Allied Asset Advisors Iman Fund (IMANX)

Allied Asset Advisors, Inc. (AAA) is an SEC-registered investment advisor headquartered at 8925 South Kostner Avenue in Hometown, Illinois, and a wholly owned subsidiary of the North American Islamic Trust (NAIT). NAIT was established in 1973 as a waqf (trust/endowment) institution and holds title to hundreds of mosque and Islamic center properties across the United States; AAA is its asset-management arm.

The flagship product is the Iman Fund (ticker IMANX), launched in 2000 as the series of Allied Asset Advisors Funds. Dr. Bassam Osman, chairman of the advisor, has been the portfolio manager since inception, giving the fund one of the longest single-manager track records in halal investing globally. The strategy is actively managed US-listed equities (domestic and foreign issuers including ADRs), growth-tilted, benchmarked against the Dow Jones Islamic Market World Index.

Screening follows Islamic principles as described in the prospectus: no alcohol, pornography, gambling, or businesses deriving primary income from interest, and no interest-bearing debt obligations; the marketing site adds tobacco, pork, conventional financial services, and defense to the exclusion list and states the fund is Sharia-compliant per AAOIFI standards with IdealRatings certification. Uninvested cash is held in non-interest-bearing deposits. What the public materials do not provide is the name of any individual supervising scholar, which places the fund's governance disclosure below Amana (whose Fiqh Council relationship is documented) and well below the home-financing majors.

Fees: no sales load and no 12b-1 fees. The management fee is 1.00% with total gross expenses of 1.29%; the advisor has contractually waived its fee to 0.70%, capping net expenses at 0.99% through September 30, 2028 per the September 30, 2026 prospectus, a waiver it has historically renewed. Minimums are accessible: $250 for regular accounts, $100 for IRAs (Traditional, Roth, SEP, SIMPLE) and Coverdell ESAs, $50 for additions. The fund can be bought directly (online, mail, or phone) or through Charles Schwab, Fidelity, Vanguard, and E-Trade.

Performance, per the advisor's own disclosures: 29% in 2023 and 20.6% in 2024, with $10,000 invested on 2015-09-30 growing to $33,951 by 2025-09-30 (roughly 13% annualized over the decade). The growth tilt drives both the strong recent numbers and the volatility investors should expect.

Two structural risks deserve attention. First, concentration: the prospectus explicitly warns that NAIT owns a substantial portion of fund shares, and a large NAIT redemption could shrink assets and force sales at inopportune times. Second, product breadth: AAA manages one mutual fund plus separately managed accounts; there is no fixed-income or money-market sister fund, so investors needing a full halal allocation must combine IMANX with products from Amana, SP Funds, or others.

The institutional offering is underappreciated: separately managed accounts for mosques, endowments, pension funds, foundations, and family trusts follow the same screening philosophy. For Islamic nonprofits that must invest reserves permissibly, AAA is one of the few US managers with an explicit institutional halal mandate and five decades of community trust behind it.

Overall: a credible, durable, community-owned fund manager whose quarter-century record and accessibility earn it a spot on the US halal investing shelf, priced above its passive competitors and disclosed a notch below the best-governed peers.