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Investing comparison

Allied Asset Advisors vs Amana Funds

Allied Asset Advisors and Amana Funds both offer investing. This page lines up 19 listed data points side by side, with 12 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; Amana Funds uses Mutual Funds / Actively managed.
  • Both disclose the same level of Shariah oversight: Third-Party Certified.
  • HalalWallet Index: Allied Asset Advisors holds a B; Amana Funds holds a B-.
  • On measurable rows, Allied Asset Advisors has the better listed value on 1 and Amana Funds on 1.
  • They differ on 12 of the 19 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 Amana Funds: the full side-by-side

19 data points from each provider's published materials, lined up row by row. They differ on 12.

AA

Allied Asset Advisors

B
Amana Funds - halal finance provider logo

Amana Funds

B-

19 of 19 rows

Availability

  • States covered

    Same
    Allied Asset Advisors: All 50 states
    Amana Funds: All 50 states
Costs

  • 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)
    Amana Funds: 1.20% (AMDWX) / 0.98% (AMIDX) (Amana Developing World Fun…) · 0.61% (Amana Growth ETF) · 0.76% (Amana Equity Income ETF) · 0.91% (Amana Developing World ETF) · 0.82% (AMAPX) / 0.59% (AMIPX) (Amana Participation Fund (…) · 0.86% (AMAGX) / 0.61% (AMIGX) (Amana Growth Fund (AMAGX)) · 1.01% (AMANX) / 0.76% (AMINX) (Amana Income Fund (AMANX))

  • Management fee

    Allied Asset Advisors: Not listed
    Amana Funds: 0.80% (Amana Developing World Fun…) · 0.50% (Amana Participation Fund (…) · 0.58% (Amana Growth Fund (AMAGX)) · 0.73% (Amana Income Fund (AMANX))

  • Minimum investment

    Allied Asset Advisors: $250 regular accounts; $100 IRAs (Traditional, Roth, SEP, SIMPLE) and Coverdell ESAs; $50 subsequent investments
    Amana Funds: $100 ($100,000 institutional) (Amana Developing World Fun…) · 1 share on Nasdaq (fractional at supporting brokers) (Amana Growth ETF)
Shariah

  • Structure

    Allied Asset Advisors: Shariah-Screened Mutual Fund
    Amana Funds: Mutual Funds / Actively managed

  • Shariah oversight

    Same
    Allied Asset Advisors: Third-Party Certified
    Amana Funds: Third-Party Certified

  • Shariah board / scholar

    Same
    Allied Asset Advisors: third_party_certified
    Amana Funds: third_party_certified

  • Published fatwa / certificate

    Same
    Allied Asset Advisors: No
    Amana Funds: No

  • Screening 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 debt
    Amana Funds: AAOIFI standards (Amana Developing World Fun…) · Saturna Capital Islamic screens, reviewed by Amanie Advisors (Amana Growth ETF)
Products

  • Products listed

    Allied Asset Advisors: Iman Fund (IMANX)
    Amana Funds: Amana Developing World Fund (AMDWX), Amana Growth ETF, Amana Equity Income ETF, Amana Developing World ETF, Amana Participation Fund (AMAPX), Amana Growth Fund (AMAGX) +1 more

  • Best for

    Allied Asset Advisors: Long-term halal growth investing through IRAs and 401(k) rollovers
    Amana Funds: Halal emerging market exposure

  • Product types

    Allied Asset Advisors: Mutual Fund
    Amana Funds: Mutual Fund, ETF

  • Tickers

    Allied Asset Advisors: IMANX
    Amana Funds: AMDWX, AMGR, AMEI, AMEM, AMAPX +2 more

  • Holdings

    Allied Asset Advisors: Not listed
    Amana Funds: 31 (Amana Growth ETF) · 32 (Amana Equity Income ETF)

  • Account types

    Allied Asset Advisors: Regular taxable, Traditional IRA, Roth IRA, SEP IRA, SIMPLE IRA +1 more
    Amana Funds: Individual, IRA, Roth IRA

  • Focus

    Allied Asset Advisors: Not listed
    Amana Funds: International / Emerging Markets (Amana Developing World Fun…) · Global Large Growth (active) (Amana Growth ETF) · Global Dividend Equity (active) (Amana Equity Income ETF) · Emerging Markets (active) (Amana Developing World ETF) · Global Sukuk / Fixed Income (Amana Participation Fund (…) · US Large Growth (Amana Growth Fund (AMAGX)) · US Large Value / Income (Amana Income Fund (AMANX))
Track record

  • HalalWallet Index grade

    Allied Asset Advisors: B Edge
    Amana Funds: B-

  • Founded

    Allied Asset Advisors: 2000
    Amana Funds: 1986 Edge

  • Assets under management

    Allied Asset Advisors: $271.6M total net assets (fund fact sheet, 2026-06-30)
    Amana Funds: $201M (both classes, 2026-08-05) (Amana Developing World Fun…) · $7.87M (2026-10-19) (Amana Growth ETF) · $5.98M (2026-10-19) (Amana Equity Income ETF) · $6.09M (2026-10-19) (Amana Developing World ETF) · $324M (both classes, 2026-08-05) (Amana Participation Fund (…) · $6.8B (both classes, 2026-08-05) (Amana Growth Fund (AMAGX)) · $2.4B (both classes, 2026-08-05) (Amana Income Fund (AMANX))

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

Amana Funds

  • Dedicated halal exposure to emerging and developing markets - a rare mandate
  • Reviewed and certified quarterly by Amanie Advisors
  • Comes from the longest-running US Islamic fund family (since 1986)
  • $100 minimum, waived in tax-sheltered accounts
  • Can hold Islamic financial institutions (for example Bank Islam Malaysia) - the screen bars interest-based finance only
  • 1.20% Investor-class expense ratio is the highest in the Amana family
  • 10-year return of 7.76% annualized trails the MSCI Emerging Markets Index's 10.52%
  • Smallest Amana fund at about $201M - scale works against costs
  • Emerging markets bring higher volatility and currency risk on top of the fee drag
  • 0.61% is higher than every index halal ETF (MNZL 0.40%, SPUS 0.45%, HLAL 0.50%)

Products behind the numbers

Where a row shows more than one value, it is because the provider lists several investing products. Each is tagged.

Allied Asset Advisors (1)

  • Iman Fund (IMANX) · IMANX

Amana Funds (7)

  • Amana Developing World Fund (AMDWX) · AMDWXDetails
  • Amana Growth ETF · AMGR
  • Amana Equity Income ETF · AMEI
  • Amana Developing World ETF · AMEM
  • Amana Participation Fund (AMAPX) · AMAPXDetails
  • Amana Growth Fund (AMAGX) · AMAGXDetails
  • Amana Income Fund (AMANX) · AMANXDetails
AA

Allied Asset Advisors

Visit Allied Asset Advisors Full review
Amana Funds - halal finance provider logo

Amana Funds

Visit Amana Funds Full review

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How do Allied Asset Advisors and Amana Funds compare for investing?

Allied Asset Advisors and Amana Funds both offer investing. This page lines up 19 listed data points side by side, with 12 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; Amana Funds uses Mutual Funds / Actively managed.
  • 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: 2026-10-19

How to cite this page

Preferred format (HTML):

According to HalalWallet (“Allied Asset Advisors vs Amana Funds”, https://www.halalwallet.us/compare/allied-asset-advisors-vs-amana-funds, retrieved 2026-11-12).

For time-sensitive claims (rates, fees, state availability), please verify directly with the provider's official documentation and note the retrieval date.

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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