{"slug":"sharia-compliant-tokenized-assets","question":"Which tokenized assets are Sharia-compliant?","answer":"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.","shortAnswer":"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.","asOf":"2026-10-16","faq":[{"q":"What makes a token Sharia-compliant?","a":"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."},{"q":"What is a tokenized sukuk?","a":"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."},{"q":"Are tokenized Sharia ETFs the same as the ETFs?","a":"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."},{"q":"Is earning yield on stablecoins halal?","a":"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."},{"q":"Are gold tokens Sharia-compliant?","a":"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."},{"q":"Which of them can I buy without KYC?","a":"None of them is stated as buyable without KYC. 6 explicitly require it."}],"count":10,"rows":[{"ticker":"MY-KHAZANAH-DANUM-2027","name":"Khazanah tokenised sukuk — Sukuk Danum Programme, tranche 1 (Malaysia's first tokenised sukuk pilot)","issuer":"Khazanah Nasional Berhad","category":"Tokenized Bonds","yield":"Not stated by the source","yieldPct":null,"yieldKind":null,"minimumUsd":null,"size":"RM100m (programme ceiling RM20bn)","chains":"Permissioned DLT","country":"Malaysia","kycSecondary":"unknown","maturity":null,"lifecycle":"live","isin":null,"contract":null,"source":"https://www.sc.com.my/resources/media/media-release/khazanah-leads-malaysias-first-tokenised-sukuk-pilot-in-collaboration-with-the-sc","lastVerified":"2026-10-16T19:00:00.000Z","tier":"imported","page":"https://tokenbank.world/token/MY-KHAZANAH-DANUM-2027","json":"https://tokenbank.world/api/tokens/MY-KHAZANAH-DANUM-2027"},{"ticker":"SA-GHANEM-2026","name":"Ghanem tokenized real-estate sukuk","issuer":"Ghanem (REGA real-estate sandbox)","category":"Real Estate","yield":"Not stated by the source","yieldPct":null,"yieldKind":null,"minimumUsd":null,"size":"≈ 550 investors, one property","chains":null,"country":"Saudi Arabia","kycSecondary":"unknown","maturity":null,"lifecycle":"live","isin":null,"contract":null,"source":"https://ifninvestor.com/ghanem-platform-secures-550-investors-for-real-estate-fractional-ownership","lastVerified":null,"tier":"imported","page":"https://tokenbank.world/token/SA-GHANEM-2026","json":"https://tokenbank.world/api/tokens/SA-GHANEM-2026"},{"ticker":"SPSK","name":"SP Funds Dow Jones Global Sukuk ETF (Dinari SPSK)","issuer":"Dinari","category":"Tokenized Bonds","yield":"","yieldPct":null,"yieldKind":null,"minimumUsd":null,"size":null,"chains":null,"country":"United States","kycSecondary":"required","maturity":null,"lifecycle":"live","isin":null,"contract":null,"source":"https://docs.dinari.com/docs/245-tradable-assets","lastVerified":"2026-10-16","tier":"imported","page":"https://tokenbank.world/token/SPSK","json":"https://tokenbank.world/api/tokens/SPSK"},{"ticker":"HLAL","name":"Listed Funds Trust Wahed FTSE USA Shariah ETF (Dinari HLAL)","issuer":"Dinari","category":"Tokenized ETFs","yield":"","yieldPct":null,"yieldKind":null,"minimumUsd":null,"size":null,"chains":null,"country":"United States","kycSecondary":"required","maturity":null,"lifecycle":"live","isin":null,"contract":null,"source":"https://docs.dinari.com/docs/245-tradable-assets","lastVerified":"2026-10-16","tier":"imported","page":"https://tokenbank.world/token/HLAL","json":"https://tokenbank.world/api/tokens/HLAL"},{"ticker":"MNZL","name":"EA Series Trust Manzil Russell Halal USA Broad Market ETF (Dinari MNZL)","issuer":"Dinari","category":"Tokenized ETFs","yield":"","yieldPct":null,"yieldKind":null,"minimumUsd":null,"size":null,"chains":null,"country":"United States","kycSecondary":"required","maturity":null,"lifecycle":"live","isin":null,"contract":null,"source":"https://docs.dinari.com/docs/245-tradable-assets","lastVerified":"2026-10-16","tier":"imported","page":"https://tokenbank.world/token/MNZL","json":"https://tokenbank.world/api/tokens/MNZL"},{"ticker":"SPRE","name":"SP Funds S&P Global REIT Sharia ETF (Dinari SPRE)","issuer":"Dinari","category":"Tokenized ETFs","yield":"","yieldPct":null,"yieldKind":null,"minimumUsd":null,"size":null,"chains":null,"country":"United States","kycSecondary":"required","maturity":null,"lifecycle":"live","isin":null,"contract":null,"source":"https://docs.dinari.com/docs/245-tradable-assets","lastVerified":"2026-10-16","tier":"imported","page":"https://tokenbank.world/token/SPRE","json":"https://tokenbank.world/api/tokens/SPRE"},{"ticker":"SPUS","name":"SP Funds S&P 500 Sharia ETF (Dinari SPUS)","issuer":"Dinari","category":"Tokenized ETFs","yield":"","yieldPct":null,"yieldKind":null,"minimumUsd":null,"size":null,"chains":null,"country":"United States","kycSecondary":"required","maturity":null,"lifecycle":"live","isin":null,"contract":null,"source":"https://docs.dinari.com/docs/245-tradable-assets","lastVerified":"2026-10-16","tier":"imported","page":"https://tokenbank.world/token/SPUS","json":"https://tokenbank.world/api/tokens/SPUS"},{"ticker":"UMMA","name":"Listed Funds Trust Wahed Dow Jones Islamic World ETF (Dinari UMMA)","issuer":"Dinari","category":"Tokenized ETFs","yield":"","yieldPct":null,"yieldKind":null,"minimumUsd":null,"size":null,"chains":null,"country":"United States","kycSecondary":"required","maturity":null,"lifecycle":"live","isin":null,"contract":null,"source":"https://docs.dinari.com/docs/245-tradable-assets","lastVerified":"2026-10-16","tier":"imported","page":"https://tokenbank.world/token/UMMA","json":"https://tokenbank.world/api/tokens/UMMA"},{"ticker":"n1USDC","name":"Nawa n1USDC — Shariah-compliant PayFi and SME credit vault (ZIGChain)","issuer":"ZIG Markets (curator) / Nawa Finance","category":"Private Credit","yield":"~10% annualized, variable, net of fees (indicative, 2026-10)","yieldPct":null,"yieldKind":"variable","minimumUsd":null,"size":null,"chains":"Zigchain","country":"—","kycSecondary":"unknown","maturity":null,"lifecycle":"live","isin":null,"contract":"zig1fn4rrr5knlg93nf3wyme9fzmgve3fftxu5l7wv90llp77mwg7ctq2lfwtd","source":"https://nawa.finance/","lastVerified":null,"tier":"imported","page":"https://tokenbank.world/token/n1USDC","json":"https://tokenbank.world/api/tokens/n1USDC"},{"ticker":"nzUSDT","name":"Nawa nzUSDT — Shariah-compliant PayFi and SME credit vault","issuer":"ZIG Markets (curator) / Nawa Finance","category":"Private Credit","yield":"~10% annualized, variable, net of fees (indicative, 2026-10)","yieldPct":null,"yieldKind":"variable","minimumUsd":null,"size":null,"chains":"Ethereum","country":"—","kycSecondary":"unknown","maturity":null,"lifecycle":"live","isin":null,"contract":null,"source":"https://nawa.finance/","lastVerified":null,"tier":"imported","page":"https://tokenbank.world/token/nzUSDT","json":"https://tokenbank.world/api/tokens/nzUSDT"}],"programs":[],"underlyings":[],"sources":[{"label":"Securities Commission Malaysia — Khazanah leads Malaysia’s first tokenised sukuk pilot","url":"https://www.sc.com.my/resources/media/media-release/khazanah-leads-malaysias-first-tokenised-sukuk-pilot-in-collaboration-with-the-sc"},{"label":"Dinari — tradable assets (dShares)","url":"https://docs.dinari.com/docs/245-tradable-assets"},{"label":"Nawa Finance — Shariah-compliant yield vaults","url":"https://nawa.finance/"},{"label":"AAOIFI — Shariah standards","url":"https://aaoifi.com/"}],"_links":{"page":"https://tokenbank.world/answers/sharia-compliant-tokenized-assets","index":"https://tokenbank.world/api/v1/answers"},"_citation":"TokenBank, “Which tokenized assets are Sharia-compliant?”, https://tokenbank.world/answers/sharia-compliant-tokenized-assets (data as of 2026-10-16), CC BY 4.0.","_license":"CC BY 4.0 — https://creativecommons.org/licenses/by/4.0/","_disclaimer":"Computed from sourced data; yields are variable and not guaranteed. Not investment advice. Verify each row’s source before relying on it."}