Investing alternatives
Amana Funds Alternatives
6 halal investing providers in the U.S. that compete with Amana Funds, ranked by HalalWallet Index grade, disclosed Shariah oversight, and state coverage. Independent: we are not affiliated with Amana Funds 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 Amana Funds for halal investing in the U.S. are ShariaPortfolio, Wahed Invest and Azzad Asset Management. SP Funds' passive ETFs (SPUS 0.45%, SPSK) are cheaper building blocks; Amana counters with 40 years of active management, monthly-paying sukuk in mutual fund form, and zakat/purification reporting. The highest HalalWallet Index grade among the alternatives belongs to Manzil (A). Where Amana Funds still wins: Unmatched track record - the Income Fund dates to 1986, and Amana Growth's 17.6% ten-year annualized return beats the S&P 500's 15.5%.
- 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: ShariaPortfolio B, Wahed Invest B, Azzad Asset Management B, Manzil A, SPFunds A-, Allied Asset Advisors B+ (Amana Funds is not yet graded).
- Amana Funds is available nationwide across the U.S., so coverage is not a reason to switch.
- Product types across the alternatives: Wealth Management, Index-based, Shariah-Screened Mutual Fund (Amana Funds: Actively managed).
- Most common reason to look elsewhere: Investor-class expense ratios run 0.82%-1.20% - roughly double comparable halal ETFs - and institutional pricing requires $100,000 per fund.
Source: HalalWallet (halalwallet.us)
Top 6 Amana Funds alternatives for 2026
- Grade B
- Shariah oversight
- Shariah oversight: Named scholar
- Coverage
- Coverage: all 50 states
- Structure
- Structure: Wealth Management
- Track record
- Since: 2013
vs Amana Funds: SP Funds' passive ETFs (SPUS 0.45%, SPSK) are cheaper building blocks; Amana counters with 40 years of active management, monthly-paying sukuk in mutual fund form, and zakat/purification reporting.
- 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 Amana Funds: Wahed manages the whole portfolio for you from $100 with its own ETFs; Amana suits investors who prefer picking established funds with longer track records and richer account wrappers like the Shifa HSA.
- Grade B
- Shariah oversight
- Shariah oversight: Third-party certified
- Coverage
- Coverage: all 50 states
- Structure
- Structure: Wealth Management
- Track record
- Since: 2000
vs Amana Funds: Azzad is the other veteran halal fund shop with advisory services attached; Amana's funds are larger, older, and now come in ETF form.
- 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 A-
#5
SPFunds
- Shariah oversight
- Shariah oversight: Third-party certified
- Coverage
- Coverage: all 50 states
- Structure
- Structure: Index-based
- Track record
- Since: 2019
Our take: SP Funds provides essential building blocks for a diversified halal investment portfolio. SPUS for equities at 0.45%, SPSK for sukuk, and specialty ETFs for targeted exposure. If you're a self-directed investor, SP Funds ETFs should be on your shortlist.
- 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.
Amana Funds vs the alternatives at a glance
| Provider | Index grade | Shariah oversight | Coverage | Structure | Since |
|---|---|---|---|---|---|
| Amana Funds(this review) | Not graded | Third-party certified | All 50 states | Actively managed | 1986 |
| ShariaPortfolio | B | Named scholar | All 50 states | Wealth Management | 2013 |
| Wahed Invest | B | Third-party certified | All 50 states | Index-based | 2015 |
| Azzad Asset Management | B | Third-party certified | All 50 states | Wealth Management | 2000 |
| Manzil | A | Formal Shariah board | All 50 states | Wealth Management | 2017 |
| SPFunds | A- | Third-party certified | All 50 states | Index-based | 2019 |
| Allied Asset Advisors | B+ | Third-party certified | All 50 states | Shariah-Screened Mutual Fund | 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 Amana Funds alternative
- Investor-class expense ratios run 0.82%-1.20% - roughly double comparable halal ETFs - and institutional pricing requires $100,000 per fund
- Only the Growth Fund beats its conventional benchmark long-term; Income, Developing World, and Participation all trail theirs over ten years
- Concentration inside the flagships: Taiwan Semiconductor is 14% of the Income Fund and 7.9% of Growth, with technology over half of Growth's book
- The new ETFs each hold only about $4M in seed assets with ~0.36% bid-ask spreads - genuinely new funds with new-fund risk
- Site inconsistencies worth knowing: prohibited-industry lists differ across pages (insurance vs firearms vs fossil fuels), and two conflicting founding narratives (NAIT 1984 vs Dr. Mirza 1986) coexist
When Amana Funds is still the right choice
- Unmatched track record - the Income Fund dates to 1986, and Amana Growth's 17.6% ten-year annualized return beats the S&P 500's 15.5%
- The Participation Fund is the only US halal core fixed-income mutual fund: ~90 sukuk holdings, monthly distributions, and third-party-certified halal income requiring no purification
- Serious operational Sharia support competitors lack: annual purification factors per share, FCNA-based zakat estimation reports, and quarterly Amanie Advisors certification
- Disciplined screening - the 5% revenue rule plus 33% debt-to-market-cap and 45% receivables-to-assets caps, applied to 5,000+ stocks monthly with active management on top
- A full halal account ecosystem: IRAs with no minimum, the Shifa HSA with a non-interest spending account, Coverdell ESAs, 401(k) plans, and trust services
- The June 2026 Amana ETFs (AMGR 0.61%, AMEM 0.91%, AMEI 0.76%) mirror the mutual fund portfolios at institutional pricing with no minimum
Our verdict on Amana Funds: If halal investing in America has a blue chip, it's Amana: forty years old, ~$9.4B strong, quarterly-certified, with the only real halal bond-fund substitute and genuinely useful zakat and purification tooling. Pay attention to share class - institutional or the new ETFs beat Investor-class fees - and size the tech concentration in Growth and Income accordingly.
Still deciding?
The ranking above is category-wide. For a state-by-state, structure-by-structure view of every provider, use the comparison tool.
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How this ranking works
The pool is every provider with active investing listings in the U.S. in HalalWallet's database (13 besides Amana Funds). 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 Amana Funds?
ShariaPortfolio ranks first among Amana Funds alternatives for halal investing with a HalalWallet Index grade of B, named scholar Shariah oversight, and coverage of all 50 states. SP Funds' passive ETFs (SPUS 0.45%, SPSK) are cheaper building blocks; Amana counters with 40 years of active management, monthly-paying sukuk in mutual fund form, and zakat/purification reporting. Wahed Invest and Azzad Asset Management 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 Amana Funds alternative is available in my state?
Amana Funds itself is available nationwide across the U.S.. ShariaPortfolio, Wahed Invest, Azzad Asset Management and Manzil also operate nationwide across the U.S..
How do Amana Funds's alternatives differ in approach?
Amana Funds is listed as actively managed. Other approaches among the alternatives: wealth management, index-based, 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), Azzad Asset Management (third-party certified), Manzil (formal shariah board), SPFunds (third-party certified), Allied Asset Advisors (third-party certified) disclose either a formal Shariah board or third-party certification. Amana Funds itself is classed as third-party certified. HalalWallet reports what each provider publishes; we do not certify products.
Should I switch from Amana Funds?
Reasons readers look elsewhere: Investor-class expense ratios run 0.82%-1.20% - roughly double comparable halal ETFs - and institutional pricing requires $100,000 per fund; Only the Growth Fund beats its conventional benchmark long-term; Income, Developing World, and Participation all trail theirs over ten years. Reasons to stay: Unmatched track record - the Income Fund dates to 1986, and Amana Growth's 17.6% ten-year annualized return beats the S&P 500's 15.5%; The Participation Fund is the only US halal core fixed-income mutual fund: ~90 sukuk holdings, monthly distributions, and third-party-certified halal income requiring no purification. Switching mid-contract can trigger payoff terms and new closing costs, so compare the total cost of finishing with Amana Funds 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