Insights · The comparison
Shariah model portfolios and DFMs in the UK compared
For most advisers the real Shariah decision is not which fund — it is which discretionary portfolio to delegate to. Here are the UK's Shariah MPS providers, compared on what you can verify.
Who the providers are
| Provider | Risk range | Charges (published) | Shariah governance | Verified |
|---|---|---|---|---|
| Binary Capital (Islamic range) | Defensive through adventurous | 0.30% AMC; total cost 0.66–0.87% including underlying funds (factsheets and brochure, data 31 Mar 2026) | Shariah-compliant mandate; monthly Islamic factsheets. Compliance relies on each underlying fund's own certification — Binary names no Shariah board of its own | Companies House 06692644; £750m+ AUM, 100+ adviser firms (Binary brochure) |
| TAM Asset Management (Shariah range) | Five profiles: Defensive, Cautious, Balanced, Growth, Adventurous | 0.50% AMC (current published rate; the 0.75% figure was 2019) | Public quarterly Shariah factsheets | Companies House 04077709; range since 2016 |
| Simply Ethical | Seven profiles (Defensive to Progressive Growth) | 0.75% tapering to 0.25% above £1m, plus ~0.37–0.39% fund costs | Formerly "Simply Shariah Ltd"; Shariah committee: Shariyah Review Bureau; custody on Fundment | Companies House 07046241 |
| Ascencia (Frenkel Topping JV) | Portfolio of Shariah-Compliant Solutions | 1.11–1.28% total cost across three bands (Defensive 4, Cautious 5, Growth 6 — per Defaqto's MPS tables) | Sharia Compliant Solutions 4 named 2024 winner of the Defaqto MPS Comparator Awards, Defensive sector (announced February 2025; based on five-year risk-adjusted performance — RNS) | Companies House 05010380; group £1bn AUM |
| Quilter Cheviot (Shariah Portfolio Service) | Bespoke discretionary service — dedicated investment manager, not a model portfolio | Minimum and fees on request (their standard DPS starts at £250,000) | Screened by Yasaar; a fatwa certificate issued for each equity holding | Contact: shariahportfolioservice@quiltercheviot.com. No Shariah option in Quilter Cheviot's MPS range or Quilter WealthSelect on adviser platforms |
| Sarasin & Partners | UK Shariah investment service (launched December 2025) | Minimum and fees on request | Overseen by Bank J. Safra Sarasin's Shariah Advisory Panel | Announced December 2025 — the newest Shariah discretionary service in this comparison |
Binary's Islamic range in detail: the five portfolios hold HSBC Global Sukuk ETF, Franklin Global Sukuk, HSBC Islamic Global Equity Index, iShares MSCI World and EM Islamic ETFs and Schroder Islamic Global Equity, with armaments excluded. Total costs run from 0.66% (Adventurous) to 0.87% (Defensive), combining the 0.30% AMC with underlying fund costs per risk profile. Binary's own factsheet performance is labelled simulated; independent Defaqto figures for the Islamic Cautious portfolio (platform version) show −2.28% (2022), 6.84% (2023), 7.72% (2024), 7.82% (2025) and 11.65% to 30 June 2026.
Which platforms hold them?
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How to choose between them
Three questions do most of the work. First, governance: is the Shariah basis documented well enough to evidence in a file? Second, platform fit: is the portfolio available on the wrapper your client actually needs? Third, all-in cost: MPS charge plus platform plus underlying fund costs, over the client's horizon. A shortlist that fails question two is not a shortlist.
Frequently asked questions
Which Shariah model portfolios are available in the UK?
As of November 2026: Binary Capital's Islamic range, TAM's Shariah portfolios, Simply Ethical's Shariah collectives MPS and Ascencia's Portfolio of Shariah-Compliant Solutions, plus bespoke Shariah discretionary services — Quilter Cheviot's Yasaar-screened Shariah Portfolio Service and Sarasin & Partners' UK Shariah service (launched December 2025) — with minimums and fees on request.
What does a Shariah MPS cost?
Published examples: TAM 0.50% AMC; Ascencia 1.11–1.28% total cost across three bands (per Defaqto's MPS tables); Binary Capital 0.30% AMC with total costs of 0.66–0.87% including underlying funds (factsheets and brochure, 31 Mar 2026). Several providers quote instead of publishing.
Which platforms hold Shariah model portfolios?
Binary Capital's Islamic range is confirmed on 7IM, AJ Bell, Aviva, Fundment, Quilter, Transact and True Potential (Binary's platform table, 10 Nov 2026) — and not on Fidelity, Nucleus, M&G Wealth, Novia, Standard Life Wrap or Scottish Widows. Confirm wrapper availability per client before recommending.
Is an MPS suitable for a cautious Shariah client?
The providers map portfolios to Defaqto/Dynamic Planner risk bands, so standard risk profiling applies — keep the client's Shariah preferences as a separate, recorded constraint.