Which tokenized assets are Sharia-compliant?
10 tokenized instruments in our data are described by their issuers as Sharia-compliant: 3 sukuk or sukuk funds — Khazanah’s tokenised sukuk in Malaysia, a reported real-estate sukuk from Ghanem in Saudi Arabia and the SPSK global sukuk ETF as a token; 5 Sharia-screened equity and REIT ETFs as tokens (HLAL, MNZL, SPRE, SPUS, UMMA); and 2 on-chain credit vaults from Nawa Finance that finance payments and small businesses instead of lending at interest. None of them is certified by TokenBank — each relies on its issuer’s or index provider’s Sharia review.
Islamic finance rules out interest (riba), excessive uncertainty (gharar) and gambling (maysir), and it excludes businesses such as alcohol, gambling and conventional banking. Returns have to come from a real asset or trade: rent, profit share or a sale margin. That is why sukuk give the holder a share in an asset rather than a loan, and why Sharia equity funds screen companies by sector and debt ratio. Tokenization does not change any of this — a token is Sharia-compliant only if the instrument behind it is. This page lists every tokenized instrument we have whose issuer describes it as Sharia-compliant; the ruling comes from the issuer’s or index provider’s Sharia board, not from TokenBank.
How this list is made: computed from the live TokenBank dataset each time the page is built — 10 matching rows, each linked to its own page and source.
Figures from our live dataset · data as of 2026-10-16 · this answer as JSON · not investment advice
| Token | Issuer | Yield / return | Minimum | KYC to buy | Chain |
|---|---|---|---|---|---|
| MY-KHAZANAH-DANUM-2027 Khazanah tokenised sukuk — Sukuk Danum Programme, tranche 1 (Malaysia's first tokenised sukuk pilot) | Khazanah Nasional Berhad | Not stated by the source | — | Not stated | Permissioned DLT |
| SA-GHANEM-2026 Ghanem tokenized real-estate sukuk | Ghanem (REGA real-estate sandbox) | Not stated by the source | — | Not stated | — |
| SPSK SP Funds Dow Jones Global Sukuk ETF (Dinari SPSK) | Dinari | — | — | KYC required | — |
| HLAL Listed Funds Trust Wahed FTSE USA Shariah ETF (Dinari HLAL) | Dinari | — | — | KYC required | — |
| MNZL EA Series Trust Manzil Russell Halal USA Broad Market ETF (Dinari MNZL) | Dinari | — | — | KYC required | — |
| SPRE SP Funds S&P Global REIT Sharia ETF (Dinari SPRE) | Dinari | — | — | KYC required | — |
| SPUS SP Funds S&P 500 Sharia ETF (Dinari SPUS) | Dinari | — | — | KYC required | — |
| UMMA Listed Funds Trust Wahed Dow Jones Islamic World ETF (Dinari UMMA) | Dinari | — | — | KYC required | — |
| n1USDC Nawa n1USDC — Shariah-compliant PayFi and SME credit vault (ZIGChain) | ZIG Markets (curator) / Nawa Finance | ~10% annualized, variable, net of fees (indicative, 2026-10) | 10 USDC | Not stated | Zigchain |
| nzUSDT Nawa nzUSDT — Shariah-compliant PayFi and SME credit vault | ZIG Markets (curator) / Nawa Finance | ~10% annualized, variable, net of fees (indicative, 2026-10) | 10 USDT | Not stated | Ethereum |
How to choose
Start with the ruling: open the issuer’s page and look for the named Sharia board and the date of its fatwa. Then read the token like any other — who holds the asset, how it is redeemed and where it trades. A Sharia label says the structure was reviewed; it says nothing about credit risk or liquidity.
More questions
What makes a token Sharia-compliant?
The instrument behind it, not the blockchain. It must not pay interest, its return has to come from an asset or a trade, and the business it finances must be permissible. A Sharia supervisory board — usually applying AAOIFI standards, or in Malaysia the Securities Commission’s Shariah Advisory Council — issues a ruling (fatwa) on the structure. There is no single global certificate; each issuer names its own board.
What is a tokenized sukuk?
A sukuk gives the holder an undivided share in an asset or venture and pays rent or profit from it instead of interest. Tokenized, the holding is recorded on a ledger. Khazanah Nasional’s 2026 pilot with Malaysia’s Securities Commission is a digital twin of a conventional sukuk issue: RM100 million for one year, with CIMB as adviser and Maybank as custodian.
Are tokenized Sharia ETFs the same as the ETFs?
Economically yes: each Dinari token is backed one-for-one by a unit of the ETF held in a brokerage account, and dividends are passed on in a stablecoin. The Sharia screening is done by the fund and its index — for example the S&P 500 Shariah index for SPUS or the FTSE USA Shariah index for HLAL. Whether passing dividends through as a stablecoin fits a given scholar’s view is for the investor to check.
Is earning yield on stablecoins halal?
It depends on where the yield comes from. Lending stablecoins at a fixed rate is interest in the classical view. Vaults such as Nawa’s say their return comes from trade and payment financing structured as Islamic contracts, and that a Sharia board reviewed them. TokenBank lists that claim with its source; it does not rule on it.
Are gold tokens Sharia-compliant?
Scholars disagree. AAOIFI’s Shariah Standard No. 57 on gold requires that ownership is real and that the gold is identified and deliverable, and opinions differ on whether a given token meets that. We do not list gold tokens here unless the issuer itself states a Sharia ruling; they are compared on the gold page.
Which of them can I buy without KYC?
None of them is stated as buyable without KYC. 6 explicitly require it.