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Investing comparison

Allied Asset Advisors vs Defynance

Allied Asset Advisors and Defynance both offer investing. This page lines up 17 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 Nov 2026

At a glance

  • Both are available in all 50 states.
  • Allied Asset Advisors uses Shariah-Screened Mutual Fund; Defynance uses Closed-end private fund holding income share agreements (accredited investors only).
  • Shariah oversight: Allied Asset Advisors discloses Third-Party Certified; Defynance discloses No Public Review.
  • HalalWallet Index: Allied Asset Advisors holds a B+; Defynance holds a B-.
  • On measurable rows, Allied Asset Advisors has the better listed value on 3 and Defynance on 0.
  • They differ on 8 of the 17 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 Defynance: the full side-by-side

17 data points from each provider's published materials, lined up row by row. They differ on 8.

AA

Allied Asset Advisors

B+
Pays us: No. Allied Asset Advisors pays HalalWallet nothing. It is listed and graded on the same terms as providers that do.
DE

Defynance

B-
Pays us: No. Defynance pays HalalWallet nothing. It is listed and graded on the same terms as providers that do.

17 of 17 rows

Availability

  • States covered

    Same
    Allied Asset Advisors: All 50 states
    Defynance: 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)
    Defynance: Not listed

  • Management fee

    Allied Asset Advisors: Not listed
    Defynance: Sales charge on each subscription, recurring servicing fees, a management fee on assets under management, and carried interest on profit. Amounts are in the private placement memorandum, not published.

  • Minimum investment

    Allied Asset Advisors: $250 regular accounts; $100 IRAs (Traditional, Roth, SEP, SIMPLE) and Coverdell ESAs; $50 subsequent investments Edge
    Defynance: $25,000 for accredited investors; $100,000 for qualified purchasers (the manager can make exceptions)
Shariah

  • Structure

    Allied Asset Advisors: Shariah-Screened Mutual Fund
    Defynance: Closed-end private fund holding income share agreements (accredited investors only)

  • Shariah oversight

    Allied Asset Advisors: Third-Party Certified
    Defynance: No Public Review

  • Shariah board / scholar

    Allied Asset Advisors: third_party_certified
    Defynance: No Public Review

  • Published fatwa / certificate

    Same
    Allied Asset Advisors: No
    Defynance: 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
    Defynance: Not listed
Products

  • Products listed

    Allied Asset Advisors: Iman Fund (IMANX)
    Defynance: Defynance Fund

  • Best for

    Allied Asset Advisors: Long-term halal growth investing through IRAs and 401(k) rollovers
    Defynance: Not listed

  • Product types

    Allied Asset Advisors: Mutual Fund
    Defynance: Private Fund

  • Tickers

    Allied Asset Advisors: IMANX
    Defynance: Not listed

  • Account types

    Allied Asset Advisors: Regular taxable, Traditional IRA, Roth IRA, SEP IRA, SIMPLE IRA +1 more
    Defynance: Not listed
Track record

  • HalalWallet Index grade

    Allied Asset Advisors: B+ Edge
    Defynance: B-

  • Founded

    Allied Asset Advisors: 2000 Edge
    Defynance: 2019

  • Assets under management

    Allied Asset Advisors: $271.6M total net assets (fund fact sheet, 2026-06-30)
    Defynance: 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

Defynance

  • Returns come from a share of borrowers' income, not from interest
  • Investor capital pays off interest-bearing student debt
  • Quarterly distributions after the first year
  • Defynance reports low volatility and returns it describes as uncorrelated with markets
  • No Shariah board, scholar, fatwa or purification guidance is published
  • Accredited investors and qualified purchasers only, with a $25,000 minimum
  • Fee amounts are disclosed only in the private placement memorandum
  • Illiquid: one-year hold, and redemption options are not yet available
  • Defynance lists its own startup status and the possibility of agreements defaulting among the risks
AA

Allied Asset Advisors

Pays HalalWallet: No. Allied Asset Advisors pays HalalWallet nothing. It is listed and graded on the same terms as providers that do.
Visit Allied Asset Advisors Full review
DE

Defynance

Pays HalalWallet: No. Defynance pays HalalWallet nothing. It is listed and graded on the same terms as providers that do.
Visit Defynance Full review

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How do Allied Asset Advisors and Defynance compare for investing?

Allied Asset Advisors and Defynance both offer investing. This page lines up 17 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; Defynance uses Closed-end private fund holding income share agreements (accredited investors only).
  • Shariah oversight: Allied Asset Advisors discloses Third-Party Certified; Defynance discloses No Public Review.

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: 2026-11-13

How to cite this page

Preferred format (HTML):

According to HalalWallet (“Allied Asset Advisors vs Defynance”, https://www.halalwallet.us/compare/allied-asset-advisors-vs-defynance, retrieved 2026-11-14).

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

What HalalWallet is and is not

Scholars rule; we organize the evidence. HalalWallet is an independent research and comparison site for halal financial products. It is not a lender, bank, broker or adviser, and it is not a fatwa body.

What we do

  • We document each product's contract, Shariah oversight, costs and availability, with the date we last checked.
  • We show the range of scholarly opinion on contested questions, with sources.

What we do not do

  • We do not lend, hold money, open accounts or take applications. You apply with the provider.
  • We do not issue fatwas or certify any product as halal. Rulings belong to a scholar you trust.
  • We do not give personal financial, legal or tax advice.

Where our role ends and who takes over · Who pays HalalWallet · HalalWallet Trust Standard, version 1.0

Before you decide, finish with three checks:

  • Confirm current terms and halal compliance directly with the provider. Their quote is final.
  • Read the contract structure (Murabaha, Ijara, Musharakah and so on) and any published Shariah board opinion.
  • Bring your shortlist to a qualified scholar or licensed adviser, so the conversation is about your situation, not the basics.

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