Allied Asset Advisors Iman Fund (IMANX)

Actively managed, no-load Islamic mutual fund seeking long-term capital growth while adhering to Islamic principles, managed since its 2000 inception by Dr. Bassam Osman of Allied Asset Advisors, Inc., a wholly owned subsidiary of the North American Islamic Trust (NAIT), the 501(c)(3) waqf institution established in 1973. The fund invests in US-listed domestic and foreign equities that pass Islamic screening, holds uninvested cash in non-interest-bearing deposits, and benchmarks against the Dow Jones Islamic Market World Index. Alongside Amana, Azzad, and Wahed, it is one of the longest-running halal mutual funds in America, and it is purchasable directly or through major brokerages including Schwab, Fidelity, Vanguard, and E-Trade.

The Iman Fund is the quiet elder of US halal investing: 25 years old, managed by the same hand (Dr. Bassam Osman) since 2000, and owned by the North American Islamic Trust, the waqf institution many American mosques literally sit inside. Recent numbers have been strong (29% in 2023, 20.6% in 2024 per the advisor) and access is easy through Schwab or Fidelity with a $100 IRA minimum. The trade-offs are a 1.00% net expense ratio that undercuts no one (SP Funds ETFs charge roughly half), unnamed scholars behind an AAOIFI-plus-IdealRatings certification claim, and a disclosed concentration risk from NAIT's own large holding. For investors who value institutional community pedigree and active management, it belongs beside Amana in the comparison; cost-focused investors will lean to SPUS or HLAL.