SP Wealth Group Review: $5B Claim, No Company (spwealthgroup.com)

Note: Provisional rating — subject to revision

📋 SP Wealth Group at a Glance

Website Under Review: spwealthgroup.com

Domain Creation Date: 15 July 2026, per registry RDAP, registered through Cloudflare. That date is three and a half months older than nothing but itself. The domain is younger than every figure on it.

Claimed Founding Date: "Founded 2003," repeated across the group and its sub-brands. ShariaPortfolio, Inc. was incorporated on 30 October 2014. The 2003 date belongs to Virji Investments, a separate state-registered adviser.

Corporate Identity: Five differently named entities appear across the site and its filings — SP Wealth Group, ShariaPortfolio, Inc., ShariaPortfolio Canada Inc., SP Funds Management LLC, SP Zero Finance / SP Auto Sales, Inc. The brand is not one of them.

Regulatory Status: Two US advisers are SEC-registered and one Canadian entity is registered as a Portfolio Manager and Exempt Market Dealer. The name on the website is registered nowhere.

Claimed Assets: "$5 billion USD as of October 6, 2026." No breakdown by entity, by country, by fund or by flows. The word "unaudited" appears in a terms-of-use page, not in the release.

Contact Details: A single Jotform, an [email protected] media address, and a Lake Mary, Florida suite shared by two advisers.

Client-Fund Protection: Custody is at Charles Schwab and BitGo. Custody of client cash and securities is self-reported on Form ADV. No insurance or compensation scheme is claimed or applies.

Overall Risk Assessment: Elevated. The record is clean and the ETF business is real. The problem is that a marketing wrapper with no legal existence has been used to imply a scale, an age and a breadth the filings do not yet carry.

SP Wealth Group Review: Real Business, Borrowed Wrapper

SP Wealth Group presents itself as a family of Sharia-compliant financial companies — wealth management, funds, and interest-free car finance — "built by Muslims, for Muslims," serving clients "from your first investment to the legacy you leave behind."

Much of that is true. The firm behind it manages a genuine, verifiable ETF business: SPUS alone holds about $3.4 billion at a 0.45% fee, tracking a published index. It has been SEC-registered since 2014 and has never had a disclosure event at any forum, on any date.

But the thing on the homepage — "SP Wealth Group" — does not exist as a legal person. Its own privacy policy says so: "SP Wealth Group is a parent brand. It does not itself provide investment advice, sell funds, or originate financing." Its domain is eleven weeks old at the time of its largest-ever announcement. And the $5 billion figure at the centre of that announcement reconciles to nothing the firm has ever filed.

We assign a provisional 2.0/5.0. The business is real; the packaging has run about eighteen months ahead of the paper.

🚩 Key Red Flags About SP Wealth Group

1. The brand has no legal existence anywhere

"SP Wealth Group" appears in no Form ADV, no Companies House or Sunbiz record, no regulator's register. Form ADV Item 1.C lists other business names; ShariaPortfolio's lists none. The brand doesn't appear in its regulatory filings.

The site never names a legal entity in its own right. Its privacy policy calls it a "parent brand." Its footer says it "includes" three companies. There is no company to serve, to sue, or to hold to a claim.

2. The domain is younger than the story it tells

Registered 15 July 2026. The $5 billion release went out 29 October 2026. Every asset on the site is timestamped from August 2026 onward.

This is not a group that grew into a website. It is a website built to host a number, launched weeks before the number was announced. The six matched logo pairs, the cinematic scroll animation and the custom theme were all built in that window.

3. The $5 billion doesn't reconcile to the firm's own filings

Across all three US advisers, Form ADV reports $3.05 billion as of April and July 2026. ShariaPortfolio alone reports $3.01bn. The gap to $5bn is Canada plus six months of flows, and it is never broken out.

The figure is dated 6 October 2026 — three weeks before publication — self-reported, unaudited and unexplained. The $5bn "milestone" is a press release, not an audited number, and should be read as one.

4. Ninety per cent of "assets" are passive ETF money

Of ShariaPortfolio's $3.01bn, $2.72bn is eleven "investment companies" — the ETFs. The actual advisory book is 796 individuals holding $132m and 71 high-net-worth clients holding $143m.

The "$963,000 average account" on third-party databases is inflated by ETF assets that are not client relationships at all. The advice business is a rounding error inside its own AUM.

5. Five names, one suite — and the licensed entity is never the brand

ShariaPortfolio, Inc. and Virji Investments, Inc. share Suite 2291 in Lake Mary. Virji Investments uses "SHARIA PORTFOLIO" as a business name in five states. The founder is President and Chief Compliance Officer of one and Chairman and Portfolio Manager of the other.

Which entity holds a given relationship, and which one's ADV governs it, is not explained anywhere a retail client will look. Two advisers, one address, near-identical names.

6. "Founded 2003" is another firm's date

ShariaPortfolio, Inc. was incorporated 30 October 2014 and first registered 16 December 2014. The BBB records the business as starting 24 April 2012. The 2003 date is the registration of Virji Investments.

The "15+ years of operating history" in the boilerplate is therefore borrowed from a predecessor entity and presented as the current one's. The real figure is eleven.

7. "North America's largest family of Sharia-compliant funds"

Saturna Capital's Amana funds — four funds, running since 1986 — hold upward of $4bn. The entire SP Funds family is about $3.7bn.

Arguable at best, and stated as flat fact on two separate websites with no date, no basis and no comparison. The ETF business is impressive; "largest" is a claim it has not yet earned.

8. The car-finance arm is a dealer, not a lender — and on no ADV

SP Zero Finance sells through SP Auto Sales, Inc., a licensed motor vehicle dealer. The dealer owns the car and sells or leases it. No loan is made, so no Florida consumer-lending licence is required and nothing supervises the finance terms.

Neither SP Zero Finance nor SP Auto Sales appears on any Form ADV. Yet the group site markets the product beside advisory services, and the enquiry form's own consent text routes leads "across the SP Wealth Group and its affiliates." A prospect can arrive for a fiduciary and land at an unregulated dealer with no disclosure trail.

9. One private fund is 93% insider money

EthicalEdge Digital Fund holds $2.68m from 14 beneficial owners, of whom the adviser and related persons are 93%. The rest of the private platform — SP Funds RE at $9.5m, SP Private Equity at $682k — brings the whole alternatives business to under $13m.

All of it is marketed on the group homepage under "private alternative funds for accredited investors," at the same visual weight as a $3.4bn ETF.

10. Compliance is one person deep, and the principal lapsed

The Chief Compliance Officer started in March 2026. The CCO of the two sister firms is the same individual, covering both simultaneously.

The founder's own registration with ShariaPortfolio ran to 31 December 2025, stopped, and resumed on 16 January 2026. At a $3bn firm holding client cash and charging performance fees, a compliance bench this thin is worth a question.

11. The three "external" links are one press release

The Yahoo Finance, Ground News and Business Insider items are the same GlobeNewswire text, syndicated. All four releases in the milestone series — $1bn, $2bn, $3bn, $5bn — are sourced on the wire to "SP Funds," the fund brand, not to the adviser being promoted, and carry a Toronto dateline ahead of Orlando.

No analyst coverage, no trade-press reporting, no Morningstar parent write-up. Every fact about size originates with the company.

Smaller issues worth noting

The compliance page asserts registered trademarks in "SP Funds Inc" (the entity is SP Funds Management LLC) and in SPGR and SPGE — neither of which appears on the funds site, which lists SPUS, SPSK, SPRE, SPTE and SPWO. The Canadian registration quietly went from four provinces to six between January and October 2026 with no announcement. The January release dates its own comparison to "May" without a year. Individually trivial; collectively a sign of a wrapper assembled faster than it was checked.

Is SP Wealth Group Safe?

On the evidence reviewed, this is a genuinely operating, clean-record adviser wearing a wrapper it has not yet earned. The concern is not fraud and not a missing licence. It is the distance between what a visitor sees and what the filings say.

A visitor sees a group, a crest, a scroll animation, five sub-brands and a $5 billion headline, and reasonably infers an institution. In practice the group is a brand, the $5 billion is unaudited and unreconciled, ninety per cent of the assets are passive ETFs, the founding date belongs to a predecessor, the finance arm is outside the regulatory perimeter, and the flagship private fund is almost entirely insider money.

Before engaging: confirm which legal entity contracts with you; check that entity on adviserinfo.sec.gov; read Item 9 on custody and Item 5 on performance fees; and establish in writing whether a car-finance enquiry is with the adviser or with the dealer.

📈 What Would Change Our Rating

This rating is provisional and based on evidence available on 30 October 2026. Several of the items below are cheap to fix and would move the assessment materially:

• Name the legal entity that owns the spwealthgroup.com brand
• Publish the $5bn broken down by entity, by country and by fund
• State whether the figure is audited, and by whom
• Publish ETF assets separately from client advisory assets
• Restate the founding date as 2014, or explain the 2003 attribution
• Disclose the SP Auto Sales relationship on Form ADV Item 7
• Give the "largest family of Sharia-compliant funds" claim a date and a basis
• Publish the Canada NRD firm number and any terms and conditions

Naming an entity and reconciling the headline figure would alone move this from "elevated risk" toward "moderate." Corrections are welcome at any time.

⭐ Analyst Conclusion

We assign spwealthgroup.com a provisional 2.0/5.0 — two stars, and specifically not for the funds, which are cheap, transparent and real, but for the wrapper: a brand with no legal body, a domain eleven weeks old at the moment of its biggest announcement, and a headline number that its own SEC filings put at $3.05 billion rather than $5 billion.

The most telling detail is the entity gap. Five names appear and the one on the website is not among them; the firm's own privacy policy concedes the group does nothing. That is compounded by a borrowed 2003 founding, a passive-ETF book dressed as wealth management, a 93% insider-owned private fund, and a finance arm that sits outside both the lending regime and the ADV.

None of this proves anything wrong. It proves the marketing is running well ahead of the paper — and that the paper is where the corrections will have to come from.

❓ SP Wealth Group FAQ

Is SP Wealth Group legit?

The underlying business is real and has been SEC-registered since 2014 with no disclosure events. But "SP Wealth Group" itself is only a brand with no legal identity, and its $5bn figure does not reconcile to its own filings, which show about $3.05bn. Provisional rating: 2.0/5.0.

Is SP Wealth Group regulated?

Not as a group — a brand cannot be registered. Two of its US entities are SEC-registered advisers and one Canadian entity is registered in six provinces. The car-finance arm is a motor vehicle dealer and is not a licensed lender.

Is SP Wealth Group the same as ShariaPortfolio?

ShariaPortfolio, Inc. is one of the entities inside the group and the only one providing US advisory services. The brand appears in no ShariaPortfolio filing. A client of the website is a client of ShariaPortfolio, not of SP Wealth Group.

How old is SP Wealth Group?

The domain was created on 15 July 2026. The adviser entity was incorporated on 30 October 2014. The "founded 2003" claim refers to a different firm, Virji Investments.

Is the $5 billion figure audited?

No. It is a company press release, dated 6 October 2026, unaudited, with no breakdown. The word "unaudited" appears only in the site's terms of use, not in the release.

🔎 Sources and Verification

• spwealthgroup.com — homepage, company claims and CEO note
• spwealthgroup.com — privacy policy ("parent brand" admission)
• spwealthgroup.com — compliance disclosure, trademark claims, "unaudited" clause
• SEC IAPD — ShariaPortfolio, Inc., CRD 173937, Item 5 RAUM and Item 11
• SEC IAPD — SP Funds Management LLC, CRD 340522, $10.18m RAUM
• SEC IAPD — Virji Investments, Inc., CRD 137001, "SHARIA PORTFOLIO" business name
• GlobeNewswire — $5bn release, 29 October 2026
• GlobeNewswire — prior $3bn release, 27 January 2026
• WHOIS — domain created 15 July 2026, Cloudflare
• BBB — business start 2012, incorporation 30 October 2014
• ETF Database — SPUS, $3.38bn AUM, 0.45% fee
• ShariaPortfolio Canada — OSC as principal regulator, six provinces

This review separates company claims from independently verified facts. The domain date is from registry RDAP. All asset figures are taken from Form ADV Part 1 as filed on 10 April 2026 (ShariaPortfolio) and 20 July 2026 (SP Funds Management), except Virji Investments, filed 25 March 2026. The $5bn figure is the company's own and is unaudited. A brand without a legal entity is not evidence of wrongdoing, and an unaudited figure is not a false one. Provisional rating, last verified 30 October 2026.