Amana Funds vs Manzil
Amana Funds and Manzil both offer investing. This page lines up 19 listed data points side by side, with 17 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.
- Amana Funds uses Mutual Funds / Actively managed; Manzil uses Wealth Management / Self-directed brokerage with real-time AAOIFI screening (Zoya).
- Shariah oversight: Amana Funds discloses Third-Party Certified; Manzil discloses Formal Board.
- HalalWallet Index: Amana Funds holds a B-; Manzil holds a A.
- On measurable rows, Amana Funds has the better listed value on 1 and Manzil on 1.
- They differ on 17 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 Manzil: the full side-by-side
19 data points from each provider's published materials, lined up row by row. They differ on 17.
19 of 19 rows
States covered
SameAmana Funds: All 50 statesManzil: All 50 states
Expense ratio
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))Manzil: 0.40%Management fee
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))Manzil: 0.40% AUM + $48/yr (waived at $100K+) (Wealth Management) · Core: $48/year + 0.40% of invested assets; Premium ($100K+ in assets): $0/year + 0.40% (Manzil Trading (Self-Direc…)Minimum investment
Amana Funds: $100 ($100,000 institutional) (Amana Developing World Fun…) · 1 share on Nasdaq (fractional at supporting brokers) (Amana Growth ETF)Manzil: $100 (Wealth Management) · $100 minimum in assets; fractional shares (Manzil Trading (Self-Direc…)
Structure
Amana Funds: Mutual Funds / Actively managedManzil: Wealth Management / Self-directed brokerage with real-time AAOIFI screening (Zoya)Shariah oversight
Amana Funds: Third-Party CertifiedManzil: Formal BoardShariah board / scholar
Amana Funds: third_party_certifiedManzil: Formal BoardPublished fatwa / certificate
SameAmana Funds: NoManzil: NoScreening standard
Amana Funds: AAOIFI standards (Amana Developing World Fun…) · Saturna Capital Islamic screens, reviewed by Amanie Advisors (Amana Growth ETF)Manzil: Real-time Shariah screening by Zoya against AAOIFI standards, embedded in the platform; non-compliant stocks cannot be traded and status changes trigger notifications (Manzil Trading (Self-Direc…) · Russell Halal USA Index (Manzil Russell Halal USA B…)
Products listed
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 moreManzil: Wealth Management, Manzil Trading (Self-Directed Halal Stock Trading), Manzil Russell Halal USA Broad Market ETFBest for
Amana Funds: Halal emerging market exposureManzil: Halal portfolio managementProduct types
Amana Funds: Mutual Fund, ETFManzil: Investment Platform, Brokerage, ETFTickers
Amana Funds: AMDWX, AMGR, AMEI, AMEM, AMAPX +2 moreManzil: MNZLHoldings
Amana Funds: 31 (Amana Growth ETF) · 32 (Amana Equity Income ETF)Manzil: ~490Account types
Amana Funds: Individual, IRA, Roth IRAManzil: Individual taxable brokerage (via the Manzil app), Individual, IRA, Roth IRAFocus
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))Manzil: Managed Halal Portfolios (Wealth Management) · US Large & Mid Cap (Manzil Russell Halal USA B…)
HalalWallet Index grade
Amana Funds: B-Manzil: A EdgeFounded
Amana Funds: 1986 EdgeManzil: 2019Assets under management
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))Manzil: $25.31M (2026-08-04)
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
- 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%)
Manzil
- Live and accessible: $100 minimum with a simple 0.40% + $48/year price
- Certified professionals manage and rebalance the portfolio for you
- Oversight by an in-house Shariah board plus external scholars, to AAOIFI standards
- Diversified beyond equities: sukuk, REITs, and gold/silver ETFs in the models
- Individual, Traditional IRA, and Roth IRA accounts; excess SIPC coverage raised to $75M via Alpaca
- The $48 subscription is heavy on small accounts - on $1,000 it adds nearly 5% a year on top of the 0.40%
- Fee disclosures conflict: the website says 0.40% + $48/year while the filed Form ADV lists $2/month + 0.49%
- Three broad risk profiles only - no customization or individual stock selection
- US operation is young (Aghaz acquired in November 2024) with small regulatory AUM at the start of 2025
- The 0.40% fee applies to self-directed assets, which costs more than commission-free conventional brokers (Robinhood, Fidelity) where halal-conscious investors screen manually
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)
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How do Amana Funds and Manzil compare for investing?
Amana Funds and Manzil both offer investing. This page lines up 19 listed data points side by side, with 17 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; Manzil uses Wealth Management / Self-directed brokerage with real-time AAOIFI screening (Zoya).
- Shariah oversight: Amana Funds discloses Third-Party Certified; Manzil discloses Formal Board.
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.
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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