Investing · Amana Funds
Amana Income Fund (AMANX)
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 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%.
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What is the Amana Income Fund (AMANX)?
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. 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.
- Contract structure: Mutual Funds.
- Expense ratio: 1.01% (AMANX) / 0.76% (AMINX).
- 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
- AMANX
- Expense ratio
- 1.01% (AMANX) / 0.76% (AMINX)
- Management fee
- 0.73%
- Minimum investment
- $100 ($100,000 institutional)
- Screening method
- AAOIFI standards
- Assets under management
- $2.4B (both classes, 2026-08-05)
- Focus
- US Large Value / Income
- 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
AMANX deserves respect as the fund that started American halal investing in 1986, and its machinery - quarterly Amanie certification, published purification factors, zakat reports - remains a model. As an investment today it needs clear eyes. The income-and-preservation mandate delivered 12.24% annualized over ten years against 15.51% for the S&P 500, its 30-day yield near 0.5% is thin for an income fund, and the 1.01% Investor-class fee is hard to defend when SPUS charges 0.45%. It also runs surprisingly concentrated for a conservative fund, with Taiwan Semiconductor around 14% of assets. Best fit: investors near or in retirement who prize the 40-year governance record and dividend orientation over maximum growth - ideally in the 0.76% institutional class or a tax-sheltered account where the minimum vanishes.
Strengths
- The longest-running Islamic fund in America - operating since June 1986
- Equity-income strategy targeting current income with capital preservation
- Reviewed and certified quarterly by Amanie Advisors
- $100 minimum, waived in tax-sheltered accounts
- Published purification factors and fund-level zakatable ratios every year
Watch-outs
- 1.01% Investor-class expense ratio is the highest in the Amana equity lineup and far above halal ETF rivals
- 10-year return of 12.24% trails the S&P 500 TR by more than 3 points annualized - the preservation mandate costs growth
- Top holding concentration: Taiwan Semiconductor was about 14% of the fund at mid-2026
- 30-day yield around 0.5% is modest for an income-labeled fund; once-daily pricing
Is the Amana Income Fund (AMANX) halal?
The Amana Income Fund is the original US halal fund - operating since June 23, 1986 - and its structure still reads like a primer on faith-consistent income investing: at least 80% of assets in income-producing securities, primarily dividend-paying common stocks, and categorically no investments that pay interest. Income comes from owning productive businesses, not lending; portfolio cash goes into murabaha and wakala profit-sharing instruments instead of deposits. The prospectus bars alcohol, pornography, insurance, gambling, pork processing, and interest-based banks or finance associations, and Saturna's screens exclude companies with more than 5% of revenue from haram sources, total debt above 33% of market capitalization, or receivables above 45% of assets. Amanie Advisors Sdn Bhd, an independent board of religious advisors, reviews and certifies the funds quarterly, with certification documents published. A dividend-heavy strategy means more purification than its sibling funds - the published fiscal-2025 factor was $0.0112113 per AMANX share, the largest in the family, which Saturna quantifies but leaves to the investor to donate. Zakat support is unusually concrete: under the Fiqh Council of North America's 2.5% asset-based approach, Saturna publishes the fund's zakatable-asset ratio (roughly 20.09% at end-2025) and sends clients free annual zakat estimate reports.
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 AMANX →
HalalWallet reports the Shariah documentation a provider publishes. We do not issue certifications; consult a qualified scholar for a personal ruling.
What you get
- Equity-income strategy: at least 80% in income-producing securities, primarily dividend-paying stocks - never interest
- Quarterly Sharia certification by Amanie Advisors with published Islamic Certification documents
- Cash managed through murabaha and wakala profit-sharing instruments, not deposits
- Largest published purification factor in the family (fiscal 2025: $0.0112113 per AMANX share) - quantified annually for investors to donate
- Fund-level zakatable-asset ratio published (~20.09% at end-2025) with free annual zakat reports
- $100 minimum (none in tax-sheltered accounts); institutional class AMINX at $100,000
Cost and terms
Expense ratio 1.01% Investor (AMANX) / 0.76% Institutional (AMINX, $100,000 minimum); management fee 0.73% plus 0.25% 12b-1 on the Investor class; no loads. $100 minimum initial investment, none in tax-sheltered accounts. 30-day yield 0.52% (AMANX) / 0.75% (AMINX) (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 Income Fund (AMANX) (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 Participation Fund (AMAPX)
Investing · Mutual Funds
- Amana Growth Fund (AMAGX)
Investing · Mutual Funds
Where it's available
Amana Funds lists the Amana Income Fund (AMANX) 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 Income Fund (AMANX) halal?
The Amana Income Fund is the original US halal fund - operating since June 23, 1986 - and its structure still reads like a primer on faith-consistent income investing: at least 80% of assets in income-producing securities, primarily dividend-paying common stocks, and categorically no investments that pay interest. 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 Income Fund (AMANX) work?
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. 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. 51%, the expected cost of its income-and-preservation mandate; the top holding at mid-2026 was Taiwan Semiconductor at about 14%.
What does the Amana Income Fund (AMANX) cost?
Expense ratio 1.01% Investor (AMANX) / 0.76% Institutional (AMINX, $100,000 minimum); management fee 0.73% plus 0.25% 12b-1 on the Investor class; no loads. $100 minimum initial investment, none in tax-sheltered accounts. 30-day yield 0.52% (AMANX) / 0.75% (AMINX) (verified 2026-08-05).
What are the minimums for the Amana Income Fund (AMANX)?
As published by Amana Funds: minimum investment $100 ($100,000 institutional). Confirm current requirements with Amana Funds before applying.
Where is the Amana Income Fund (AMANX) 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 Income Fund (AMANX)?
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 Income Fund (AMANX) 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.
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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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