Musaffa is a comprehensive platform for ethical investing, Halal stock trading, and financial education. Pulse 2.0 interviewed Musaffa CEO Dilshod Jumaniyazov to learn more about the company.
Dilshod Jumaniyazov’s Background
Tell us about your background. How did your experience, including your time at Wells Fargo Securities, help shape the vision for Musaffa? Jumaniyazov said:
“The journey to founding Musaffa began with a deeply personal challenge. Sixteen years ago, when I began my investing journey, I questioned whether my investments aligned with my faith and values as a Muslim. Every decision came with uncertainty—was I staying true to my principles? Each venture into the stock market brought uncertainty—was I compromising my principles? As I shared my experiences, I realized this was a struggle faced by millions of Muslims worldwide, navigating a financial landscape with limited guidance for faith-aligned investing.”
“This realization sparked a vision: to create a platform that empowers Muslims to invest ethically and confidently while staying true to their faith. However, I knew that ambition alone was not enough—it required knowledge, experience, and capital.”
“Determined to bridge these gaps, I pursued an MBA at the University of Illinois at Urbana-Champaign and earned my CFA designation, solidifying my expertise in finance. At Wells Fargo Securities, I gained invaluable experience working with the technology team, contributing to the launch of several trading platforms. This role deepened my understanding of trading technologies and market operations, which later became instrumental in building Musaffa’s seamless, Shariah-compliant investment and research platform.”
“I believed in my vision so strongly that I invested in it—setting aside savings from my paychecks and 401(k). By late 2020, with $250,000 of my own savings, I launched Musaffa.”
“Musaffa is more than just a platform—it is a solution to a deeply felt problem. Today, Musaffa offers access to over 100,000 stocks and 9,000 ETFs, all rigorously screened for Shariah compliance. Through an integrated network of brokerages, users can easily buy and sell halal stocks and ETFs. Additionally, Musaffa Academy is planning to offer tailored courses in financial literacy and Islamic finance soon, empowering users to make informed decisions.”
“Since its launch, Musaffa has grown to serve over 500,000 users across 200+ countries, becoming a trusted partner for Muslim investors with features like advanced Shariah compliance screening, integrated trading options, and a robust educational platform.”
“Looking forward, we are excited to launch our proprietary Shariah-compliant trading platform and Shariah-compliant ETFs and further expand into global markets. Our goal is to simplify access to the $30 trillion Shariah-compliant stock market and make halal investing even more accessible.”
“What sets Musaffa apart is not just the tools we provide but our unwavering commitment to solving real challenges. We’re building more than a platform; we’re creating a global financial ecosystem rooted in faith, trust, and ethics.”
“Today, I am incredibly proud of how far Musaffa has come. It stands as a testament to years of dedication, the belief that financial success should never come at the expense of one’s values, and a vision that empowers Muslims around the world to invest with confidence and purpose.”
Formation Of The Company
What inspired you to create the company, and what challenges in the investment space are you hoping to solve? Jumaniyazov shared:
“My journey began around the 2008 financial crisis when I started investing and faced a major challenge: ensuring my investments, particularly stocks, were Shariah-compliant. I soon realized that millions of Muslims worldwide encountered the same issue, with no clear solutions from existing institutions. This sparked my vision to launch a Shariah-compliant fintech investment company that could solve this problem on a global scale.”
“One of the most significant challenges I observed was the lack of financial education tailored to the Muslim community. Without proper guidance, many Muslims struggled to navigate the complexities of halal investing. That is why we launched Musaffa Academy—a platform dedicated to providing accessible, high-quality financial education and becoming the go-to source for Shariah-compliant investment knowledge.”
“Today, with 500,000+ users across 200+ countries, Musaffa is empowering Muslims globally to invest with confidence and in accordance with their values. Our mission extends beyond technology; it is about building a community and fostering financial literacy to create generational impact.”
Favorite Memory
What has been your favorite memory as the CEO of Musaffa so far? Jumaniyazov reflected:
“Among many milestones, one memory stands out—the day we celebrated reaching 500,000 users from 200+ countries. Hearing stories from our users, from first-time investors to seasoned professionals, reminded me of the real impact we are making. It was a powerful moment that validated our mission to empower Muslims globally with access to Shariah-compliant investments.”
“I also cherish the launch of Musaffa Academy. Witnessing our educational resources help people gain confidence in their financial journey has been incredibly rewarding. Seeing our community grow not just in numbers, but in knowledge and empowerment, is what drives us every day.”
Core Offerings
Can you break down Musaffa’s core offerings and how its technology simplifies the process of identifying and investing in purified stocks? Jumaniyazov explained:
“Musaffa offers a comprehensive suite of tools designed to simplify Shariah-compliant investing for our users. Our core offerings include:
- Real-Time Halal & ETF Stock Screening: Our proprietary technology screens global stocks and ETFs for Shariah compliance, adhering to AAOIFI standards to filter out non-compliant investments. Users can instantly access detailed compliance reports.
- Portfolio Management Dashboard: Our all-in-one platform allows users to track and manage their Shariah-compliant portfolios with real-time insights and performance metrics.
- Integrated Trading Functionality: Users can connect their existing brokerage accounts to Musaffa, enabling them to invest in halal stocks and ETFs directly through Musaffa’s intuitive user interface.
- Purification Calculators: Musaffa’s platform automatically calculates any impure earnings from investments, providing clear guidance on how to purify returns.
- Musaffa Academy: A dedicated educational platform offering courses, articles, and webinars to empower users with knowledge about halal investing and personal finance.
Our technology stands out through simplicity, accuracy, and accessibility. We employ advanced screening methodologies and user-friendly dashboards, enabling users to identify halal stocks and ETFs effortlessly and manage their investments with confidence. At Musaffa, our mission is to blend innovative technology with halal investing, making Shariah-compliant opportunities accessible to everyone.”
Challenges Faced
Have you faced any challenges in promoting purified investing in the U.S., and how have you addressed them? Jumaniyazov acknowledged:
“One of the biggest challenges we’ve encountered is raising awareness about what purified investing truly means. Even many practicing Muslims are unaware that Shariah principles require investors to donate any non-halal portion of their earnings. For example, if an investor holds shares in a Shariah-compliant company, any income derived from non-core, non-halal activities must be purified through charitable donation. This is a crucial step for ensuring the investment remains Shariah-compliant, yet many people find these principles unfamiliar or assume they are complex and inaccessible.”
“To address this knowledge gap, we’ve prioritized education. Through Musaffa Academy, webinars, and thought leadership content, we empower both seasoned and new investors with a deeper understanding of halal investing and the purification process.”
“Building trust and credibility in the Islamic finance market has been another key challenge. We’ve addressed this by maintaining transparency and accuracy in our screening and purification methodologies, adhering to globally recognized standards such as AAOIFI, and forging partnerships with trusted financial institutions.”
“We also recognized that accessibility is crucial. By integrating with existing brokerages and offering a seamless user experience on our platform, we’ve made it easy for U.S. investors to embrace halal investing without disrupting their current financial habits.”
“Our mission is to bridge the gap between ethical values and financial growth, ensuring that Shariah-compliant investing is both accessible and rewarding for the U.S. market.”
Evolution Of The Company’s Technology
How has Musaffa’s technology evolved since launching, and what innovations are helping investors navigate compliance requirements? Jumaniyazov noted:
“Since launching, Musaffa’s technology has evolved significantly to better serve the needs of Shariah-compliant investors. Our continuous improvements are driven by user feedback and our commitment to providing accessible, accurate, and efficient tools for halal investing.”
“One of our key advancements has been the enhancement of our Real-Time Halal Stock and ETF Screening system. We’ve refined our proprietary screening engine to offer faster, more detailed compliance reports based on globally recognized standards such as AAOIFI. This ensures investors can quickly identify Shariah-compliant opportunities with confidence.”
“We have also introduced an Integrated Trading Feature, allowing users to link their existing brokerage accounts to Musaffa and seamlessly execute halal investments directly from our platform. This integration simplifies the investing process while maintaining compliance with Shariah principles.”
“To help users meet purification requirements, we’ve upgraded our Purification Calculators, providing automatic, detailed calculations of non-halal earnings and clear guidance for donation.”
“Additionally, our educational efforts have expanded with the evolution of Musaffa Academy, which will soon include interactive courses, webinars, and expert insights to help investors navigate compliance requirements with confidence.”
“These innovations reflect our mission to merge cutting-edge technology with Shariah principles, making it easier than ever for investors to achieve their financial goals while staying true to their values.”
Significant Milestones
Musaffa has reached major milestones, including over $93 million in user portfolios. What other significant achievements stand out? Jumaniyazov cited:
“We are incredibly proud to have surpassed $93 million in linked user portfolios—a testament to the trust our global community has placed in us. Beyond this milestone, several key achievements underscore our continued progress:
- Reaching Over 500,000 Users Across 200+ Countries: Our expanding global community underscores the growing demand for Shariah-compliant investment solutions.
- Launching Integrated Trading Capabilities: We introduced a seamless trading experience by enabling users to link their existing brokerage accounts and execute halal investments directly through the Musaffa platform.
- Expanding Musaffa Academy: Our educational platform now offers over 600 articles on halal investing, with upcoming additions of comprehensive courses, live webinars, and expert-led thought leadership content, designed to empower users and bridge the knowledge gap in Shariah-compliant investing.
- Strengthening Institutional Partnerships: We’ve forged alliances with leading financial institutions and Islamic scholars, ensuring our commitment to the highest standards of compliance and transparency.
- Raising Over $4 Million in Funding: This includes nearly $1 million from community equity crowdfunding—a powerful demonstration of support from our user base and belief in our mission.
These milestones represent more than numbers—they symbolize our unwavering commitment to making Shariah-compliant investing accessible, transparent, and impactful for users worldwide.”
Success Stories
Do you have any success stories from investors who have benefited from Musaffa’s platform? Jumaniyazov highlighted:
“We are proud to witness the real impact Musaffa has on our users’ financial journeys. Here are a few inspiring success stories:
- Empowering a First-Time Investor: A young professional from the U.S. shared how Musaffa’s Halal Stock and ETF Screening and Purification tools gave him the confidence to make his first-ever Shariah-compliant investment. Within months, he built a diversified portfolio and now mentors others on halal investing.
- Supporting Family Wealth Building: A family in Malaysia used Musaffa Academy’s educational resources to create a halal investment plan. Their goal is to fund their children’s education entirely through Shariah-compliant returns.
- Enabling Halal Investing for Experienced Traders: A seasoned investor from Canada transitioned to fully halal investing using Musaffa’s integrated trading feature. He praised the seamless brokerage linking and real-time compliance reports that simplified his portfolio management.
- Inspiring Confidence in a Public Figure: Nabil Fekir, a FIFA World Cup Champion and renowned footballer, became an investor in Musaffa. His decision to support Musaffa reflects his belief in the platform’s mission to promote Shariah-compliant investing and empower the global Muslim community.
These stories reflect our mission to empower individuals and families worldwide with accessible, Shariah-compliant investment solutions. Beyond the numbers, it’s the lives we impact that truly define Musaffa’s success.”
Funding
Musaffa has raised over $4 million, including nearly $1 million through crowdfunding. Can you discuss your funding journey and how it supports your growth? Jumaniyazov revealed:
“Our funding journey has been a reflection of the strong belief our community and investors have in our mission. To date, we’ve raised over $4 million, with nearly $1 million contributed through equity crowdfunding from our community. This support from our user base has been particularly meaningful, as it demonstrates the trust and confidence people place in Musaffa to lead the future of Shariah-compliant investing.”
“Our journey began with contributions from angel investors and accredited investors who believed in our vision to merge technology with halal investing. The successful equity crowdfunding campaign was a turning point, showing us that our users wanted to be more than just investors—they wanted to be part of our growth story.”
“With these funds, we have:
— Strengthened compliance protocols, ensuring our screening processes align with the highest standards, such as AAOIFI, to build trust and accuracy from the ground up.
— Expanded our platform capabilities, introducing features such as enhanced halal stock and ETF screening and integrated trading, enabling users to invest seamlessly and compliantly.
— Enhanced Musaffa Academy, adding more educational content to empower users with knowledge about Shariah-compliant investing and bridge the gap in financial literacy.
— Scaled our global reach, growing our user base to over 500,000 users across 200+ countries, expanding our impact and fostering a global community of ethical investors.
Our funding journey is not just about capital—it’s about community and commitment. With the continued support of our investors and users, we are building a platform that makes Shariah-compliant investing accessible, transparent, and impactful.”
Total Addressable Market
What is the total addressable market (TAM) for purified (halal) investing, and how do you see it evolving? Jumaniyazov assessed:
“Our total addressable market (TAM) for purified (halal) investing is 670 million literate Muslims with internet access globally. Additionally, out of estimated $411 trillion in global liquid assets, based on our research, only just over 7.3% qualify as Shariah-compliant, representing an approximately $30 trillion opportunity that remains largely untapped by Muslim investors. Musaffa’s comprehensive Shariah-compliant ecosystem uniquely positions us to unlock this market and empower millions of investors worldwide.
How We See It Evolving:
— Rising Demand for Islamic Finance: Halal investing is becoming increasingly mainstream, fueled by values-based financial preferences.
— Digital Financial Inclusion: Increased internet accessibility is expanding opportunities for global investors to engage with halal markets.
— Education and Awareness: Musaffa Academy empowers investors with knowledge, increasing confidence in halal investment strategies.
— First-Mover Advantage: With a robust halal-conscious ecosystem, Musaffa is positioned to capture a significant share of this untapped market.
Looking ahead, the purified (halal) investing market is poised for rapid growth, driven by technological advancements, rising financial literacy, and a global shift toward ethical investments. Musaffa remains at the forefront, making Shariah-compliant investing accessible and impactful worldwide.”
Differentiation From The Competition
What makes Musaffa stand out from competitors in the ethical and halal investing space? Jumaniyazov affirmed:
“Musaffa distinguishes itself through a comprehensive, Shariah-compliant ecosystem designed to empower investors with simplicity, transparency, and impact. Our key differentiators include:
- End-to-End Shariah-Compliant Ecosystem: Unlike competitors that focus on singular services, Musaffa offers a fully integrated experience, including enhanced halal stock and ETF screening, portfolio management, integrated trading capabilities, and purification tools—all within one platform.
- Unmatched Educational Resources with Musaffa Academy: We prioritize financial literacy by offering the most extensive educational platform on halal investing. Musaffa Academy features 600+ articles, with expert-led webinars and interactive courses coming soon. This comprehensive approach positions us as a leader in empowering users with Shariah-compliant investment knowledge.
- Industry-Leading Compliance Standards: Our screening and purification processes are fully aligned with globally recognized AAOIFI standards, ensuring transparency and adherence to Shariah principles.
- Strong Community Trust and Engagement: Having raised nearly $1 million through crowdfunding, Musaffa has earned the trust of its users, who are also stakeholders in our growth.
- Scalability and Market Reach: Musaffa demonstrates strong growth with over 500,000 users spanning 200+ countries and a total integrated portfolio value surpassing $93 million. This global reach positions Musaffa not only as a platform but as a driving force in advancing Shariah-compliant investing worldwide.
Our commitment to providing a holistic, educational, and transparent experience makes Musaffa the go-to platform for ethical and halal investors. We are not just another investment platform; we are building a global community for faith-based financial empowerment.”
Future Plans
What’s next for Musaffa? Jumaniyazov emphasized:
Musaffa is entering a transformative phase of growth, expanding our offerings to empower users with a complete Shariah-compliant investing experience. Here’s what’s next:
Upcoming Features:
- Shariah-Compliant Investment Platform and Trading Tools: A secure, proprietary platform for global halal stock and ETF trading with built-in Shariah-compliant trading tools.
- AI-Powered Portfolio Customization: Personalized, Shariah-compliant portfolio recommendations using AI-driven insights based on user profiles, goals, and market trends.
- Proprietary Shariah-Compliant ETFs: Faith-aligned ETFs offering low-cost, diversified investment options tailored to specific themes, sectors, and regions.
Value Proposition:
Musaffa offers a complete ecosystem that combines education, research, and compliance tools to support ethical, informed financial decisions. With upcoming features like direct trading, AI-driven portfolios, and proprietary ETFs, Musaffa is poised to lead the global Shariah-compliant investing space.
Raising $5 Million Through New Equity Crowdfunding:
To accelerate our growth and bring these new offerings to life, Musaffa is currently raising $5 million through a new equity crowdfunding. This round of funding will fuel platform enhancements, new feature rollouts, and global expansion, positioning Musaffa as the premier global platform for Shariah-compliant financial solutions.
Additional Thoughts
Is there anything else you’d like to share that we haven’t covered? Jumaniyazov concluded:
“At Musaffa, we are driven by a mission that goes beyond technology and investments. We are building a global movement for ethical, faith-aligned investing—one that empowers individuals, strengthens communities and promotes financial literacy. Here’s what truly sets Musaffa apart:
- Commitment to Financial Literacy: Through Musaffa Academy, we are nurturing the next generation of informed investors, ensuring that Shariah-compliant investing is accessible to everyone, regardless of experience level.
- User-Centered Innovation: Every feature we launch, from our Halal Stock and ETF Screener to Portfolio Integrations, is built based on user feedback to simplify and enhance their investing journey.
- Community-Driven Growth: We are proud that our users are also stakeholders in our journey. Our equity crowdfunding campaign not only raises capital but also deepens our bond with the community.
- Long-Term Vision: Our ambition extends beyond just being a platform; we aim to set new standards in the Islamic finance industry, offering solutions that align with both financial goals and personal values.
We believe that Musaffa is more than a company—it’s a catalyst for positive change. With our growing community and robust ecosystem, we are excited to lead the future of Shariah-compliant investing and shape a world where ethics and finance go hand in hand.”
