Islamic Fintech: Giving Access to Halal Investments Globally

Last Funded February 2024


raised from 91 investors


#1 (by downloads) Halal Stock & ETF screener in the world: 660,000+ Mobile app downloads
317,000+ users from 182+ countries, around 1,000+ daily new users, and an impressive 4.6 app rating.
The $2.2 trillion global Islamic finance industry is set to grow to $5 trillion in 2025.
Establishing a global halal investment environment by partnering with 10 B2B global partners

Our Team

A Halal Investment App Where You Can Screen, Research, & Invest Globally!


At Musaffa, we are a data-driven, mobile-first, Shariah-focused organization on a mission to develop proprietary technologies and platforms to deliver financial services and products to the underserved Muslim population globally. We are focused on providing an exceptional user experience to the underserved demographic by targeting the near-prime digitally savvy individuals in selected markets.

We currently offer services across 180 countries. We offer financial education, global Shariah-compliant stock and ETF screening, and investment research solutions through our web platform and apps under the brand name Musaffa. Soon, we plan to launch Shariah-compliant trading platforms in several countries. We intend to use the funds raised mainly for operations, research and development, compliance, marketing expenses, and hiring new employees.



Musaffa is actively solving these problems by providing an end-to-end Shariah-compliant solution:

Market Validation

With 2 billion Muslims worldwide, our potential customer base is 400 million, with an extended reach of 618 million more. In just two years, we've gained over 317,000+ global users who are also thrilled and eager to use our Sharia-compliant trading platform.

Active Registered Users: 317,000+

Musaffa App Downloads: 660,000+

Social Media Followers: 200,000+

Product Offering

Musaffa platform offers a comprehensive, end-to-end Shariah-compliant investment platform, enabling Muslim investors to align their investments with their faith fully.

 This comprehensive offering includes:

  • Musaffa Academy: Providing Islamic Finance education to enhance knowledge of halal investments.
  • Halal Stocks & ETF Screener: Screening over 120,000 stocks and 9,000 ETFs globally for Shariah compliance.
  • Seamless Portfolio Monitoring: Effortlessly sync your investments from existing brokerages to Musaffa and conveniently monitor their Shariah-compliance in real-time.
  • Investment Research: Conducting fundamental investment research of halal stocks and ETFs to identify high-return investments.
  • Investment Checklist: Evaluating potential investments based on factors such as expected returns, risks, dividend yields, and more.
  • Trading: Investing only in halal stocks and ETFs globally.
  • Customized Portfolios: Building customized halal portfolios of stocks and ETFs tailored to investor risk preferences.
  • Proprietary Shariah-compliant ETFs: Launching Shariah-compliant ETFs that offer investors the opportunity to invest across various themes, strategies, sectors, countries, and regions.
  • Smart Notifications: Receiving real-time alerts for changes in the Shariah-compliance of investments.
  • Purification: Purifying the non-halal portion of profits through donations to charities.
  • Zakat Platform: Accurately calculating the required Zakat amount and facilitating the online donation of that amount to charities.

These features work together to create fully managed Shariah-compliant investment journey, empowering Muslim investors through accessibility, education, and trust.

Musaffa Academy

We understand investing can be complex and daunting. That is why we launched the Musaffa Academy. Here, Muslims can learn everything from Islamic finance basics to advanced investment techniques, both fundamental and technical. Our goal is to empower Muslim investors with the knowledge needed to succeed in the investment world.

Driven by a passion for education, we launched Musaffa Academy. Our primary goal is to empower Muslims with the knowledge they need to navigate the world of Halal investing and trading. As our users work towards financial growth, we want to ensure they never feel they're compromising their cherished values and beliefs.

Musaffa Academy was born out of a desire to help Muslims gain a deeper understanding of Islamic Finance and Halal investments. Today, we host over 600 meticulously curated articles and engage with a vibrant community of over 150,000 followers on social media who interact with our content daily.

Halal Stocks and ETFs Screener

One of our primary offerings is the Halal Stock and ETF Screener, which empowers Muslim Investors to make informed investment decisions. At Musaffa, we adhere to AAOIFI's stock screening methodology.

Alhamdulillah, to the best of our knowledge, we currently provide the most accurate screening services worldwide.

We will provide access to the Shariah-compliance statuses of over 120,000+ stocks and 8,500+ ETFs globally, helping Muslim investors easily find investments that align with their faith.

Musaffa's stock and ETF screener is not just a tool but an embodiment of precision and thoroughness. It serves as the bedrock of halal investing, allowing Muslim investors to screen the Shariah-compliant status of over 120,000 stocks and 8,500 ETFs globally.

Our methodology, approved by AAOIFI, is reinforced by our advisors' Halal Stocks & ETF Screener certification, validating our commitment to guidelines. Additionally, our advisors ensure accurate solutions for unique cases, adhering to Shariah standards.

So far, we have analyzed nearly 60,000 stocks and 3,000 ETFs from various countries, including the US, UK, Canada, Malaysia, Indonesia, India, and more. We are continuously expanding our coverage and keeping the Shariah-compliance status of these investments regularly updated on our platform.

We are just getting started. We're on our way to creating a complete halal investment ecosystem for Muslims, with the Halal Stocks and ETF Screener at its heart. Soon, we'll introduce a full trading solution within a Shariah-compliant environment. Our goal is to provide a one-stop platform that covers everything, from learning about halal investments to selecting suitable investments and purifying profits.

Proprietary Financial Analysis Software

At Musaffa, we are deeply committed to Islamic principles. We have developed a one-of-a-kind proprietary financial analysis software called Merlin to help Muslim investors worldwide make Shariah-compliant investments.

We collect and analyze data from various sources, including annual and quarterly reports, company presentations, and press releases, to provide our customers with accurate and up-to-date information about their stocks and ETFs.

Proprietary Halal Stock Ranking and Detailed Revenue Breakdown

Often, Muslims can feel unsure about diving into the stock market. We aim to transform this hesitance into confidence. Our unique halal stock ranking system was created to dissolve any doubts among investors. We assign one of three Shariah-compliance statuses to the stocks we cover: Halal, Not Halal, and Doubtful. Shariah-approved stocks are further divided into five groups based on various compliance parameters and ranked from 1 to 5. The higher the score, the more in tune with Shariah principles the stock is. This ranking system aids portfolio managers in making smarter choices, lowering the cost of portfolio rebalancing due to shifts in compliance status.

Beyond the ranking system, we also offer detailed compliance reports for the companies we cover. This includes the detailed calculation and detailed revenue breakdown for each company so that investors can see the revenue source of the company and invest with confidence.

Musaffa is opening up access to halal investment opportunities by working alongside respected scholars and Shariah advisors to offer transparent, Shariah-compliant products that adhere to Islamic principles and industry best practices, ultimately increasing investor confidence.

Certificate for Stock Screening Methodology

Certificate for ETF Screening Methodology

Our dedication to excellence is reflected in our Shariah Compliance Reports. They're not your average reports – they're diligence at its peak. Our team of financial analysts employs a proprietary internal screening tool to manually screen every stock, ensuring the highest standards in the industry.

B2B Partners

We aim to become a leading Islamic finance hub for individuals and businesses worldwide. Our technology provides reliable data and simplifies halal investing for users. We're focused on partnering with businesses worldwide to offer halal investment solutions to Muslims everywhere.

Why B2B Partners Choose Musaffa?

Easy Integrations: Our tech-driven Shariah screening and analysis tools unlock a world of possibilities, aiding Islamic finance businesses in their expansion by uncovering new avenues and offerings.

Transparency & Reliability: In finance, trust is everything. At Musaffa, we earn it through transparency. Our features like screening reports, compliance ranking, and smart alerts are designed to ensure data accuracy and integrity.

Build or Enhance Products: Our experienced team crafts solutions that are not just workable and technically sound but also what our partners' customers truly want, thereby adding value to your product portfolio.

Seamless Integration: With extensive data output options such as screening reports API, webhooks notifications on status changes, and data warehouse connections via API and WebSocket, integrating Musaffa into your tech stack is smooth and efficient.

Seamless Portfolio Monitoring

Effortlessly sync your investments from existing brokerages to Musaffa and conveniently monitor their Shariah-compliance in real-time.

Investment Research

Just because a stock adheres to Islamic investing rules, meaning it's Shariah-compliant, doesn't automatically make it a wise investment. That's where our eagle-eyed analysts come in. They go through a lot of financial documents and calculate how much a stock is really worth. We study the financial statements of different companies and identify which stocks are promising and which ones are risky.

Our financial analysts spend countless hours analyzing every company and giving recommendations. We provide:

  • Superior Fundamental Data
  • Superior Financial Models
  • Superior Stock Ratings

We don't stop at the surface level. We delve into the extra details tucked away in the report footnotes, giving our valued customers a clear picture of a company's financial landscape. Our goal is to help our users make smart investment decisions that will give them better returns.

Investment Checklist

Trading (Coming Soon!)

Our ultimate goal is to establish a halal investment app that is available in over 150 countries around the globe, becoming the go-to investment platform for Muslims everywhere.

We understand that some investors may not have enough money to buy a full share of a stock. That's where Musaffa steps in. We provide investors the option to purchase fractional shares. With this feature, even as little as $1 can be invested in their preferred stocks. This means that Muslim investors, even those with restricted funds, can participate in the stock market.

Automated Investment Feature

Investors may prefer to invest a fixed sum, let's say $100, in a halal stock or ETF every month. This approach allows them to consistently invest a set amount regardless of the fluctuating stock prices.

Customized Portfolios (Coming Soon!)

Musaffa Empowers Muslims to Build Diverse Investment Portfolios

Our screening found that approximately 25% to 30% of stocks and ETFs are Shariah-compliant. This means Muslim investors have many options to build diverse investment portfolios confidently.

Portfolio Management Solution

At Musaffa, we're here for all Muslim investors. In addition to active trading, we plan to introduce a portfolio management solution. This way, even if you're busy or new to investing, you can still benefit from passive halal investments.

Proprietary Shariah-compliant ETFs (Coming Soon!)

We plan to launch Shariah-compliant ETFs that offer investors the opportunity to invest across various themes, strategies, sectors, countries, and regions.

Smart Notifications

A Sharia Compliance Notification-Heavy System

Musaffa App is a unique trading platform that sets it apart from other trading platforms. Our uniqueness lies in our sophisticated system that consistently keeps users in the loop with frequent notifications. These notifications guide them along their investment journey, making sure they don't accidentally get involved in transactions that go against Sharia rules such as short-selling or speculative market trading. We focus on keeping users informed and helping them make investments that align with their values.

Therefore, we are not just building a trading platform - we are building an environment. An environment that encourages Shariah-compliant trading and halal investment.

Watchlist Feature

With the Musaffa App, investors can effortlessly track their favored stocks or ETFs by placing them in their watchlists. This way, they can keep a close eye on the Shariah compliance status of these investments over time. For instance, should a desirable stock flip its status from "Not Halal" to "Halal," they'll have the option to invest in that stock. If a stock or ETF is not deemed halal or has doubts about its compliance, investors will not be able to invest in it through the Musaffa trading platform.

Our platform ensures that only halal (Shariah-compliant) stocks and ETFs are available for investment. From start to finish, the whole platform adheres to Shariah guidelines.

Monitoring Feature

Using Musaffa trading platform, investors can invest exclusively in halal stocks and ETFs. After purchasing these investments, they can easily keep track of their Shariah compliance in the Portfolio section of the app. If any of the stocks or ETFs in their portfolio change their status from Halal to Not Halal or become doubtful, investors will receive instant notifications. They will be encouraged to sell or get rid of those particular stocks or ETFs to maintain their halal investment portfolio.


For Muslim investors, it's crucial that their investments resonate with Islamic principles, even if they're selecting Shariah-compliant stocks. It's hard to discover completely halal companies since the majority are entwined in activities not deemed Shariah-compliant. Therefore, Muslim investors need to "purify" a part of their investments that is not considered halal (permissible) by donating that amount to charities.

Musaffa has developed a unique feature called Purification Calculator which helps to calculate the portion of investments that is not halal and allows Muslim investors to donate that amount to their preferred charities.

Ensuring investment earnings align with Shariah principles is vital for Muslim investors. This means even when they invest in halal (Shariah-compliant) stocks, finding companies that are absolutely free from non-compliant activities can be challenging.

Let's paint a picture: Let's say an investor buys and sells Tesla stock, making a $100 profit. The investor would require to purify the unclean portion of the profit. For instance, if 1.33% of Tesla's revenue originates from non-halal sources (such as interest income), and 98.67% from halal sources, the investor would have to donate $1.33 to a charity to ensure their profits are fully halal.

Unfortunately, most trading platforms do not offer this purification feature. But, this is where the Musaffa trading platform fills the gap, providing an integrated purification system. With Musaffa, investors can conveniently purify their investments as soon as they sell their stocks or ETFs. This is a unique feature that sets Musaffa apart and allows investors to ensure their investment profits are completely following the Shariah guidelines.

Zakat Platform

Accurately calculating the required Zakat amount and facilitating the online donation of that amount to charities.

Global Business Model & Revenue Streams

We operate within the fintech sector, and our operations depend highly on technology infrastructure and algorithms to screen stocks and ETFs for Shariah compliance and allow trading of regional and global Shariah-complaint equities.

We currently offer an advanced screening solution and are preparing to introduce trading services to retail customers, a privilege traditionally reserved for wealthier investors who engage with brokerages charging substantial annual management fees, often exceeding 0.5% of their assets under management (AUM). Musaffa, using its proprietary screening technology, plans to offer these services to retail clients at a significantly reduced monthly cost, ranging from $5 to $10.

Our mission is to democratize access to high-quality financial tools for Islamic investors on a global scale. At Musaffa, we are committed to providing affordable access to Islamic investments, ensuring that Muslim investors do not face any unnecessary financial burden.

The company will generate revenue through three primary sources:

  1. Subscriptions: Customers are billed on a monthly basis for an all-inclusive subscription plan, granting them access to the knowledge base, the screening tool, the investment checklist, the global trading solution, and purification features. Subscription rates will range from $5 to $10 per month, depending on the region of access.
  2. B2B Data Solutions: Musaffa also generates revenue by licensing its Shariah-compliant screening solution to other companies in the Islamic finance industry. This strategy allows Musaffa to establish a strong presence and credibility in various global regions. The licensing fee structure comprises three tiers: Starter - $550/month, Pro - $900/month, and Premium - $1,400/month.
  3. Brokerage Partnerships: The Musaffa Brokerage Partnership model extends the data license solution, positioning Musaffa as a technology partner that connects with its existing partnerships. This arrangement enables Musaffa to offer its customers trading services for regional equities. Revenue is divided in an 80/20 split between Musaffa and the licensed brokerage partners.

Following the launch of our trading platform in seven regions, we plan to introduce an annual fee ranging from $60 to $120 for customers using the all-in-one trading platform. Our projections indicate that by the end of 2024, we anticipate having 50,000 paying customers globally, generating over $4,500,000 in annual revenue (not guaranteed). Looking ahead to the end of 2025, our estimate is to have 200,000 paying customers globally, resulting in $18,000,000 in annual revenue.

Our Executive Team

Our Shariah Advisors

About Our Founder

Musaffa’s executive team and Board of Directors have decades of experience in the finance and technology industries and proven track records.

Our Founder, Dilshod Jumaniyazov, holds a Chartered Financial Analyst (CFA) designation and has over 15 years of financial industry experience. He had worked at Wells Fargo Securities for over seven years, building multiple investments and trading platforms. He also worked as an Equity Research Analyst at one of the most prestigious companies in the United States.

Dilshod Jumaniyazov and Warren Buffett, Omaha, Nebraska 2011

It has been Dilshod's lifelong dream to build an all-in-one investment platform for Muslims globally so that every Muslim has an opportunity to invest in companies in any part of the world. As the co-founder and the president of the University of Tennessee Investment Group, he also met Warren Buffet and had a meaningful meeting with him.

What Do Our Members Say About Us?

Our Milestones

*forward looking projections not guaranteed*

Why Invest in Musaffa?

The Muslim community is at the core of Musaffa. We are building the Musaffa app to serve Muslims globally, and we encourage every customer to be an owner, whether they invest $100 or $100,000. Why? Because owners will be our best customers—and, together, can influence Musaffa’s future as a company.

Musaffa is revolutionizing the Islamic Capital Markets.

Musaffa is growing fast — since the company was formed over a year ago, we have:

  • Hired one of the best teams in the industry
  • Signed strategic partnerships that create a competitive advantage
  • Built a founding member community of over 317,000+ Muslims from over 182 countries.
  • Developed the Musaffa App and launched Halal Stock & ETF screener