P, MSCI, Dow Jones or FTSE rulebookszoya help | AAOIFI-based, certified by named scholars. Ratios measured against a trailing 36-month average market valuemusaffa.com | Screened by an external Shariah board (Shariyah Review Bureau). Ratio thresholds not publishedwahed.com/shariah |
| Shows the arithmetic behind a verdict | Yes — measured ratio, the limit, the headroom, and the filing it came from | Full compliance reports on the paid tier; status only on freezoya help | Detailed compliance reports on the free tiermusaffa.com/pricing | Not published at the ratio level |
| Says when a screen could not be measured | Yes — an unmeasured screen is never described as passed | Publishes a third “questionable” category alongside compliant and non-compliantzoya.finance | Not published | Not published |
| Purification | Accrued automatically from the dividends that actually reached your account | Published guidance walks you through the calculation by hand, using Zoya for the ratiozoya blog | Calculator on the paid tier. You enter the ticker, share count and datesmusaffa help | Annual purification included in the management fee. Method not publishedwahed.com/pricing |
| Zakat | Calculated from your holdings, using the method you or your scholar choose | Yes, following Sheikh Joe Bradford’s published methodologyzoya help | Calculator on the paid tiermusaffa.com/pricing | Calculator included, plus a free public onewahed.com/pricing |
| A public record of its own forward-looking calls | Yes — every call fingerprinted at publication and scored when it comes due, misses included | None found | None found | None found |
| Price | Free to use. Pro is optional | Free tier; Pro listed at $14.99/month or $119.99/year in a help article last updated in 2023zoya help | Free tier. Paid research pricing is not published on the pricing page. Advisory fees from $5/month, then 0.25% and down by balancemusaffa.com | 0.49% a year plus $60 under $100,000; 0.49% above. $100 minimum, no free tierwahed.com/pricing |
Scroll the table sideways to see every column.
Read from each company's own published pages on October 6, 2026. Pricing and features change; follow the links for the current position. “Not published” means we could not establish it from their public pages, not that the product lacks it. Mizan Markets LLC is not affiliated with Zoya, Musaffa or Wahed, and these are their respective owners' marks.
Where we're different
Three things, and we'd rather be judged on them
We keep a scorecard, and the misses stay on it
Every forward-looking call Hikma makes is written down with a probability and a resolve date, fingerprinted with SHA-256 before anyone reads it, and scored automatically when the date arrives. Nobody decides whether a call counts.
As far as we can tell, none of the three publishes anything equivalent. That's the claim we most want to be held to, which is why it's public whether you subscribe or not.
Hikma Outlook · published research
Compliance outlook
Estimated chance it is still under its limit in 12 months
Likely between 90% and 98%
Most sensitive screen: interest-bearing securities
- Interest-bearing securities is at 3.0% against a 30% limit.
- A 90% fall in the share price would cross that limit with no new borrowing.
This is an estimate. The status above is the fact.
A screen we couldn't measure is shown as unmeasured
Not every company breaks out the figures the four screens need. When one is missing, Mizan says so on the security and refuses to describe it as passed — and says which part of the verdict rests on a rating rather than on our own reading of the filings.
A missing number is never rounded down to zero to produce a tidier verdict.
A company Mizan can’t fully measure
Purification from the dividends you actually received
When a dividend lands, Mizan applies that company's impermissible-income share to that specific payment and adds the line to a ledger you can read. Not a calculator you fill in from memory at the end of the year, and not an estimate from an average.
Purification, line by line
Accrued from the dividends that actually reached your account, not estimated from a form.
What we'd tell you to use instead
Because a comparison page where the answer is always “us” isn't worth reading.
You want someone else to manage the money
Then you want a managed product, and Mizan isn't one. Wahed is a registered adviser that will build and rebalance a screened portfolio for you, and Musaffa offers managed portfolios too. Mizan screens what you choose to hold; it will never choose for you.
You want to screen against a rulebook other than AAOIFI
Mizan applies AAOIFI Standard 21 and only that. If your scholar follows S&P, MSCI, Dow Jones or FTSE Russell screening instead, Zoya publishes the ability to switch between those rulebooks on its paid tier, and that's a real advantage for you.
You need coverage outside the US
Mizan is US-first. Zoya publishes coverage of over 60,000 securities across ten markets, and Musaffa publishes coverage across many more. If you hold outside the US today, start there.
You want to place trades inside the app
Zoya supports order routing to seven connected brokers today. Mizan can route orders to supported brokers, but screening and record-keeping are the point — if in-app trading is what you're optimising for, weigh that honestly.
Today
15,244 securities screened, counted live
From the same database the app reads. Nothing on this page is a sample.
Public release · October 16
Mizan opens in
Join the waitlist and you're in on day one — no queue, no invite code, nothing to chase.
- The download link the morning it opens, before it's announced anywhere else.
- Your account name reserved, so setup is one tap on launch day.
- Issue No. 1 of Hikma Weekly in full, including the parts that are normally behind Pro for four weeks.
- One email. Not a sequence, not a newsletter, and never shared.
Free to join. Mizan itself is free to use — Pro is optional, and you can decide after you've seen it.