Investing alternatives
Azzad Asset Management Alternatives
6 halal investing providers in the U.S. that compete with Azzad Asset Management, ranked by HalalWallet Index grade, disclosed Shariah oversight, and state coverage. Independent: we are not affiliated with Azzad Asset Management 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 Azzad Asset Management for halal investing in the U.S. are Amana Funds, ShariaPortfolio and Wahed Invest. Amana (Saturna) is far larger with a stronger flagship-equity record; Azzad counters with WISEX - the only US halal fixed-income mutual fund - plus external Shariah audits and deeper Islamic planning services. The highest HalalWallet Index grade among the alternatives belongs to Manzil (A). Where Azzad Asset Management still wins: WISEX fills a genuine gap - the first and still rare US halal fixed-income fund (68.69% sukuk, 2.28-year duration), beating its benchmark over 5-year, 10-year, and since-inception periods, with 4 Lipper Fund Awards (2014, 2023, 2024, 2025).
- 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, Manzil A, SPFunds A-, Allied Asset Advisors B+ (Azzad Asset Management holds B).
- Azzad Asset Management is available nationwide across the U.S., so coverage is not a reason to switch.
- Product types across the alternatives: Actively managed, Wealth Management, Index-based, Shariah-Screened Mutual Fund (Azzad Asset Management: Wealth Management).
- Most common reason to look elsewhere: ADJEX has trailed its Russell Midcap Growth benchmark since inception (5.96% vs 8.21% annualized through 3/31/2026) - a long-run performance gap the halal screen alone doesn't fully explain.
Source: HalalWallet (halalwallet.us)
Top 6 Azzad Asset Management 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 Azzad Asset Management: Amana (Saturna) is far larger with a stronger flagship-equity record; Azzad counters with WISEX - the only US halal fixed-income mutual fund - plus external Shariah audits and deeper Islamic planning services.
- Grade B
- Shariah oversight
- Shariah oversight: Named scholar
- Coverage
- Coverage: all 50 states
- Structure
- Structure: Wealth Management
- Track record
- Since: 2013
vs Azzad Asset Management: ShariaPortfolio's SP Funds ETFs (including a sukuk ETF) offer similar exposures at materially lower expense ratios; Azzad offers mutual-fund wrappers, a named advisory board with IFAAS audits, and a full-service wealth practice.
- 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 Azzad Asset Management: Wahed is the low-minimum robo option for hands-off investors; Azzad targets larger accounts with human advisers, active funds, and estate/waqf planning that a robo can't provide.
- 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.
Azzad Asset Management vs the alternatives at a glance
| Provider | Index grade | Shariah oversight | Coverage | Structure | Since |
|---|---|---|---|---|---|
| Azzad Asset Management(this review) | B | Third-party certified | All 50 states | Wealth Management | 2000 |
| Amana Funds | 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 |
| 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 Azzad Asset Management alternative
- ADJEX has trailed its Russell Midcap Growth benchmark since inception (5.96% vs 8.21% annualized through 3/31/2026) - a long-run performance gap the halal screen alone doesn't fully explain
- Active-fund pricing: 0.99% (ADJEX, and only after a fee waiver from a 1.12% gross ratio) and 0.89% (WISEX) versus SP Funds ETFs charging roughly half or less
- The Ethical Wrap Program requires $500,000 and layers a ~1% advisory fee on top of underlying fund costs
- Site data quality lags the firm's substance - conflicting client counts (1,500 households vs ~800 families), a stale broker platform list including defunct Scottrade and TD Ameritrade, fund-page typos, and unfinished template text on the board page
- All AUM, award, and 'first/only' claims are company-published; performance and holdings data come from the firm's own fact sheets
When Azzad Asset Management is still the right choice
- WISEX fills a genuine gap - the first and still rare US halal fixed-income fund (68.69% sukuk, 2.28-year duration), beating its benchmark over 5-year, 10-year, and since-inception periods, with 4 Lipper Fund Awards (2014, 2023, 2024, 2025)
- Shariah governance most US managers can't match: a named board (Al Zuhili, Hammad, Sartawi), an outside Shariah compliance officer, and annual external audits by IFAAS since June 2015 - with CEO Bashar Qasem himself AAOIFI-certified
- Transparent AAOIFI-based screening - debt over 30%, receivables over 45%, interest income over 5%, or haram revenue over 5% all disqualify - plus discretionary ethical screens covering fracking, for-profit prisons, and conflict zones
- Institutional-grade sub-advisers: Federated Investment Management runs WISEX's fixed-income sleeve, and the wrap program taps managers like D.F. Dent and Kayne Anderson Rudnick
- Genuine Islamic wealth-planning depth: zakah calculated on 23 Sha'ban with IRA tax adjustments, a purification calculator, halal 401(k) offerings, and the waqf/estate planning practice built with Shariawiz
- Accessible fund minimums - $1,000 for ADJEX ($500 for IRAs) and $4,000 for WISEX
Our verdict on Azzad Asset Management: 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. For equity exposure, weigh ADJEX's 25-year benchmark shortfall and 0.99% fee against cheaper passive alternatives, and reserve the wrap program for households that genuinely need the full advisory relationship.
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 Azzad Asset Management). 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 Azzad Asset Management?
Amana Funds ranks first among Azzad Asset Management alternatives for halal investing, third-party certified Shariah oversight, and coverage of all 50 states. Amana (Saturna) is far larger with a stronger flagship-equity record; Azzad counters with WISEX - the only US halal fixed-income mutual fund - plus external Shariah audits and deeper Islamic planning services. ShariaPortfolio 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 Azzad Asset Management alternative is available in my state?
Azzad Asset Management itself is available nationwide across the U.S.. Amana Funds, ShariaPortfolio, Wahed Invest and Manzil also operate nationwide across the U.S..
How do Azzad Asset Management's alternatives differ in approach?
Azzad Asset Management is listed as wealth management. ShariaPortfolio and Manzil take the same approach. Other approaches among the alternatives: actively managed, 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?
Amana Funds (third-party certified), Wahed Invest (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. Azzad Asset Management itself is classed as third-party certified. HalalWallet reports what each provider publishes; we do not certify products.
Should I switch from Azzad Asset Management?
Reasons readers look elsewhere: ADJEX has trailed its Russell Midcap Growth benchmark since inception (5.96% vs 8.21% annualized through 3/31/2026) - a long-run performance gap the halal screen alone doesn't fully explain; Active-fund pricing: 0.99% (ADJEX, and only after a fee waiver from a 1.12% gross ratio) and 0.89% (WISEX) versus SP Funds ETFs charging roughly half or less. Reasons to stay: WISEX fills a genuine gap - the first and still rare US halal fixed-income fund (68.69% sukuk, 2.28-year duration), beating its benchmark over 5-year, 10-year, and since-inception periods, with 4 Lipper Fund Awards (2014, 2023, 2024, 2025); Shariah governance most US managers can't match: a named board (Al Zuhili, Hammad, Sartawi), an outside Shariah compliance officer, and annual external audits by IFAAS since June 2015 - with CEO Bashar Qasem himself AAOIFI-certified. Switching mid-contract can trigger payoff terms and new closing costs, so compare the total cost of finishing with Azzad Asset Management 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