Amana Funds Review

The Amana Participation Fund (AMAPX) is the first non-equity halal income fund in the US (launched 2015) and the family's answer to the bond problem: capital preservation and current income from sukuk, murabaha, and wakala instruments - never conventional bonds. At the 2026-08-05 site check it held roughly $324M across classes ($49.6M Investor, $274.6M Institutional) with 30-day yields of 2.94% (AMAPX) and 3.18% (AMIPX). The portfolio keeps a 2-5 year dollar-weighted average maturity, at least 50% USD-denominated, with at least 65% in the four highest rating grades. Distributions are monthly; no purification is required.

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.

The Amana Income Fund (AMANX) is the original US halal fund - operating since June 23, 1986 - seeking current income and capital preservation through dividend-paying stocks, never interest. It holds roughly $2.4B across share classes ($956M Investor, $1.45B Institutional at the 2026-08-05 site check), keeps at least 80% of assets in income-producing securities, and is certified quarterly by Amanie Advisors. Ten-year returns of 12.24% annualized (Investor) trail the S&P 500 TR's 15.51%, the expected cost of its income-and-preservation mandate; the top holding at mid-2026 was Taiwan Semiconductor at about 14%.

The Amana Developing World Fund (AMDWX) extends the Amana family's halal screens to emerging markets: at least 80% of assets in companies with half or more of their production assets or revenues in a published 33-country developing-economy list. It is the family's smallest fund at roughly $201M across classes ($67.7M Investor, $133.2M Institutional at the 2026-08-05 site check). One-year performance was strong at 41.71%, but the 10-year record of 7.76% annualized trails the MSCI Emerging Markets Index's 10.52%. Amanie Advisors certifies quarterly; purification factors are published annually.