Halal Altersvorsorgedepot: does a Sharia-compliant ETF fit into the subsidized securities account?
Millions of Muslims in Germany are in work, pay taxes and are therefore in principle eligible for the subsidy under the new Altersvorsorgedepot. Even so, many of them face a question that is missing from most coverage of the topic: can the securities account be reconciled with their own religious principles at all?
This question is no footnote. Without a clear answer and without the option of searching specifically for suitable products, part of the population remains effectively excluded from one of the most generous government subsidies of recent decades. We show you what matters in a Sharia-compliant Altersvorsorgedepot.
The key points at a glance
-
An Altersvorsorgedepot can in principle also be funded in a Sharia-compliant way, provided the chosen ETF is certified accordingly.
-
Sharia-compliant means above all: no interest-based business (Riba), no prohibited sectors (Haram) and no highly speculative structures (Gharar).
-
A “sustainable” or ESG label is no substitute for Sharia certification. The two sets of criteria only partly overlap.
-
Without a targeted comparison, every provider has to be checked individually to see whether a halal fund is included in its savings plan range.
A halal Altersvorsorgedepot is a securities account in which only funds certified according to Islamic principles are used, for example equity ETFs without interest income and without any involvement in prohibited industries. Certification is carried out by an independent Sharia board.
What does “Sharia-compliant” mean when investing?
For devout Muslims, investing is subject to religious rules that go beyond general sustainability criteria. Four principles are central here.
Prohibition of interest (Riba): Investments that are predominantly based on interest income are not permitted. That applies to classic bonds just as much as to heavily indebted companies or conventional banks and insurers.
Exclusion of certain sectors (Haram): Companies in the fields of alcohol, gambling, pork processing, pornography and armaments are ruled out. The same applies to conventional, non-Islamic banking and insurance, because their business model is centrally based on interest income.
Debt limits and income screening: Even companies that are permissible in principle are additionally screened using metrics such as the ratio of debt to enterprise value. If a company has a small share of impermissible income, that share is deducted in the calculation and donated to charity (purification).
No speculative principle (Gharar): Highly speculative or opaque structures are considered problematic. In substance this even overlaps with the general investor protection thinking behind the Altersvorsorgedepot.
In short: Sharia-compliant means in concrete terms: no interest-based business, no prohibited sectors, screened debt limits and no Gharar. An independent Sharia board confirms this through certification; an ESG seal is not enough for it.
Does a halal ETF fit into the Altersvorsorgedepot at all?
The good news first: legally there is little to argue against it. The Altersvorsorgedepot works with a positive list defined by law that permits broadly diversified funds in risk classes 1 to 5 (according to the Synthetic Risk and Reward Indicator, SRRI).
Sharia-compliant equity ETFs, for instance investment funds tracking the MSCI World Islamic Index, are structurally quite ordinary, broadly diversified index funds. At their core they differ from conventional global ETFs only in the religiously motivated selection and weighting of the companies they contain, not in risk class or fund structure. One example for context, not a recommendation: the iShares MSCI World Islamic UCITS ETF has been regularly tradable in Germany for years.
Whether a particular provider actually includes such a fund in its securities account savings plan range is another matter. That is precisely the point at which the real research work begins for you as a saver.
Why it is worth taking a close look at what providers offer
Without a way of searching specifically for Sharia-compliant products, every provider would have to be searched individually to see whether a halal ETF is included in its savings plan universe at all. For lay people that means an enormous amount of research.
If that option is missing, a real dilemma arises: either give up the attractive government subsidy of up to €540 in basic allowance plus child allowance per year, or invest against your own religious principles. Both are a poor outcome for a product that is expressly intended for broad sections of the population.
A plain yes-or-no statement is not enough here. Information such as the specific Sharia board, the certification body, the methodology for purifying income and the ongoing costs is also relevant.
A targeted comparison achieves more than just giving you personal orientation. If demand for halal options becomes visible and comparable across providers, an economic incentive arises for the providers themselves to actually include such funds in their savings plan range. Market transparency therefore indirectly creates market pressure too.
For families there is a further question: whether the child allowance can also be paid into a Sharia-compliant product. We have already explained the basics of eligibility for subsidy in detail. Which types of ETF are generally eligible for the securities account is shown under suitable ETFs for the Altersvorsorgedepot.
In short: Without a targeted comparison, the entire research risk lies with you alone, with the danger of giving up either the subsidy or your own religious principles. A specialized, transparent comparison with a genuine halal filter is what makes this decision practically possible in the first place.
Conclusion
The Altersvorsorgedepot can be just as big an opportunity for Muslim savers as for everyone else, provided that access to suitable, religiously acceptable products is not left to chance in the ranges of individual providers. A targeted comparison with a genuine halal filter is not an extra for that, but a prerequisite.
Sign up for our waiting list now and be the first to hear as soon as providers with Sharia-compliant Altersvorsorgedepots go live.
Is the Altersvorsorgedepot compatible with Islam in principle?
Yes, provided the chosen funds are certified as Sharia-compliant. The securities account’s positive list defined by law permits broadly diversified investment funds and ETFs in risk classes 1 to 5 (according to the Synthetic Risk and Reward Indicator, SRRI) – halal ETFs such as funds tracking the MSCI World Islamic Index meet these criteria, since structurally they are ordinary, broadly diversified index funds.
What distinguishes a halal ETF from a classic global ETF?
A halal ETF excludes companies from interest-heavy or religiously prohibited sectors and is certified by an independent Sharia board. Structure and risk class remain comparable to classic global ETFs – one example is the iShares MSCI World Islamic UCITS ETF, which has been regularly tradable in Germany for years.
Is an ESG ETF automatically Sharia-compliant as well?
No. ESG and Sharia criteria partly overlap but are not identical. Only separate Sharia certification by a Sharia board confirms religious compliance.
Can the child allowance also be invested in a Sharia-compliant way?
In principle yes, if the securities account as a whole is invested in a certified halal ETF. You will find details on the child allowance itself in our separate guide on the subject.
Who decides whether a fund is Sharia-compliant?
An independent Sharia board made up of recognized Islamic scholars examines and certifies the fund. It works in much the same way as a quality seal.
Jurist & Finanzmarktexperte · AVD Anbieter Vergleich
Rolf Henning Hackel ist Diplom-Jurist und seit über 22 Jahren als Vorstand und Geschäftsführer für unterschiedliche Softwaredienstleister der Finanzbranche sowie als Unternehmensgründer tätig. Als absoluter Marktexperte kennt er nicht nur die verschiedenen Anbieter, sondern auch die Produkte der Finanzindustrie mit ihren Stärken und Schwächen sowie deren regulatorischen Rahmen. Beim AVD Anbieter Vergleich schreibt er über das neue Altersvorsorgedepot und erklärt Förderung, Anbieter und Renditechancen in verständlichen Worten – unabhängig und werbefrei.
