Allied Asset Advisors vs Amal Invest
Allied Asset Advisors and Amal Invest both offer investing. This page lines up 16 listed data points side by side, with 8 differences, so you can see exactly where they part ways before you request quotes.
Built from each provider's listed data · provider data last verified Oct 2026
At a glance
- Both are available in all 50 states.
- Allied Asset Advisors uses Shariah-Screened Mutual Fund; Amal Invest uses Fund reconstruction with AAOIFI screening (via Zoya).
- Both disclose the same level of Shariah oversight: Third-Party Certified.
- HalalWallet Index: Allied Asset Advisors holds a B; Amal Invest holds a B-.
- On measurable rows, Allied Asset Advisors has the better listed value on 2 and Amal Invest on 1.
- They differ on 8 of the 16 data points we list for investing.
No editorial verdict has been written for this pair yet. The side-by-side below is the full data view; where we have written one, you'll find it under Compare.
Allied Asset Advisors vs Amal Invest: the full side-by-side
16 data points from each provider's published materials, lined up row by row. They differ on 8.
States covered
SameAllied Asset Advisors: All 50 statesAmal Invest: All 50 states
Expense ratio
Allied Asset Advisors: 1.29% gross; 0.99% net after the advisor's fee waiver to 0.70% (in effect through 2028-09-30, per the September 30, 2026 prospectus)Amal Invest: Not listedMinimum investment
Allied Asset Advisors: $250 regular accounts; $100 IRAs (Traditional, Roth, SEP, SIMPLE) and Coverdell ESAs; $50 subsequent investmentsAmal Invest: Not listed
Structure
Allied Asset Advisors: Shariah-Screened Mutual FundAmal Invest: Fund reconstruction with AAOIFI screening (via Zoya)Shariah oversight
SameAllied Asset Advisors: Third-Party CertifiedAmal Invest: Third-Party CertifiedShariah board / scholar
SameAllied Asset Advisors: third_party_certifiedAmal Invest: third_party_certifiedPublished fatwa / certificate
Allied Asset Advisors: NoAmal Invest: Yes EdgeScreening standard
Allied Asset Advisors: AAOIFI-standard sector and financial screens with IdealRatings certification; excludes alcohol, tobacco, pork, conventional financials, defense, gambling, pornography, and interest-bearing debtAmal Invest: Not listed
Products listed
Allied Asset Advisors: Iman Fund (IMANX)Amal Invest: Halal Fund Builder (Grow & Save Portfolios)Best for
Allied Asset Advisors: Long-term halal growth investing through IRAs and 401(k) rolloversAmal Invest: Set-and-forget halal versions of mainstream index fundsProduct types
Allied Asset Advisors: Mutual FundAmal Invest: Fund Reconstruction PlatformTickers
Allied Asset Advisors: IMANXAmal Invest: Not listedAccount types
Allied Asset Advisors: Regular taxable, Traditional IRA, Roth IRA, SEP IRA, SIMPLE IRA +1 moreAmal Invest: Taxable brokerage (via Alpaca or Trading212); IRAs not currently supported
HalalWallet Index grade
Allied Asset Advisors: B EdgeAmal Invest: B-Founded
Allied Asset Advisors: 2000 EdgeAmal Invest: 2021Assets under management
Allied Asset Advisors: $271.6M total net assets (fund fact sheet, 2026-06-30)Amal Invest: Not listed
Edge marks the side with the better listed number on measurable rows (lower fee, wider coverage, higher grade). It is not a verdict - a provider can win more rows and still be the wrong fit for you.
Strengths and trade-offs
Allied Asset Advisors
- 25-year track record under one manager, rare in halal investing
- Community ownership pedigree: NAIT, the nonprofit waqf that holds titles for hundreds of US mosques, stands behind the advisor
- Strong recent performance disclosed by the advisor: 29% in 2023 and 20.6% in 2024; $10,000 invested 2016-05-31 grew to $38,048 by 2026-05-31, and the June 30, 2026 fact sheet reports a 39.17% one-year return
- Accessible: $100 IRA minimum and availability inside major brokerage platforms
- No load, no 12b-1; fee waiver keeps net expenses at 0.99% through September 2028
- Net expense ratio of 0.99% is higher than index-style halal competitors such as SP Funds ETFs, and the waiver keeping it there runs through September 2028 and is renewable rather than permanent
- Only one scholar, Sheikh Muzammil Siddiqi (Principal Shariah Advisor), is named on the advisor's site, and the prospectus says Shariah-compliance advice comes from NAIT, the advisor's own parent, rather than an independent board - a thinner disclosure than Amana's or Azzad's
- Concentrated ownership risk disclosed in the prospectus: NAIT owned 50.11% of the fund's shares as of August 31, 2025, and a large NAIT redemption could force untimely sales
- Growth-tilted single-fund strategy with no fixed-income or diversifying sister funds under the same advisor
Amal Invest
- Solves the screener-plus-brokerage juggling problem in one automated flow, a genuine gap between Zoya/Musaffa (screeners) and Wahed (managed portfolios)
- Lifetime flat fee is structurally cheaper than robo-advisor AUM fees for larger portfolios
- Named third-party certification (Amanah Advisors) with published explanation of the AAOIFI methodology
- Continuous compliance automation: automatic sell-and-reinvest on non-compliance is rare even among halal robo-advisors
- Ethical filters beyond Shariah screening, including a BDS filter, with user overrides
- No retirement accounts: Alpaca integration does not support IRAs or 401(k)s, a significant gap versus Wahed and Amana
- Amal is not an investment advisor; investors get automation, not advice
- Operating company is Bahrain-based, so US investors rely on the Alpaca custody layer for regulatory protection
- Historical return figures on the marketing site (28.3% and 14.6% per year) are illustrative backtests, not audited fund performance
- Small team (about 3 people per Y Combinator), so key-person risk is real
Not sure which is right? Compare all investing providers.
Browse all Investing optionsHow do Allied Asset Advisors and Amal Invest compare for investing?
Allied Asset Advisors and Amal Invest both offer investing. This page lines up 16 listed data points side by side, with 8 differences, so you can see exactly where they part ways before you request quotes.
- Both are available in all 50 states.
- Allied Asset Advisors uses Shariah-Screened Mutual Fund; Amal Invest uses Fund reconstruction with AAOIFI screening (via Zoya).
- Both disclose the same level of Shariah oversight: Third-Party Certified.
Source: HalalWallet (halalwallet.us)
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Sources and review process
This page is reviewed against HalalWallet editorial standards and source documentation.
Reviewed by: HalalWallet Editorial Team
Last reviewed: 2026-10-08
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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.
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