Verified
Don't have to worry anymore
Been investing with them since 2018. The Growth fund has done well for me. I don't have to worry about whether my money is in something haram and the returns have been solid.
Naeem W.WA
23 found helpfulIndependent provider profile on HalalWallet — products, fees, Shariah oversight, state availability, user reviews, and editorial rating. Published by HalalWallet (halalwallet.us).
Amana Funds Review — Halal Finance Products
Reviewed by: HalalWallet Editorial Team•Last reviewed: 2026-03-09•Disclosure: Featured partners may compensate HalalWallet for clicks. Editorial policy and full disclosures.
Reviewed quarterly and updated for major content changes.
Amana Funds offers halal financial products and services designed to align with Islamic principles. These options provide alternatives to conventional interest-based financial products, using structures like Murabaha, Ijara, and Musharakah.
Visit Amana Funds Website
Opens provider's site — no obligation
HalalWallet 2026 Review
Amana Funds — At a Glance
5/5
4
Products Reviewed
50
States Served
1
Category
1986
Founded
Our Verdict
Amana Funds are the most battle-tested halal investment option in the U.S. Their track record since 1986 provides performance data through multiple market cycles. Best for buy-and-hold investors who want halal mutual funds through their existing brokerage.
Pros & Cons
What We Like
- Track record since 1986 — the longest of any halal fund family in the U.S.
- Available at major brokerages (Fidelity, Schwab, Vanguard) — no new account needed
- Four diversified funds covering U.S. growth, income, international, and participation strategies
- Managed by Saturna Capital, an SEC-registered investment advisor
What Could Be Better
- Mutual fund expense ratios are typically higher than halal ETF alternatives — check current prospectus for exact fees
- Mutual fund format: trade at end-of-day NAV only, not intraday like ETFs
- Screening methodology is internal to Saturna rather than independently audited by a named external Shariah board
Who Is Amana Funds Best For?
Long-term buy-and-hold investors
The track record since 1986 gives confidence in how these funds perform across market cycles
Investors with existing brokerage accounts
Buy Amana funds directly through Fidelity, Schwab, or Vanguard
Detailed Analysis
Amana Funds launched in 1986, making them the oldest halal investment option in the U.S. The fund family is managed by Saturna Capital, a Bellingham, Washington-based investment advisor.
The four Amana funds serve different investment objectives: AMAGX (Growth) focuses on U.S. large-cap growth, AMANX (Income) targets dividend-paying companies, AMDWX (Developing World) provides international exposure, and AMAPX (Participation) offers a more flexible approach. All four screen holdings for Shariah compliance using AAOIFI-aligned criteria.
Mutual fund expense ratios are generally higher than ETF alternatives. Check the current prospectus for exact fees. For cost-conscious investors, halal ETFs like SPUS (expense ratio: 0.45%) or HLAL (0.50%) may offer lower ongoing costs.
How It Works
Amana Funds are open-end mutual funds registered with the SEC. Buy and sell shares at end-of-day net asset value (NAV). Saturna Capital manages the portfolios using AAOIFI-aligned screening criteria.
Shariah Compliance Review
Oversight Level
Review details on provider's website
Saturna Capital applies Islamic investment principles through an internal committee using AAOIFI-aligned screening criteria.
The screening process is managed internally by Saturna rather than by a formally named, independent external Shariah board.
Shariah compliance should always be verified directly with Amana Funds. HalalWallet reports publicly available oversight information but does not issue fatwas or certify compliance.
How It Compares
vs. Wahed Invest
Wahed offers managed portfolios with ETFs. Wahed also provides retirement accounts. Compare total fees and investment approach.
vs. SP Funds (SPUS)
SPUS is a halal ETF with expense ratio of 0.45%. ETFs generally have lower ongoing costs than mutual funds.
Bottom Line
Amana Funds are the longest-running halal investment option in the U.S. If you want a proven, low-maintenance halal investment through your existing brokerage, Amana is a strong choice. Compare expense ratios with halal ETF alternatives to understand the cost difference.
Products from Amana Funds
Amana Funds
Amana Developing World Fund (AMDWX)
Nationwide
Seeks long-term capital growth by investing in common stocks of companies with significant exposure to emerging markets.
See pricing & terms
Opens provider site — no obligation
Amana Funds
Amana Income Fund (AMANX)
Nationwide
Seeks current income and preservation of capital by following an equity-income investment strategy
See pricing & terms
Opens provider site — no obligation
Amana Funds
Amana Growth Fund (AMAGX)
Nationwide
Seeks long-term capital growth by investing in common stocks and principally follows a large-cap investment style
See pricing & terms
Opens provider site — no obligation
Amana Funds
Amana Participation Fund (AMAPX)
Nationwide
Seeks capital preservation and current income by investing primarily in sukuk, Islamic investment certificates
See pricing & terms
Opens provider site — no obligation
Where Available
Based on listings we track, Amana Funds operates nationwide:
Nationwide availability
Availability may vary by product type. Always verify current availability directly with Amana Funds.
How We Compare
- • We review publicly available information from providers, including Shariah compliance documentation.
- • We compare financing structures, total costs, down payment requirements, and state availability.
- • We prioritize providers that clearly explain their halal compliance rationale and operate with transparency.
- • We note which products are available nationwide versus regionally.
- • Learn more about our methodology.
Amana Funds offers halal financial products that comply with Shariah principles, avoiding interest (riba) and prohibited industries. Their products are available in 1 state and include Investing options.
- Amana Funds offers Shariah-compliant financial products that avoid interest and prohibited industries.
- Products are available in 1 state: Nationwide.
- Product categories include Investing.
- Always verify compliance directly with Amana Funds and consult qualified Islamic finance advisors when needed.
- Compare Amana Funds's products with other providers to find the best fit for your needs.
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.
Sources and review process
This page is reviewed against HalalWallet editorial standards and source documentation.
Reviewed by: HalalWallet Editorial Team
Last reviewed: 2026-03-09
How to cite this page
Preferred format:
HalalWallet. “Amana Funds Halal Finance Options.” HalalWallet, https://www.halalwallet.us/providers/amana-funds. Accessed 2026-04-26.
For time-sensitive claims (rates, fees, state availability), please verify directly with the provider's official documentation and note the retrieval date.
Related Guides
Frequently Asked Questions
What types of halal products does Amana Funds offer?
Amana Funds offers 4 products across 1 category. Amana Funds is best for long-term buy-and-hold investors; investors with existing brokerage accounts. Review the products listed above or contact Amana Funds directly for current offerings.
How does Amana Funds ensure Shariah compliance?
Saturna Capital applies Islamic investment principles through an internal committee using AAOIFI-aligned screening criteria. The screening process is managed internally by Saturna rather than by a formally named, independent external Shariah board.
Is Amana Funds available in my state?
Amana Funds operates nationwide, though specific products may have regional limitations. Always verify current availability directly with Amana Funds.
What are alternatives to Amana Funds?
There are several alternatives to Amana Funds. Wahed Invest: Wahed offers managed portfolios with ETFs. Wahed also provides retirement accounts. Compare total fees and investment approach. SP Funds (SPUS): SPUS is a halal ETF with expense ratio of 0.45%. ETFs generally have lower ongoing costs than mutual funds.
Are Amana Funds's products more expensive than conventional options?
Halal financing structures can have different fee structures compared to conventional products. Some options may be competitive with conventional rates, while others may have different cost structures. Pricing varies by product type, location, and individual circumstances. Always compare total costs and terms when evaluating options.
How do I contact Amana Funds?
Contact information for Amana Funds should be available through their website or the product listings above. Use the action links provided with each product to visit Amana Funds's website or contact them directly for more information.
User Reviews for Amana Funds
7 verified reviews
4.77 reviews
5★
5
4★
2
3★
0
2★
0
1★
0
Verified
Even my non-Muslim advisor knows them
My financial advisor actually recommended Amana for the halal portion of my portfolio. The fact that even non-Muslim advisors know about them says a lot about their reputation.
Khadija M.NY
17 found helpfulBoring and effective
Simple review: I put money in, it grows, and I know it's halal. That's all I need. Been doing this for years with no complaints.
Ali F.IL
12 found helpfulHalal Finance Score
How halal are your finances? Check all 7 categories in under 2 minutes.
Average score: 63/100
Stay Updated
Get halal investment insights and fund launches
No spam ever. Unsubscribe in one click.