Investing alternatives
Amal Invest Alternatives
6 halal investing providers in the U.S. that compete with Amal Invest, ranked by HalalWallet Index grade, disclosed Shariah oversight, and state coverage. Independent: we are not affiliated with Amal Invest 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 Amal Invest for halal investing in the U.S. are Zoya, Wahed Invest and SPFunds. Zoya provides the AAOIFI screening data Amal itself uses, plus research tools, but leaves execution and maintenance to you. Amal automates the buying, rebalancing, and forced sales; Zoya suits investors who want control, Amal suits those who want autopilot. The highest HalalWallet Index grade among the alternatives belongs to Manzil (A). Where Amal Invest still wins: Unique automation slot in the US halal stack: fund reconstruction plus continuous compliance maintenance, not just screening or managed portfolios.
- 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: Wahed Invest B, SPFunds A-, Manzil A, Allied Asset Advisors B+, Azzad Asset Management B (Amal Invest is not yet graded).
- Amal Invest is available nationwide across the U.S., so coverage is not a reason to switch.
- Product types across the alternatives: Stock Screener, Index-based, Wealth Management, Shariah-Screened Mutual Fund (Amal Invest: Fund reconstruction with AAOIFI screening (via Zoya)).
- Most common reason to look elsewhere: No retirement accounts: Alpaca does not support IRAs through Amal, so tax-advantaged halal investing must happen elsewhere.
Source: HalalWallet (halalwallet.us)
Top 6 Amal Invest alternatives for 2026
- Not graded
#1
Zoya
- Shariah oversight
- Shariah oversight: Named scholar
- Coverage
- Coverage: all 50 states
- Structure
- Structure: Stock Screener
- Track record
- Since: 2020
vs Amal Invest: Zoya provides the AAOIFI screening data Amal itself uses, plus research tools, but leaves execution and maintenance to you. Amal automates the buying, rebalancing, and forced sales; Zoya suits investors who want control, Amal suits those who want autopilot.
- 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 Amal Invest: Wahed is an SEC-registered advisor with named scholars, managed portfolios, IRAs, and ETFs, at recurring AUM-style pricing. Amal offers no advice or retirement accounts but gives index-style customization and a one-time lifetime fee.
- Grade A-
#3
SPFunds
- Shariah oversight
- Shariah oversight: Third-party certified
- Coverage
- Coverage: all 50 states
- Structure
- Structure: Index-based
- Track record
- Since: 2019
vs Amal Invest: SP Funds' ETFs (SPUS and siblings) deliver passive halal index exposure in any brokerage including IRAs, with no platform dependency. Amal replicates and customizes indexes (including BDS and personal filters) in taxable accounts, which ETFs cannot do.
- 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: Shariah-Screened Mutual Fund
- Track record
- Since: 2000
Our take: 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.
- 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.
Amal Invest vs the alternatives at a glance
| Provider | Index grade | Shariah oversight | Coverage | Structure | Since |
|---|---|---|---|---|---|
| Amal Invest(this review) | Not graded | Third-party certified | All 50 states | Fund reconstruction with AAOIFI screening (via Zoya) | 2021 |
| Zoya | Not graded | Named scholar | All 50 states | Stock Screener | 2020 |
| Wahed Invest | B | Third-party certified | All 50 states | Index-based | 2015 |
| SPFunds | A- | Third-party certified | All 50 states | Index-based | 2019 |
| Manzil | A | Formal Shariah board | All 50 states | Wealth Management | 2017 |
| Allied Asset Advisors | B+ | Third-party certified | All 50 states | Shariah-Screened Mutual Fund | 2000 |
| Azzad Asset Management | B | Third-party certified | All 50 states | Wealth Management | 2000 |
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 Amal Invest alternative
- No retirement accounts: Alpaca does not support IRAs through Amal, so tax-advantaged halal investing must happen elsewhere
- Not an investment advisor: no allocation advice, no financial planning, no human review
- Bahrain-based operating company with a team of about three; key-person and continuity risk are real even with YC backing
- Marketing performance figures (about 28% per year for Grow, 14.6% for Save) are historical backtests of reconstructed indexes, not audited results
- Trustpilot base and user counts are self-reported; no SEC-registered entity stands behind the platform layer
- Fund reconstruction can drift from the underlying index it mimics, and tax-lot management in taxable accounts is basic
When Amal Invest is still the right choice
- Unique automation slot in the US halal stack: fund reconstruction plus continuous compliance maintenance, not just screening or managed portfolios
- Named third-party certification: Amanah Advisors reviewed the methodology and operational flow and issued a Shariah compliance certificate
- Transparent screening lineage: compliance data from Zoya following AAOIFI standards, with the screening logic explained publicly (from the S&P 500, roughly 53% of names are filtered out)
- Flat lifetime pricing ($249 standard, $999 Pro) with a 30-day money-back guarantee and no cut of returns
- Automatic sell-and-reinvest on non-compliance, with dividend reinvestment and monthly sync
- Custody stays with regulated brokers (Alpaca in the US); Amal cannot touch client money
- Ethical filters beyond Shariah screening, including a genocide-free (BDS) filter built on published boycott lists
Our verdict on Amal Invest: For taxable, self-directed halal investing, Amal Invest is the most interesting new tool in the US market: certified screening, real automation, and pricing that respects compounding. Keep retirement money in IRAs at Wahed, Amana, or SP Funds ETFs since Amal cannot hold it, treat the marketing backtests as illustrations, and size your commitment to the reality of a small Bahrain-based team behind an excellent idea.
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 Amal Invest). 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 Amal Invest?
Zoya ranks first among Amal Invest alternatives for halal investing, named scholar Shariah oversight, and coverage of all 50 states. Zoya provides the AAOIFI screening data Amal itself uses, plus research tools, but leaves execution and maintenance to you. Amal automates the buying, rebalancing, and forced sales; Zoya suits investors who want control, Amal suits those who want autopilot. Wahed Invest and SPFunds 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 Amal Invest alternative is available in my state?
Amal Invest itself is available nationwide across the U.S.. Zoya, Wahed Invest, SPFunds and Manzil also operate nationwide across the U.S..
How do Amal Invest's alternatives differ in approach?
Amal Invest is listed as fund reconstruction with aaoifi screening (via zoya). Other approaches among the alternatives: stock screener, index-based, wealth management, shariah-screened mutual fund. 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?
Wahed Invest (third-party certified), SPFunds (third-party certified), Manzil (formal shariah board), Allied Asset Advisors (third-party certified), Azzad Asset Management (third-party certified) disclose either a formal Shariah board or third-party certification. Amal Invest itself is classed as third-party certified. HalalWallet reports what each provider publishes; we do not certify products.
Should I switch from Amal Invest?
Reasons readers look elsewhere: No retirement accounts: Alpaca does not support IRAs through Amal, so tax-advantaged halal investing must happen elsewhere; Not an investment advisor: no allocation advice, no financial planning, no human review. Reasons to stay: Unique automation slot in the US halal stack: fund reconstruction plus continuous compliance maintenance, not just screening or managed portfolios; Named third-party certification: Amanah Advisors reviewed the methodology and operational flow and issued a Shariah compliance certificate. Switching mid-contract can trigger payoff terms and new closing costs, so compare the total cost of finishing with Amal Invest 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