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?
Reviewed quarterly and updated for major content 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 | In-house ethical advisory committee | Islamic Fiqh Academy of India (Amana Participation Fund) |
| 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
Wahed Invest Full Review
Pros, cons, rates & details
Amana Funds Full Review
Pros, cons, rates & details
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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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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
Important: HalalWallet provides educational information and comparisons to help you explore halal financial options. We do not provide financial, legal, or religious advice. Product structures and Shariah compliance oversight vary by provider. Always verify halal compliance directly with providers and consult with qualified Islamic finance advisors or scholars for guidance on specific products and your individual circumstances.