Investing alternatives
Allied Asset Advisors Alternatives
6 halal investing providers in the U.S. that compete with Allied Asset Advisors, ranked by HalalWallet Index grade, disclosed Shariah oversight, and state coverage. Independent: we are not affiliated with Allied Asset Advisors or any provider listed here.
Co-Founder & CEO, HalalWallet
Re-ranked automatically when Index grades, oversight, or coverage change in our database.
The closest alternatives to Allied Asset Advisors for halal investing in the U.S. are Amana Funds, SPFunds and Wahed Invest. Amana (Saturna Capital) runs four halal mutual funds with deeper governance disclosure and diversification across growth, income, developing world, and participation strategies; Iman offers a single growth fund with a comparable 25-year pedigree and NAIT community ownership. The highest HalalWallet Index grade among the alternatives belongs to Manzil (A). Where Allied Asset Advisors still wins: 25-year single-manager track record (Dr. Bassam Osman since 2000), among the longest in halal investing anywhere.
- 6 of 13 investing providers we track in the U.S. are ranked here; the rest fell below on Index grade, Shariah oversight, or reviews.
- Index grades among the alternatives: SPFunds A-, Wahed Invest B, Manzil A, Azzad Asset Management B, ShariaPortfolio B (Allied Asset Advisors holds B+).
- Allied Asset Advisors is available nationwide across the U.S., so coverage is not a reason to switch.
- Product types across the alternatives: Actively managed, Index-based, Wealth Management (Allied Asset Advisors: Shariah-Screened Mutual Fund).
- Most common reason to look elsewhere: 0.99% net expenses are roughly double SP Funds' ETF fees, and the waiver keeping them there runs through September 2028 and renews rather than being permanent.
Source: HalalWallet (halalwallet.us)
Top 6 Allied Asset Advisors alternatives for 2026
- Not graded
- Shariah oversight
- Shariah oversight: Third-party certified
- Coverage
- Coverage: all 50 states
- Structure
- Structure: Actively managed
- Track record
- Since: 1986
vs Allied Asset Advisors: Amana (Saturna Capital) runs four halal mutual funds with deeper governance disclosure and diversification across growth, income, developing world, and participation strategies; Iman offers a single growth fund with a comparable 25-year pedigree and NAIT community ownership. Expenses are similar; Amana's lineup breadth usually wins for full allocations.
- Grade A-
#2
SPFunds
- Shariah oversight
- Shariah oversight: Third-party certified
- Coverage
- Coverage: all 50 states
- Structure
- Structure: Index-based
- Track record
- Since: 2019
vs Allied Asset Advisors: SP Funds' index ETFs (SPUS, SPSK and siblings) cost roughly half of IMANX's 1.00% net ratio and trade intraday, but are passive. Iman is the active, community-owned alternative; cost-sensitive investors typically prefer the ETFs.
- Grade B
- Shariah oversight
- Shariah oversight: Third-party certified
- Coverage
- Coverage: all 50 states
- Structure
- Structure: Index-based
- Track record
- Since: 2015 | Google: 4.5/5
vs Allied Asset Advisors: Wahed provides managed portfolios and ETFs with named scholars and a published Shariah board, at robo-advisor pricing. Iman suits investors who want a single active fund inside a mainstream brokerage rather than a separate platform.
- Grade A
#4
Manzil
- Shariah oversight
- Shariah oversight: Formal Shariah board
- Coverage
- Coverage: all 50 states
- Structure
- Structure: Wealth Management
- Track record
- Since: 2017
Our take: Manzil US pairs a young American platform with a proven Canadian parent: SEC-registered, AAOIFI-screened, scholar-certified investing from $100, plus the MNZL ETF for one-ticket halal exposure.
- Grade B
- Shariah oversight
- Shariah oversight: Third-party certified
- Coverage
- Coverage: all 50 states
- Structure
- Structure: Wealth Management
- Track record
- Since: 2000
Our take: If you need halal fixed income, WISEX alone justifies Azzad's place in your portfolio - nothing else in a US mutual fund does what it does, and the firm's audited, three-layer Shariah governance is the best-verified in the market.
- Grade B
- Shariah oversight
- Shariah oversight: Named scholar
- Coverage
- Coverage: all 50 states
- Structure
- Structure: Wealth Management
- Track record
- Since: 2013
Our take: If you invest halal in America, you will probably own something ShariaPortfolio built - SPUS and SPSK are the default building blocks of the halal three-fund portfolio, and the firm behind them offers a legitimate full-service path from $1...
Allied Asset Advisors vs the alternatives at a glance
| Provider | Index grade | Shariah oversight | Coverage | Structure | Since |
|---|---|---|---|---|---|
| Allied Asset Advisors(this review) | B+ | Third-party certified | All 50 states | Shariah-Screened Mutual Fund | 2000 |
| Amana Funds | Not graded | Third-party certified | All 50 states | Actively managed | 1986 |
| SPFunds | A- | Third-party certified | All 50 states | Index-based | 2019 |
| Wahed Invest | B | Third-party certified | All 50 states | Index-based | 2015 |
| Manzil | A | Formal Shariah board | All 50 states | Wealth Management | 2017 |
| Azzad Asset Management | B | Third-party certified | All 50 states | Wealth Management | 2000 |
| ShariaPortfolio | B | Named scholar | All 50 states | Wealth Management | 2013 |
Index grades are HalalWallet's independent scorecard. Oversight and coverage are what each provider publishes, last verified 2026-10-27. Not graded means the category or provider is outside the Index, not a negative mark.
Why people look for a Allied Asset Advisors alternative
- 0.99% net expenses are roughly double SP Funds' ETF fees, and the waiver keeping them there runs through September 2028 and renews rather than being permanent
- No individual supervising scholars named publicly; the certification chain is AAOIFI standards plus IdealRatings data
- Prospectus discloses concentrated ownership risk: NAIT holds a substantial share and a large redemption could force untimely sales
- One equity fund only: no fixed-income, international, or money-market sister funds for diversification within the family
- Growth-stock tilt makes the fund more volatile than diversified halal alternatives
When Allied Asset Advisors is still the right choice
- 25-year single-manager track record (Dr. Bassam Osman since 2000), among the longest in halal investing anywhere
- NAIT ownership means fund economics support a community waqf rather than outside shareholders
- Strong disclosed performance: 29% in 2023, 20.6% in 2024; $10,000 invested 2016-05-31 grew to $38,048 by 2026-05-31
- No load, no 12b-1 fees; advisory fee waived to 0.70% keeping net expenses at 0.99% through September 2028
- Low minimums ($250 regular, $100 IRA and Coverdell) and availability inside Schwab, Fidelity, Vanguard, and E-Trade
- Separately managed accounts serve mosques, endowments, pension funds, and family trusts, an institutional service few halal managers offer
Our verdict on Allied Asset Advisors: The Iman Fund is a legitimate, durable pillar of US halal investing: 25 years, one manager, community waqf ownership, and easy access through mainstream brokerages. Pay the 1.00% only if active management and the NAIT pedigree matter to you; otherwise SP Funds' ETFs deliver the screening for half the cost. Either way, ask AAA to name its supervising scholars; the fund's governance disclosure is its weakest feature.
Still deciding?
The ranking above is category-wide. For a state-by-state, structure-by-structure view of every provider, use the comparison tool.
Compare halal ETFs with live performance dataHow this ranking works
The pool is every provider with active investing listings in the U.S. in HalalWallet's database (13 besides Allied Asset Advisors). Providers our editors have written a direct comparison for appear first; the rest are ordered by live HalalWallet Index grade, then disclosed Shariah oversight (formal board or third-party certification ranks above a named scholar, which ranks above no public review), then Google rating. Nothing here is paid placement. See our methodology and how Index grades are computed.
Frequently asked questions
What is the best alternative to Allied Asset Advisors?
Amana Funds ranks first among Allied Asset Advisors alternatives for halal investing, third-party certified Shariah oversight, and coverage of all 50 states. Amana (Saturna Capital) runs four halal mutual funds with deeper governance disclosure and diversification across growth, income, developing world, and participation strategies; Iman offers a single growth fund with a comparable 25-year pedigree and NAIT community ownership. Expenses are similar; Amana's lineup breadth usually wins for full allocations. SPFunds and Wahed Invest follow. The right pick depends on your state, the contract structure you are comfortable with, and total cost, so get quotes from at least two.
Which Allied Asset Advisors alternative is available in my state?
Allied Asset Advisors itself is available nationwide across the U.S.. Amana Funds, SPFunds, Wahed Invest and Manzil also operate nationwide across the U.S..
How do Allied Asset Advisors's alternatives differ in approach?
Allied Asset Advisors is listed as shariah-screened mutual fund. Other approaches among the alternatives: actively managed, index-based, wealth management. The practical differences are who does the Shariah screening (you, an app, or a manager), what it costs at your balance, and how purification of impermissible income is reported. Match the approach to how hands-on you want to be.
Which alternative has the strongest Shariah oversight?
Amana Funds (third-party certified), SPFunds (third-party certified), Wahed Invest (third-party certified), Manzil (formal shariah board), Azzad Asset Management (third-party certified) disclose either a formal Shariah board or third-party certification. Allied Asset Advisors itself is classed as third-party certified. HalalWallet reports what each provider publishes; we do not certify products.
Should I switch from Allied Asset Advisors?
Reasons readers look elsewhere: 0.99% net expenses are roughly double SP Funds' ETF fees, and the waiver keeping them there runs through September 2028 and renews rather than being permanent; No individual supervising scholars named publicly; the certification chain is AAOIFI standards plus IdealRatings data. Reasons to stay: 25-year single-manager track record (Dr. Bassam Osman since 2000), among the longest in halal investing anywhere; NAIT ownership means fund economics support a community waqf rather than outside shareholders. Switching mid-contract can trigger payoff terms and new closing costs, so compare the total cost of finishing with Allied Asset Advisors against a new contract elsewhere, and check the early-payoff clause first.
How to use this comparison: Scholars rule; we organize the evidence. HalalWallet is an independent educational comparison platform - by design, we do not issue fatwas or provide financial, legal, or tax advice. We do the research homework so your final checks are quick and personal. Where our role ends and who takes over.
Product structures and Shariah oversight vary by provider, so finish with three built-in steps:
- Confirm current terms and halal compliance directly with the provider - their quote is final.
- Review the contract structure (Murabaha, Ijara, Musharakah, etc.) and any disclosed Shariah board opinions.
- Bring your shortlist to a qualified Islamic finance advisor or scholar, so the conversation is about your situation, not the basics.
Sources and review process
This page is reviewed against HalalWallet editorial standards and source documentation.
Reviewed by: HalalWallet Editorial Team
Last reviewed: 2026-10-01