Head-to-head comparison of halal financial providers on HalalWallet — features, fees, Shariah oversight, state availability, and independent editorial verdict. Published by HalalWallet (halalwallet.us).
Wahed Invest vs Amana Funds
Modern Robo-Advisor vs America's Longest-Running Halal Funds — Which Fits Your Style?
Co-Founder, HalalWallet
Reviewed quarterly when provider data or pricing changes.
Our Verdict
Amana Funds have the longest track record in U.S. halal investing (since 1986), managed by Saturna Capital with billions in AUM. Wahed is the modern alternative with lower minimums, a robo-advisor approach, and its own ETF (HLAL). Amana wins on track record and fund size; Wahed wins on accessibility and modern UX.
Side-by-Side Comparison
| Feature | Wahed Invest | Amana Funds |
|---|---|---|
| Type | Robo-advisor + ETF (HLAL) | Mutual fund family (Growth, Income, Developing World, Participation) |
| Track Record | Founded 2015 | Founded 1986 — longest-running halal funds in the U.S. |
| Minimum Investment | $100 | $250 (direct); varies via brokerage |
| Expense Ratio / Fee | 0.50% (HLAL ETF) + 0.79% advisory fee | 0.64%–1.32% depending on fund |
| Shariah Oversight | Certified by Shariyah Review Bureau (SRB) (2024). Signed by Dr. Aznan Hasan (SRB). | Reviewed by Amanie Advisors (independent Shariah board). Screened using established halal criteria. |
| AUM | Growing | Billions under management across four funds |
Which Should You Choose?
You want a proven, decades-long track record
→ Amana Funds— Investing in halal equities since 1986 with transparent performance history
You want a modern app experience with low minimums
→ Wahed Invest— $100 minimum, mobile-first, automated portfolio management
You want to hold an individual ETF in any brokerage
→ Wahed Invest— HLAL ETF trades on NYSE and can be held in any brokerage account
You want access through your 401(k) or employer plan
→ Amana Funds— Widely available in retirement plan lineups as mutual funds
Understand the evidence behind this comparison
Prefer a ranked pick for your situation? See our evidence-backed guides:
Wahed Invest Full Review
Pros, cons, rates & details
Amana Funds Full Review
Pros, cons, rates & details
Not sure which is right? Compare all Investing providers.
Browse All Investing OptionsThis is just one of 7 categories. Average score: 63/100.
See yoursFrequently Asked Questions
Can I buy Amana Funds through a regular brokerage?
Yes. Amana Funds are available through most major brokerages (Fidelity, Schwab, Vanguard). You can also invest directly through Saturna Capital.
Is HLAL (Wahed's ETF) the same as the Amana Growth Fund?
No. HLAL is a passively managed ETF that tracks a halal index. Amana Growth Fund is actively managed by portfolio managers. Their holdings, strategies, and expense ratios differ.
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Amana Funds have the longest track record in U.S. halal investing (since 1986), managed by Saturna Capital with billions in AUM. Wahed is the modern alternative with lower minimums, a robo-advisor approach, and its own ETF (HLAL). Amana wins on track record and fund size; Wahed wins on accessibility and modern UX.
- You want a proven, decades-long track record: Amana Funds — Investing in halal equities since 1986 with transparent performance history
- You want a modern app experience with low minimums: Wahed Invest — $100 minimum, mobile-first, automated portfolio management
- You want to hold an individual ETF in any brokerage: Wahed Invest — HLAL ETF trades on NYSE and can be held in any brokerage account
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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: March 2026
How to cite this page
How to use this comparison: HalalWallet is an independent educational comparison platform — by design, we do not provide financial, legal, or religious advice. We do the research homework so your final checks are quick and personal.
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.