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Investing comparison

Amal Invest vs SPFunds

Amal Invest and SPFunds both offer investing. This page lines up 20 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.
  • Amal Invest uses Fund reconstruction with AAOIFI screening (via Zoya); SPFunds uses Index-based / Mutual Funds.
  • Both disclose the same level of Shariah oversight: Third-Party Certified.
  • HalalWallet Index: Amal Invest holds a B-; SPFunds holds a A-.
  • On measurable rows, Amal Invest has the better listed value on 1 and SPFunds on 2.
  • They differ on 8 of the 20 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 SPFunds: the full side-by-side

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

AI

Amal Invest

B-
SPFunds - halal finance provider logo

SPFunds

A-

20 of 20 rows

Availability

  • States covered

    Same
    Amal Invest: All 50 states
    SPFunds: All 50 states
Costs

  • Expense ratio

    Amal Invest: Not listed
    SPFunds: 0.55% (SP Funds S&P Global Techno…) · 0.45% (SP Funds S&P 500 Shariah I…) · 0.50% (SP Funds Dow Jones Global…) · 1.31% (SPTAX) / 0.91% (SPTMX) (SP Funds 2030 Target Date…) · 1.32% (SPTBX) / 0.92% (SPTNX) (SP Funds 2040 Target Date…) · 1.33% (SPTCX) / 0.93% (SPTOX) (SP Funds 2050 Target Date…)

  • Management fee

    Amal Invest: Not listed
    SPFunds: 0.45% (unitary fee to ShariaPortfolio, Inc.)

  • Minimum investment

    Amal Invest: Not listed
    SPFunds: $250 ($50,000 institutional); $25 subsequent
Shariah

  • Structure

    Amal Invest: Fund reconstruction with AAOIFI screening (via Zoya)
    SPFunds: Index-based / Mutual Funds

  • Shariah oversight

    Same
    Amal Invest: Third-Party Certified
    SPFunds: Third-Party Certified

  • Shariah board / scholar

    Same
    Amal Invest: third_party_certified
    SPFunds: third_party_certified

  • Published fatwa / certificate

    Amal Invest: Yes Edge
    SPFunds: No

  • Screening standard

    Amal Invest: Not listed
    SPFunds: S&P Global Technology Shariah screening (SP Funds S&P Global Techno…) · S&P 500 Shariah screening (SP Funds S&P 500 Shariah I…) · Dow Jones Sukuk Total Return Index (SP Funds Dow Jones Global…) · AAOIFI standards via underlying SP Funds ETFs (SP Funds 2030 Target Date…) · S&P Global REIT Shariah screening (SP Funds S&P Global REIT S…) · S&P World Shariah screening (SP Funds S&P World ETF)
Products

  • Products listed

    Amal Invest: Halal Fund Builder (Grow & Save Portfolios)
    SPFunds: SP Funds S&P Global Technology ETF, SP Funds S&P 500 Shariah Industry Exclusions ETF, SP Funds Dow Jones Global Sukuk ETF, SP Funds 2030 Target Date Fund (SPTAX), SP Funds 2040 Target Date Fund (SPTBX), SP Funds 2050 Target Date Fund (SPTCX) +2 more

  • Best for

    Amal Invest: Set-and-forget halal versions of mainstream index funds
    SPFunds: Halal technology sector exposure

  • Product types

    Amal Invest: Fund Reconstruction Platform
    SPFunds: ETF, Mutual Fund

  • Tickers

    Amal Invest: Not listed
    SPFunds: SPTE, SPUS, SPSK, SPTAX, SPTBX +3 more

  • Holdings

    Amal Invest: Not listed
    SPFunds: ~100 (SP Funds S&P Global Techno…) · ~200 (SP Funds S&P 500 Shariah I…) · ~170 (SP Funds Dow Jones Global…) · 7 (SPSK, SPUS, SPRE, SPWO, SPTE, GLD, cash) (SP Funds 2030 Target Date…) · 6 (SPUS, SPTE, SPWO, SPRE, SPSK, cash) (SP Funds 2040 Target Date…) · ~30 (SP Funds S&P Global REIT S…) · ~400 (SP Funds S&P World ETF)

  • Account types

    Amal Invest: Taxable brokerage (via Alpaca or Trading212); IRAs not currently supported
    SPFunds: Individual, IRA, Roth IRA, Employer retirement plan

  • Focus

    Amal Invest: Not listed
    SPFunds: Global Technology (SP Funds S&P Global Techno…) · US Large Growth (SP Funds S&P 500 Shariah I…) · Global Bond (Sukuk) (SP Funds Dow Jones Global…) · Target Date / Retirement (SP Funds 2030 Target Date…) · Global Real Estate (SP Funds S&P Global REIT S…) · Global Large Blend (SP Funds S&P World ETF)
Track record

  • HalalWallet Index grade

    Amal Invest: B-
    SPFunds: A- Edge

  • Founded

    Amal Invest: 2021
    SPFunds: 2019 Edge

  • Awards

    Amal Invest: Not listed
    SPFunds: Morningstar Silver Medalist Rating (rated Aug 31, 2026; published Sep 29, 2026), U.S. News #3 Best Global Bond ETF (ranked Oct 2026; 3rd of 9 evaluated)

  • Assets under management

    Amal Invest: Not listed
    SPFunds: $217M (2026-08-04) (SP Funds S&P Global Techno…) · $3.39B (2026-10-07) (SP Funds S&P 500 Shariah I…) · $645M (2026-08-04) (SP Funds Dow Jones Global…) · $6.36M fund total; $3.58M Investor class (2026-10-26) (SP Funds 2030 Target Date…) · $10.17M fund total; $5.36M Investor class (2026-10-26) (SP Funds 2040 Target Date…) · $5.94M fund total (2026-10-26) (SP Funds 2050 Target Date…) · $221M (2026-08-04) (SP Funds S&P Global REIT S…) · $200M (2026-08-04) (SP Funds S&P World ETF)

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

SPFunds

  • Focused halal exposure to the global technology sector, not just US names
  • Includes non-US leaders like Taiwan Semiconductor via the S&P Global 1200 universe
  • Full SP Funds compliance file: accreditation certificate, auditor report, quarterly purification
  • Monthly distributions despite the growth mandate
  • Largest halal ETF by AUM at $2.9B - deep liquidity and tight spreads
  • Single-sector concentration - this amplifies rather than diversifies most halal portfolios' existing tech tilt
  • High volatility inherent to a pure technology fund
  • Highest purification burden in the family (2.27% of dividends in Q1 2026)
  • At $217M it is mid-sized; spreads run wider than SPUS
  • US-focused only - pair with an international fund for global coverage

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)

SPFunds (8)

  • SP Funds S&P Global Technology ETF · SPTEDetails
  • SP Funds S&P 500 Shariah Industry Exclusions ETF · SPUSDetails
  • SP Funds Dow Jones Global Sukuk ETF · SPSKDetails
  • SP Funds 2030 Target Date Fund (SPTAX) · SPTAXDetails
  • SP Funds 2040 Target Date Fund (SPTBX) · SPTBXDetails
  • SP Funds 2050 Target Date Fund (SPTCX) · SPTCXDetails
  • SP Funds S&P Global REIT Shariah ETF · SPREDetails
  • SP Funds S&P World ETF · SPWODetails
AI

Amal Invest

Visit Amal Invest Full review
SPFunds - halal finance provider logo

SPFunds

Visit SPFunds Full review

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Editorial comparisons

SP Funds (SPUS) vs Wahed Invest (HLAL)

Investing · with verdict

SP Funds vs Amana Funds

Investing · with verdict

How do Amal Invest and SPFunds compare for investing?

Amal Invest and SPFunds both offer investing. This page lines up 20 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.
  • Amal Invest uses Fund reconstruction with AAOIFI screening (via Zoya); SPFunds uses Index-based / Mutual Funds.
  • 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: 2026-10-27

How to cite this page

Preferred format (HTML):

According to HalalWallet (“Amal Invest vs SPFunds”, https://www.halalwallet.us/compare/amal-invest-vs-spfunds, 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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