Investing · Amana Funds
Amana Growth Fund (AMAGX)
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 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.
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What is the Amana Growth Fund (AMAGX)?
74B Institutional as of the 2026-08-05 site check). 51% for the S&P 500 Total Return Index as of 06/30/2026.
- Contract structure: Mutual Funds.
- Expense ratio: 0.86% (AMAGX) / 0.61% (AMIGX).
- 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
- AMAGX
- Expense ratio
- 0.86% (AMAGX) / 0.61% (AMIGX)
- Management fee
- 0.58%
- Minimum investment
- $100 ($100,000 institutional)
- Screening method
- AAOIFI standards
- Assets under management
- $6.8B (both classes, 2026-08-05)
- Focus
- US Large Growth
- 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
AMAGX is the rare halal fund with a legitimately elite record: 17.60% annualized over the ten years to mid-2026, ahead of the S&P 500 itself. That comes from a concentrated large-cap growth book - technology alone was 53.6% of assets, led by names like Taiwan Semiconductor, ASML, and Apple - so investors should expect it to swing harder than the index in both directions. Governance is exemplary for a 40-year-old franchise: quarterly Amanie Advisors certification, published purification factors, and free zakat reports. The honest gripe is price: 0.86% on the Investor class is roughly twice what SPUS or MNZL charge, and Saturna's own Amana Growth ETF (AMGR) now delivers the same managers at 0.61% with no minimum. Longtime holders have been paid well for the fee; new money should at least compare the ETF route.
Strengths
- 10-year annualized return of 17.60% beat the S&P 500 TR's 15.51% (as of 06/30/2026)
- Track record dating back to 1994 in the fund family running since 1986
- Reviewed and certified quarterly by Amanie Advisors
- $100 minimum, waived in tax-sheltered accounts
- Largest US halal fund at roughly $6.8B across share classes
Watch-outs
- 0.86% Investor-class expense ratio is roughly double comparable halal ETFs (SPUS 0.45%, MNZL 0.40%)
- Technology was 53.6% of the portfolio at mid-2026 - heavy sector concentration
- Growth-style tilt can lag hard when markets rotate toward value
- Once-daily mutual fund pricing; the cheaper 0.61% institutional class needs $100,000 (or use the AMGR ETF)
Is the Amana Growth Fund (AMAGX) halal?
The Amana Growth Fund keeps at least 80% of assets in common stocks and holds no interest-paying investment of any kind - even portfolio cash is deployed through murabaha and wakala profit-sharing instruments (partly via a wholly-owned Cayman Islands subsidiary) rather than parked in interest-bearing accounts. Saturna's screening funnel runs over 5,000 global stocks monthly through the 'five percent rule' (no more than 5% of revenue from haram sources, including interest), a 33% cap on total debt to market capitalization, and a 45% cap on accounts receivable to total assets; holdings that fall out of compliance are sold. Certification is quarterly, by Amanie Advisors Sdn Bhd - an independent board of religious advisors - with Islamic Certification documents published on the fund's page. Because growth stocks pay little dividend income, residual impurity is small: the published purification factor for fiscal 2025 was $0.0063479 per AMAGX share, and Saturna deliberately leaves the donation to the investor rather than deducting it. Two honest notes: the prohibited-industry list is worded differently across Saturna's own pages (the prospectus names alcohol, pornography, insurance, gambling, pork processing, and interest-based finance; other pages add tobacco and weapons), and the fund's heavy technology weighting - 53.6% of the portfolio at mid-2026 - is a consequence of screening out leveraged and financial businesses, not a separate Shariah feature.
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 AMAGX →
HalalWallet reports the Shariah documentation a provider publishes. We do not issue certifications; consult a qualified scholar for a personal ruling.
What you get
- Large-cap growth strategy screened to the 5% haram-revenue rule, 33% debt-to-market-cap and 45% receivables-to-assets caps
- Quarterly Sharia review and certification by Amanie Advisors, with published Islamic Certification documents
- No interest instruments anywhere - cash managed through murabaha and wakala contracts
- Annual published purification factor (fiscal 2025: $0.0063479 per AMAGX share) plus free zakat estimate reports for Saturna accounts
- $100 minimum for the Investor class, waived in tax-sheltered accounts; institutional class (AMIGX) at $100,000
- Same strategy now offered as the Amana Growth ETF (AMGR, NASDAQ, launched June 2026)
Cost and terms
Expense ratio 0.86% Investor (AMAGX) / 0.61% Institutional (AMIGX, $100,000 minimum); management fee 0.58% plus a 0.25% 12b-1 fee on the Investor class; no sales loads. $100 minimum initial investment for Investor shares, no minimum 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 Growth Fund (AMAGX) (this page) | Mutual Funds | Third-Party Certified | all 50 states | — |
| Manzil Trading (Self-Directed Halal Stock Trading) | Self-directed brokerage with real-time AAOIFI screening (Zoya) | Formal Board | all 50 states | A |
| Wahed Real Estate Fund | Zero-debt single-family rental fund (100% equity) | Third-Party Certified | all 50 states | B+ |
| SPFunds SP Funds S&P World ETF | Index-based | Third-Party Certified | all 50 states | B |
| Musaffa Halal Stock Screener | Stock Screener | Formal Board | all 50 states | — |
Other Amana Funds products
- Amana Developing World Fund (AMDWX)
Investing · Mutual Funds
- Amana Income Fund (AMANX)
Investing · Mutual Funds
- Amana Participation Fund (AMAPX)
Investing · Mutual Funds
Where it's available
Amana Funds lists the Amana Growth Fund (AMAGX) 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 Growth Fund (AMAGX) halal?
The Amana Growth Fund keeps at least 80% of assets in common stocks and holds no interest-paying investment of any kind - even portfolio cash is deployed through murabaha and wakala profit-sharing instruments (partly via a wholly-owned Cayman Islands subsidiary) rather than parked in interest-bearing accounts. 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 Growth Fund (AMAGX) work?
74B Institutional as of the 2026-08-05 site check). 51% for the S&P 500 Total Return Index as of 06/30/2026. Amanie Advisors certifies compliance quarterly.
What does the Amana Growth Fund (AMAGX) cost?
Expense ratio 0.86% Investor (AMAGX) / 0.61% Institutional (AMIGX, $100,000 minimum); management fee 0.58% plus a 0.25% 12b-1 fee on the Investor class; no sales loads. $100 minimum initial investment for Investor shares, no minimum in tax-sheltered accounts (prospectus dated 2025-09-29; verified 2026-08-05).
What are the minimums for the Amana Growth Fund (AMAGX)?
As published by Amana Funds: minimum investment $100 ($100,000 institutional). Confirm current requirements with Amana Funds before applying.
Where is the Amana Growth Fund (AMAGX) 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 Growth Fund (AMAGX)?
In the same category we also list Manzil Trading (Self-Directed Halal Stock Trading) (HalalWallet Index A), Wahed Real Estate Fund (HalalWallet Index B+), SPFunds SP Funds S&P World ETF (HalalWallet Index B). 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 Growth Fund (AMAGX) 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:
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- Review the contract structure (Murabaha, Ijara, Musharakah, etc.) and any disclosed Shariah board opinions.
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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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