Investing · Amana Funds
Amana Developing World Fund (AMDWX)
Co-Founder & CEO, HalalWallet
Facts are re-verified against Amana Funds's published materials; this page updates when the provider's terms, rates, or coverage change.
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.
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What is the Amana Developing World Fund (AMDWX)?
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. 2M Institutional at the 2026-08-05 site check).
- Contract structure: Mutual Funds.
- Expense ratio: 1.20% (AMDWX) / 0.98% (AMIDX).
- Available in all 50 states.
- Shariah oversight disclosed: Third-Party Certified.
- Verified against Amana Funds's published materials on 2026-08-05.
Source: HalalWallet (halalwallet.us)
Key facts
- Structure
- Mutual Funds
- Program type
- Mutual Fund
- Ticker
- AMDWX
- Expense ratio
- 1.20% (AMDWX) / 0.98% (AMIDX)
- Management fee
- 0.80%
- Minimum investment
- $100 ($100,000 institutional)
- Screening method
- AAOIFI standards
- Assets under management
- $201M (both classes, 2026-08-05)
- Focus
- International / Emerging Markets
- Account types
- Individual, IRA, Roth IRA
- Availability
- all 50 states
- Shariah oversight
- Third-Party Certified
- Provider founded
- 1986
- Last verified
- 2026-08-05
Facts are taken from Amana Funds's published product materials and were last verified on 2026-08-05. Fields the provider does not publish are omitted rather than estimated.
Our take
AMDWX answers a real gap - halal emerging-markets exposure is genuinely scarce - but the execution has lagged its benchmark: 7.76% annualized over ten years against 10.52% for the MSCI EM index, with a 1.20% Investor-class fee compounding the shortfall. The recent stretch was much better (41.71% for the year to 06/30/2026), and the fund's willingness to hold Islamic banks in Muslim-majority markets is a distinctive, doctrinally sound touch most screens exclude by blunt category. Saturna's June 2026 launch of the Amana Developing World ETF (AMEM) at 0.91% offers the same strategy cheaper without the institutional minimum. Use AMDWX as a satellite allocation sized for volatility, and preferably through the ETF or institutional class unless you need the mutual fund wrapper.
Strengths
- Dedicated halal exposure to emerging and developing markets - a rare mandate
- Reviewed and certified quarterly by Amanie Advisors
- Comes from the longest-running US Islamic fund family (since 1986)
- $100 minimum, waived in tax-sheltered accounts
- Can hold Islamic financial institutions (for example Bank Islam Malaysia) - the screen bars interest-based finance only
Watch-outs
- 1.20% Investor-class expense ratio is the highest in the Amana family
- 10-year return of 7.76% annualized trails the MSCI Emerging Markets Index's 10.52%
- Smallest Amana fund at about $201M - scale works against costs
- Emerging markets bring higher volatility and currency risk on top of the fee drag
Is the Amana Developing World Fund (AMDWX) halal?
The Developing World Fund applies the same halal architecture as the rest of the Amana family - no interest-paying investments, cash managed through murabaha and wakala rather than deposits, the 5% haram-revenue rule, a 33% total-debt-to-market-cap cap, and a 45% receivables-to-assets cap - to a mandate of companies with 50% or more of production assets or revenues in a published list of 33 developing countries. The emerging-markets angle actually sharpens the screen's logic: the portfolio includes genuinely Islamic financial institutions such as Alinma Bank, Bank Islam Malaysia, and Syarikat Takaful Malaysia, which pass because the prohibition targets interest-based finance, not finance itself - a distinction cheaper index-tracking products rarely capture. Compliance is certified quarterly by Amanie Advisors Sdn Bhd, an independent board of religious advisors, with certification documents published, and holdings that drift out of compliance are sold. Residual impure income is quantified in an annual published purification factor ($0.0037827 per AMDWX share for fiscal 2025) that investors donate themselves; Saturna also publishes fund-level zakatable-asset ratios (roughly 30.77% for this fund at end-2025) under the Fiqh Council of North America's 2.5% asset-based zakat approach. The honest caveat is performance risk from a narrowed universe: the fund has trailed the MSCI Emerging Markets index over ten years, a trade-off the screens make explicit.
Shariah oversight disclosed by Amana Funds
Reviewed by Amanie Advisors (independent Shariah board). Screened using established halal criteria.
Read our full AAOIFI-based Shariah screen for AMDWX →
HalalWallet reports the Shariah documentation a provider publishes. We do not issue certifications; consult a qualified scholar for a personal ruling.
What you get
- Emerging-markets mandate: 50%+ of holdings' production assets or revenues in a published 33-country developing-economy list
- Same AAOIFI-style screens as the Amana family: 5% haram-revenue rule, 33% debt/market-cap, 45% receivables/assets
- Quarterly Sharia certification by Amanie Advisors with published documents
- Can hold Islamic financial institutions (Alinma Bank, Bank Islam Malaysia, Takaful Malaysia) - the screen bars interest-based finance only
- Annual purification factor published ($0.0037827 per AMDWX share for fiscal 2025); zakatable-asset ratio ~30.77% at end-2025
- $100 minimum (none in tax-sheltered accounts); institutional class AMIDX at $100,000
Cost and terms
Expense ratio 1.20% Investor (AMDWX) / 0.98% Institutional (AMIDX, $100,000 minimum); management fee 0.80% plus 0.25% 12b-1 on the Investor class; no loads. $100 minimum initial investment, none in tax-sheltered accounts (prospectus dated 2025-09-29; verified 2026-08-05).
How it compares
Other investing providers we list in the U.S., ordered by HalalWallet Index grade.
| Product | Structure | Shariah oversight | Availability | Grade |
|---|---|---|---|---|
| Amana Developing World Fund (AMDWX) (this page) | Mutual Funds | Third-Party Certified | all 50 states | — |
| SPFunds SP Funds S&P World ETF | Index-based | Third-Party Certified | all 50 states | B |
| Wahed Dow Jones Islamic World ETF | Index-based | Third-Party Certified | all 50 states | B+ |
| Manzil Trading (Self-Directed Halal Stock Trading) | Self-directed brokerage with real-time AAOIFI screening (Zoya) | Formal Board | all 50 states | A |
| Musaffa Halal Stock Screener | Stock Screener | Formal Board | all 50 states | — |
Other Amana Funds products
- Amana Income Fund (AMANX)
Investing · Mutual Funds
- Amana Participation Fund (AMAPX)
Investing · Mutual Funds
- Amana Growth Fund (AMAGX)
Investing · Mutual Funds
Where it's available
Amana Funds lists the Amana Developing World Fund (AMDWX) as available in all 50 states.
Availability may vary by product and can change; verify with Amana Funds before applying.
Frequently asked questions
Is the Amana Developing World Fund (AMDWX) halal?
The Developing World Fund applies the same halal architecture as the rest of the Amana family - no interest-paying investments, cash managed through murabaha and wakala rather than deposits, the 5% haram-revenue rule, a 33% total-debt-to-market-cap cap, and a 45% receivables-to-assets cap - to a mandate of companies with 50% or more of production assets or revenues in a published list of 33 developing countries. Contract structure: Mutual Funds. Shariah oversight disclosed by Amana Funds: Third-Party Certified. HalalWallet reports what the provider documents; we do not certify products.
How does the Amana Developing World Fund (AMDWX) work?
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. 2M Institutional at the 2026-08-05 site check). 52%.
What does the Amana Developing World Fund (AMDWX) cost?
Expense ratio 1.20% Investor (AMDWX) / 0.98% Institutional (AMIDX, $100,000 minimum); management fee 0.80% plus 0.25% 12b-1 on the Investor class; no loads. $100 minimum initial investment, none in tax-sheltered accounts (prospectus dated 2025-09-29; verified 2026-08-05).
What are the minimums for the Amana Developing World Fund (AMDWX)?
As published by Amana Funds: minimum investment $100 ($100,000 institutional). Confirm current requirements with Amana Funds before applying.
Where is the Amana Developing World Fund (AMDWX) available?
Amana Funds lists this product as available in all 50 states. Availability can change and may differ by state; verify directly with Amana Funds.
What are the alternatives to the Amana Developing World Fund (AMDWX)?
In the same category we also list SPFunds SP Funds S&P World ETF (HalalWallet Index B), Wahed Dow Jones Islamic World ETF (HalalWallet Index B+), Manzil Trading (Self-Directed Halal Stock Trading) (HalalWallet Index A). Compare every option side by side on our Halal Investing hub.
When was this Amana Funds product information last verified?
HalalWallet last verified the Amana Developing World Fund (AMDWX) details against Amana Funds's published materials on 2026-08-05. Rates, fees, and availability can change after that date.
How to use this comparison: HalalWallet is an independent educational comparison platform - by design, we do not provide financial, legal, or religious advice. We do the research homework so your final checks are quick and personal.
Product structures and Shariah oversight vary by provider, so finish with three built-in steps:
- Confirm current terms and halal compliance directly with the provider - their quote is final.
- Review the contract structure (Murabaha, Ijara, Musharakah, etc.) and any disclosed Shariah board opinions.
- Bring your shortlist to a qualified Islamic finance advisor or scholar, so the conversation is about your situation, not the basics.
Sources and review process
This page is reviewed against HalalWallet editorial standards and source documentation.
Reviewed by: HalalWallet Editorial Team
Last reviewed: 2026-08-05
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