Amana Funds Amana Growth Fund (AMAGX)

Halal Investing in Hawaii

The Amana Growth Fund (AMAGX) is the largest halal mutual fund in the US, with roughly $6.8B across its two share classes ($3.05B Investor, $3.74B Institutional as of the 2026-08-05 site check). Launched in 1994 and advised by Saturna Capital, it holds large-cap growth stocks screened to Islamic principles - no interest-paying investments anywhere, with cash managed through murabaha and wakala - and its 10-year record is the fund family's headline: 17.60% annualized for AMAGX versus 15.51% for the S&P 500 Total Return Index as of 06/30/2026. Amanie Advisors certifies compliance quarterly.

AMAGX is the rare halal fund with a legitimately elite record: 17.60% annualized over the ten years to mid-2026, ahead of the S&P 500 itself. That comes from a concentrated large-cap growth book - technology alone was 53.6% of assets, led by names like Taiwan Semiconductor, ASML, and Apple - so investors should expect it to swing harder than the index in both directions. Governance is exemplary for a 40-year-old franchise: quarterly Amanie Advisors certification, published purification factors, and free zakat reports. The honest gripe is price: 0.86% on the Investor class is roughly twice what SPUS or MNZL charge, and Saturna's own Amana Growth ETF (AMGR) now delivers the same managers at 0.61% with no minimum. Longtime holders have been paid well for the fee; new money should at least compare the ETF route.