The best halal trading platform in Malaysia depends on what you trade. For a Shariah-compliant trading account in the formal sense, Bursa Malaysia's list of Islamic brokers names 20 participating organisations: one full-fledged (BIMB Securities, online brokerage 0.3% with a RM14 minimum) and 19 Islamic windows including Maybank Investment Bank, Kenanga, CGS, RHB and Malacca Securities. For low-cost Bursa and US access, Malacca Securities' M+ Global prints brokerage from 0.05% (minimum RM8) on Malaysian shares and 0.10% (minimum US$3) on US shares with in-app Shariah screening. Rakuten Trade and Moomoo MY have the cheapest headline rates but are not on Bursa's Islamic list and earn from interest. CFD and index platforms marketed as halal fail the test of owning what you buy. Our halal stocks hub covers what to buy once you have an account.
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What an Islamic stockbroking account is, according to Bursa Malaysia
Bursa Malaysia runs an Islamic market segment, Bursa Malaysia-i, and its FAQ is precise about the account you need. An investor who wishes to trade on Bursa Malaysia-i must open a Shariah-compliant trading account with an Islamic participating organisation (PO), and that account may carry Shariah terms governing trading activity. On Bursa Malaysia-i, buying Shariah non-compliant securities is prohibited; the Islamic PO's buying is limited to the Securities Commission's Shariah-compliant list. Shariah-compliant securities in your CDS account are tagged with an SP code so you and your broker can see the status at a glance.
The same FAQ answers the question most beginners ask: can you still buy Shariah-compliant stocks through a conventional broker? Yes. Bursa says there is no restriction on investing in Shariah-compliant securities through other conventional POs. The difference an Islamic account makes is structural: the trust account holding your idle cash must be placed Islamically (Kenanga describes using Wakalah Mutlaqah to place client money in Shariah-compliant accounts at Islamic banks), any margin financing must be Murabahah rather than interest-based, and the platform should stop you buying a non-compliant counter by mistake. Bursa also publishes Best Practices for Islamic Stockbroking Services that Islamic POs are expected to follow.
The list itself, as published on bursamalaysia.com on 24 September 2026: BIMB Securities (full-fledged), and as windows Affin Hwang Investment Bank, AmInvestment Bank, CGS International Securities Malaysia, CIMB Securities, Hong Leong Investment Bank, Inter-Pacific Securities, Kenanga Investment Bank, Malacca Securities, Maybank Investment Bank, MIDF Amanah Investment Bank, M&A Securities, NewParadigm Securities, Nomura Securities Malaysia, Phillip Capital, Public Investment Bank, RHB Investment Bank, TA Securities, UOB Kay Hian Securities and UBS Securities Malaysia. Rakuten Trade and Moomoo Securities Malaysia are not on it.
The screening layer: the SC list and what each platform does with it
Every halal stock decision in Malaysia rests on the Securities Commission's List of Shariah-Compliant Securities, first issued in 1997 and updated twice a year in May and November. The SC's Shariah Advisory Council applies a two-tier quantitative test: a business activity benchmark and financial ratio benchmarks. Since April 2024 companies seeking a Bursa listing are reviewed by the SAC for Shariah status before listing rather than applying afterwards. Our guide to how the SC Shariah-compliant securities list works explains the thresholds and what happens when a stock is reclassified.
Platforms differ in how they expose that list. Islamic POs apply it as a hard filter on Bursa Malaysia-i: Kenanga's Islamic stockbroking page states only SAC-approved securities are traded on its Islamic platform and that the list is reviewed in May and November, with status changes possible after each revision. BIMB Securities trades only SC-approved counters by design. M+ Global advertises Shariah screening for global stocks, meaning US and Hong Kong shares, which no Malaysian regulator screens; the methodology behind that global screen is the platform's own and you should read it before relying on it. Rakuten Trade and Moomoo display Bursa's SP tags but neither runs an Islamic account, so nothing stops a non-compliant buy. For dealing with a stock that drops off the list, see our dividend purification guide.
Brokerage and minimums, from each broker's own pages
Brokerage is only one of three costs on a Bursa trade. Bursa Malaysia's transaction cost page prints a clearing fee of 0.03% of transaction value, payable by both buyer and seller, capped at RM1,000 per contract, and stamp duty of RM1 for every RM1,000 of transaction value, capped at RM1,000 for shares and RM200 for marketable securities such as warrants and REITs, with ETF stamp duty exempted until 31 December 2028 per Rakuten's fee page. Those apply to every broker equally. The table shows what each platform adds on top, taken from its own fee page on 24 September 2026.
| Platform | On Bursa's Islamic list | Bursa brokerage (printed) | Foreign market brokerage | Margin or financing |
|---|---|---|---|---|
| BIMB Securities (BISOnline) | Yes, full-fledged | 0.3%, min RM14; 0.2% above RM100,000; 0.15% intraday, min RM14 | US, HK, SG by offline dealer order | Al-Murabahah share financing |
| Kenanga Investment Bank (KenTrade) | Yes, window | Not printed on the Islamic page; ask dealer | Via Kenanga platforms | Islamic share margin financing; stamp duty 0.5% of limit |
| Maybank Investment Bank (M2U Online Stocks) | Yes, window | Not printed on the pages we fetched | Yes | Ask for Islamic account terms |
| M+ Global (Malacca Securities) | Yes, window | From 0.05%, min RM8 | US from 0.10%, min US$3; HK 0.10%, min HK$18 | 8% p.a. interest on US and HK margin |
| Rakuten Trade (iSPEED.my) | No | RM1 to RM100 by trade value | US via MYR or USD; 1% surcharge on US shares under US$1 | RakuMargin 5.5% p.a. interest plus 0.5% rollover |
| Moomoo MY | No | RM0 commission for 180 days for new users, then standard | US, HK, SG, CN; RM0 for 180 days | MYR margin interest 6.8% p.a. |
On a RM10,000 Bursa buy, BIMB Securities charges RM30 brokerage plus RM3 clearing and RM10 stamp duty, RM43 all in. M+ Global's 0.05% would be RM5 but the RM8 minimum applies, so RM21 all in. Rakuten's RM1-to-RM100 scale and Moomoo's RM0 promotion undercut both, which is exactly why the question of whether a conventional account is acceptable matters so much. Rakuten also notes that from 1 October 2025 an 8% SST applies to brokerage and clearing fees on Bursa trades in REITs, ETFs, rights and warrants, and that assisted trades cost an extra RM30.
US and foreign market access, and what it costs
Malaysian investors who want US shares have three routes. M+ Global gives direct access from 0.10% with a US$3 minimum and lets you deposit in ringgit; its margin rate of 8% is conventional interest, so stay cash-only. Rakuten Trade lets you trade US and Hong Kong shares in ringgit or in USD/HKD at no extra charge for holding a foreign currency balance, with US stamp duty of RM1 per RM1,000 (capped RM1,000, or RM200 for ETFs) charged through LHDN, an SEC fee on sells, and ADR fees of US$0.01 to US$0.03 a share on non-US companies listed in New York. Moomoo MY routes international orders through Futu Securities Hong Kong with automatic MYR conversion and waives commission for 180 days.
BIMB Securities offers US, Hong Kong and Singapore shares as offline trades placed through a dealer, which is slower and dearer but keeps the whole relationship inside a full-fledged Islamic broker. None of these platforms applies the SC list to foreign shares, because the SC does not screen them; M+ Global's global screen is the only in-app filter. For a passive alternative that handles US screening for you, Wahed Invest Malaysia's provider profile describes its Shariah-screened portfolios, and our guide to starting halal investing with RM100 compares that route with a brokerage account.
Why CFD and index trading platforms marketed as halal fail
Searches for "halal index trading" and "halal CFD" lead to offshore platforms offering swap-free or "Islamic" accounts on contracts for difference. These fail on the first condition the SC's Shariah Advisory Council applies to any share transaction: you must own, or acquire ownership of, the asset. A CFD is a bet on a price with the broker as counterparty; no share changes hands, so there is nothing to own, nothing to deliver, and the trade is gharar in its purest form. The gearing on CFDs is financed by the broker, and a "swap-free" account typically replaces overnight interest with a wider spread or an admin fee that performs the same function.
- No ownership: CFDs, spread bets and index contracts never deliver the underlying shares or units
- Interest in disguise: swap-free accounts recover the financing cost through spreads or daily admin fees
- Short selling: most CFD platforms let you sell what you do not own, which the SAC permits only within Bursa's regulated securities borrowing framework
- Unregulated: offshore CFD brokers are outside the SC's licensing, so there is no Malaysian recourse
- Index as asset: an index is a number, not property; trading it directly is a wager, which is why halal exposure to an index comes through an i-ETF that holds the constituent shares
If you want index exposure, Bursa lists Shariah-compliant ETFs (i-ETFs) that hold the underlying stocks, tradeable in any of the accounts above with ETF stamp duty exempt until the end of 2028. The how to invest halal guide sets out the ownership, delivery and gearing tests in full.
Verdict: which platform for which reader
Bursa-only beginner who wants the account itself to be Shariah-compliant: open with an Islamic PO. BIMB Securities is the purist's answer and its 0.3% (RM14 minimum) is clear and fair for monthly buys of RM5,000 or more; M+ Global is the price answer at 0.05% (RM8 minimum) with Islamic window status on Bursa's list and in-app screening, and it is the better fit if you trade small amounts often. Kenanga and Maybank Investment Bank are solid window choices if you already bank there, but neither printed brokerage on the Islamic pages we read, so get the rate in writing. US stock buyer: M+ Global for direct, screened, ringgit-funded access at 0.10% (US$3 minimum), cash account only; or Wahed if you would rather not screen US names yourself. Active trader: the Rakuten and Moomoo headline prices are real, but neither is an Islamic PO and both earn from margin interest and, in Moomoo's case, interest on your idle cash; if you use one, hold only SP-tagged counters, never take margin, keep uninvested cash at zero, and accept that your account is conventional in form. Whatever you choose, read our halal investing hub before the first trade.
Facts checked against bursamalaysia.com, sc.com.my, bimbsec.com.my, kenanga.com.my, mplusonline.com, rakutentrade.my, moomoo.com and maybank2u.com.my on 24 September 2026.
Frequently asked questions
Which brokers in Malaysia offer an Islamic stockbroking account?
Bursa Malaysia lists 20: BIMB Securities as the only full-fledged Islamic broker, and 19 Islamic windows at Affin Hwang, AmInvestment, CGS International, CIMB Securities, Hong Leong IB, Inter-Pacific, Kenanga, Malacca Securities (M+ Global), Maybank IB, MIDF Amanah, M&A Securities, NewParadigm, Nomura, Phillip Capital, Public IB, RHB IB, TA Securities, UOB Kay Hian and UBS. Rakuten Trade and Moomoo are not on the list.
Can I buy halal stocks with a conventional broker like Rakuten Trade or Moomoo?
Yes. Bursa Malaysia's FAQ confirms there is no restriction on buying Shariah-compliant securities through a conventional participating organisation, and the SP tag in your CDS account shows which counters qualify. What you lose is the Islamic account structure: idle cash may earn or fund interest, margin is interest-based, and the platform will not block a non-compliant buy.
What is the cheapest halal trading platform in Malaysia?
Among brokers on Bursa's Islamic list, M+ Global by Malacca Securities prints the lowest Bursa brokerage at 0.05% with a RM8 minimum and US shares from 0.10% with a US$3 minimum. BIMB Securities charges 0.3% with a RM14 minimum. Bursa's clearing fee of 0.03% and stamp duty of RM1 per RM1,000 apply on top at every broker.
Is Moomoo halal in Malaysia?
Moomoo Securities Malaysia is licensed by the Securities Commission but is not an Islamic participating organisation on Bursa's list, and its own FAQ says it earns revenue from margin interest, stock lending and interest on uninvested cash. You can hold Shariah-compliant shares there, but the account is conventional. If that matters to you, use BIMB Securities, M+ Global or another window broker instead.
Is CFD or index trading halal?
No. A CFD or index contract never transfers ownership of any share or unit, which breaches the SAC's requirement that you own what you sell, and the gearing is financed by the broker, with swap-free accounts recovering that cost through spreads or fees. Halal index exposure comes from Shariah-compliant ETFs listed on Bursa, which hold the actual constituent stocks.
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See side-by-side comparisons of Shariah-compliant products, or let our matcher recommend the best options for your situation.
How much does a RM10,000 share purchase cost at BIMB Securities?
About RM43: RM30 brokerage at 0.3%, RM3 clearing fee at Bursa's 0.03%, and RM10 stamp duty at RM1 per RM1,000. Selling later incurs the same again. At M+ Global the same trade costs about RM21 because the RM8 minimum brokerage applies. An 8% SST applies to brokerage on REITs, ETFs and warrants from 1 October 2025.
