Amal Invest vs Amana Funds
Amal Invest and Amana Funds both offer investing. This page lines up 19 listed data points side by side, with 7 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.
- Amal Invest uses Fund reconstruction with AAOIFI screening (via Zoya); Amana Funds uses Mutual Funds / Actively managed.
- Both disclose the same level of Shariah oversight: Third-Party Certified.
- HalalWallet Index: Amal Invest holds a B-; Amana Funds holds a B-.
- On measurable rows, Amal Invest has the better listed value on 1 and Amana Funds on 1.
- They differ on 7 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.
Amal Invest 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 7.
19 of 19 rows
States covered
SameAmal Invest: All 50 statesAmana Funds: All 50 states
Expense ratio
Amal Invest: Not listedAmana 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
Amal Invest: Not listedAmana 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
Amal Invest: Not listedAmana Funds: $100 ($100,000 institutional) (Amana Developing World Fun…) · 1 share on Nasdaq (fractional at supporting brokers) (Amana Growth ETF)
Structure
Amal Invest: Fund reconstruction with AAOIFI screening (via Zoya)Amana Funds: Mutual Funds / Actively managedShariah oversight
SameAmal Invest: Third-Party CertifiedAmana Funds: Third-Party CertifiedShariah board / scholar
SameAmal Invest: third_party_certifiedAmana Funds: third_party_certifiedPublished fatwa / certificate
Amal Invest: Yes EdgeAmana Funds: NoScreening standard
Amal Invest: Not listedAmana Funds: AAOIFI standards (Amana Developing World Fun…) · Saturna Capital Islamic screens, reviewed by Amanie Advisors (Amana Growth ETF)
Products listed
Amal Invest: Halal Fund Builder (Grow & Save Portfolios)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 moreBest for
Amal Invest: Set-and-forget halal versions of mainstream index fundsAmana Funds: Halal emerging market exposureProduct types
Amal Invest: Fund Reconstruction PlatformAmana Funds: Mutual Fund, ETFTickers
Amal Invest: Not listedAmana Funds: AMDWX, AMGR, AMEI, AMEM, AMAPX +2 moreHoldings
Amal Invest: Not listedAmana Funds: 31 (Amana Growth ETF) · 32 (Amana Equity Income ETF)Account types
Amal Invest: Taxable brokerage (via Alpaca or Trading212); IRAs not currently supportedAmana Funds: Individual, IRA, Roth IRAFocus
Amal Invest: Not listedAmana 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))
HalalWallet Index grade
SameAmal Invest: B-Amana Funds: B-Founded
Amal Invest: 2021Amana Funds: 1986 EdgeAssets under management
Amal Invest: Not listedAmana 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
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
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.
Amal Invest (1)
- Halal Fund Builder (Grow & Save Portfolios)
Not sure which is right? Compare all investing providers.
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How do Amal Invest and Amana Funds compare for investing?
Amal Invest and Amana Funds both offer investing. This page lines up 19 listed data points side by side, with 7 differences, so you can see exactly where they part ways before you request quotes.
- Both are available in all 50 states.
- Amal Invest uses Fund reconstruction with AAOIFI screening (via Zoya); 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
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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.
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