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Investing comparison

Amana Funds vs Defynance

Amana Funds and Defynance both offer investing. This page lines up 19 listed data points side by side, with 9 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.
  • Amana Funds uses Mutual Funds / Actively managed; Defynance uses Closed-end private fund holding income share agreements (accredited investors only).
  • Shariah oversight: Amana Funds discloses Third-Party Certified; Defynance discloses No Public Review.
  • HalalWallet Index: Amana Funds holds a B; Defynance holds a B-.
  • On measurable rows, Amana Funds has the better listed value on 2 and Defynance on 0.
  • They differ on 9 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.

Amana Funds vs Defynance: the full side-by-side

19 data points from each provider's published materials, lined up row by row. They differ on 9.

Amana Funds - halal finance provider logo

Amana Funds

B
Pays us: No. Amana Funds 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.

19 of 19 rows

Availability

  • States covered

    Same
    Amana Funds: All 50 states
    Defynance: All 50 states
Costs

  • Expense ratio

    Amana Funds: 0.82% (AMAPX) / 0.59% (AMIPX) (Amana Participation Fund (…) · 0.91% (Amana Developing World ETF) · 1.01% (AMANX) / 0.76% (AMINX) (Amana Income Fund (AMANX)) · 1.20% (AMDWX) / 0.98% (AMIDX) (Amana Developing World Fun…) · 0.61% (Amana Growth ETF) · 0.86% (AMAGX) / 0.61% (AMIGX) (Amana Growth Fund (AMAGX)) · 0.76% (Amana Equity Income ETF)
    Defynance: Not listed

  • Management fee

    Amana Funds: 0.50% (Amana Participation Fund (…) · 0.73% (Amana Income Fund (AMANX)) · 0.80% (Amana Developing World Fun…) · 0.58% (Amana Growth Fund (AMAGX))
    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

    Amana Funds: $100 ($100,000 institutional) (Amana Participation Fund (…) · 1 share on Nasdaq (fractional at supporting brokers) (Amana Developing World ETF)
    Defynance: $25,000 for accredited investors; $100,000 for qualified purchasers (the manager can make exceptions)
Shariah

  • Structure

    Amana Funds: Mutual Funds / Actively managed
    Defynance: Closed-end private fund holding income share agreements (accredited investors only)

  • Shariah oversight

    Amana Funds: Third-Party Certified
    Defynance: No Public Review

  • Shariah board / scholar

    Amana Funds: third_party_certified
    Defynance: No Public Review

  • Published fatwa / certificate

    Same
    Amana Funds: No
    Defynance: No

  • Screening standard

    Amana Funds: AAOIFI standards (Amana Participation Fund (…) · Saturna Capital Islamic screens, reviewed by Amanie Advisors (Amana Developing World ETF)
    Defynance: Not listed
Products

  • Products listed

    Amana Funds: Amana Participation Fund (AMAPX), Amana Developing World ETF, Amana Income Fund (AMANX), Amana Developing World Fund (AMDWX), Amana Growth ETF, Amana Growth Fund (AMAGX) +1 more
    Defynance: Defynance Fund

  • Best for

    Amana Funds: Halal fixed-income alternative
    Defynance: Not listed

  • Product types

    Amana Funds: Mutual Fund, ETF
    Defynance: Private Fund

  • Tickers

    Amana Funds: AMAPX, AMEM, AMANX, AMDWX, AMGR +2 more
    Defynance: Not listed

  • Holdings

    Amana Funds: 30 (Amana Developing World ETF) · 28 (Amana Equity Income ETF)
    Defynance: Not listed

  • Account types

    Amana Funds: Individual, IRA, Roth IRA
    Defynance: Not listed

  • Focus

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

  • HalalWallet Index grade

    Amana Funds: B Edge
    Defynance: B-

  • Founded

    Amana Funds: 1986 Edge
    Defynance: 2019

  • Assets under management

    Amana Funds: $324M (both classes, 2026-08-05) (Amana Participation Fund (…) · $5.84M (2026-11-12) (Amana Developing World ETF) · $2.4B (both classes, 2026-08-05) (Amana Income Fund (AMANX)) · $201M (both classes, 2026-08-05) (Amana Developing World Fun…) · $9.65M (2026-11-12) (Amana Growth ETF) · $6.8B (both classes, 2026-08-05) (Amana Growth Fund (AMAGX)) · $6.21M (2026-11-12) (Amana Equity Income ETF)
    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

Amana Funds

  • Fills the fixed-income role in a halal portfolio without conventional bonds
  • Monthly distributions with 30-day yields of 2.94%-3.18% at the August 2026 check
  • No purification required - underlying sukuk individually vetted as Islamically acceptable
  • Reviewed and certified quarterly by Amanie Advisors
  • $100 minimum, waived in tax-sheltered accounts
  • 10-year annualized return of just 2.15% (Investor class) - stability comes at a real growth cost
  • 0.82% Investor-class fee is steep for short/intermediate income; SPSK charges 0.50% for a sukuk ETF
  • Sukuk carry issuer credit risk and murabaha/wakala carry bank counterparty risk - this is not a savings account
  • 100% zakatable ratio means a meaningfully larger annual zakat bill than equity funds
  • Highest fee of any US halal ETF at 0.91%

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

Products behind the numbers

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

Amana Funds (7)

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

Defynance (1)

Amana Funds - halal finance provider logo

Amana Funds

Pays HalalWallet: No. Amana Funds pays HalalWallet nothing. It is listed and graded on the same terms as providers that do.
Visit Amana Funds 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 Amana Funds and Defynance compare for investing?

Amana Funds and Defynance both offer investing. This page lines up 19 listed data points side by side, with 9 differences, so you can see exactly where they part ways before you request quotes.

  • Both are available in all 50 states.
  • Amana Funds uses Mutual Funds / Actively managed; Defynance uses Closed-end private fund holding income share agreements (accredited investors only).
  • Shariah oversight: Amana Funds 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 (“Amana Funds vs Defynance”, https://www.halalwallet.us/compare/amana-funds-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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