Investing · Amana Funds
Amana Participation Fund (AMAPX)
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 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.
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What is the Amana Participation Fund (AMAPX)?
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. 18% (AMIPX).
- Contract structure: Mutual Funds.
- Expense ratio: 0.82% (AMAPX) / 0.59% (AMIPX).
- 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
- AMAPX
- Expense ratio
- 0.82% (AMAPX) / 0.59% (AMIPX)
- Management fee
- 0.50%
- Minimum investment
- $100 ($100,000 institutional)
- Screening method
- AAOIFI standards
- Assets under management
- $324M (both classes, 2026-08-05)
- Focus
- Global Sukuk / Fixed 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
AMAPX solves the hardest allocation problem in halal investing - what replaces bonds - with a genuinely conservative sukuk portfolio: monthly distributions, 2-5 year maturities, investment-grade tilt, and no purification homework since every holding is individually vetted. Yields near 3% (institutional class) at the August 2026 check are respectable for the risk taken. Two costs deserve attention: the long-run return is modest by design (2.15% annualized over ten years on the Investor class), and the 0.82% retail fee is heavy next to the SPSK sukuk ETF at 0.50% - the 0.59% institutional class fixes that only above $100,000. Note also the fund's 100% zakatable ratio. For retirees and conservative savers who want their stability sleeve certified and managed, it remains the deepest actively-run option in the US.
Strengths
- Fills the fixed-income role in a halal portfolio without conventional bonds
- Monthly distributions with 30-day yields of 2.94%-3.18% at the August 2026 check
- No purification required - underlying sukuk individually vetted as Islamically acceptable
- Reviewed and certified quarterly by Amanie Advisors
- $100 minimum, waived in tax-sheltered accounts
Watch-outs
- 10-year annualized return of just 2.15% (Investor class) - stability comes at a real growth cost
- 0.82% Investor-class fee is steep for short/intermediate income; SPSK charges 0.50% for a sukuk ETF
- Sukuk carry issuer credit risk and murabaha/wakala carry bank counterparty risk - this is not a savings account
- 100% zakatable ratio means a meaningfully larger annual zakat bill than equity funds
Is the Amana Participation Fund (AMAPX) halal?
The Participation Fund is Saturna's answer to the bond problem: capital preservation and current income without a single conventional bond, debenture, or other interest-paying obligation. At least 80% of assets sit in short and intermediate-term Islamic income instruments - sukuk, murabaha, and wakala - where the name 'participation' is the point: sukuk are investment certificates structured so holders share in economic profits and losses, typically reflecting an undivided beneficial ownership interest in an underlying asset rather than a claim to interest. The book is dollar-anchored (at least 50% USD-denominated, no more than 10% in any other single currency) with a 2-to-5-year average maturity, spanning GCC sovereigns and corporates like Al Rajhi, Kuwait Finance House, and Aldar. Amanie Advisors Sdn Bhd certifies the Amana funds quarterly, and this fund carries a distinction its equity siblings don't: no purification factor is published because each underlying security has been determined Islamically acceptable by a third party, so its income is considered halal in full. For zakat, Saturna treats it as a participation-based investment with a 100% zakatable ratio - 2.5% of market value. Honest caveats: Saturna's claim that this was the first non-equity halal income fund in the US (launched 2015) is a company claim, and up to 35% of holdings may be unrated or high-yield paper, so the risk profile is not purely investment-grade.
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 AMAPX →
HalalWallet reports the Shariah documentation a provider publishes. We do not issue certifications; consult a qualified scholar for a personal ruling.
What you get
- Sukuk-based income: at least 80% in sukuk, murabaha, and wakala - no conventional bonds or interest-paying obligations
- Monthly distributions, unlike the equity funds in the family
- No purification required - underlying securities individually determined Islamically acceptable by a third party
- Quarterly Sharia certification by Amanie Advisors; 100% zakatable ratio (zakat = 2.5% of market value)
- Dollar-weighted average maturity of 2-5 years; at least 50% USD-denominated
- $100 minimum (none in tax-sheltered accounts); institutional class AMIPX at $100,000
Cost and terms
Expense ratio 0.82% Investor (AMAPX) / 0.59% Institutional (AMIPX, $100,000 minimum); management fee 0.50% plus 0.25% 12b-1 on the Investor class; no loads. $100 minimum, none in tax-sheltered accounts. 30-day yield 2.94% Investor / 3.18% Institutional (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 Participation Fund (AMAPX) (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 Growth Fund (AMAGX)
Investing · Mutual Funds
Where it's available
Amana Funds lists the Amana Participation Fund (AMAPX) 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 Participation Fund (AMAPX) halal?
The Participation Fund is Saturna's answer to the bond problem: capital preservation and current income without a single conventional bond, debenture, or other interest-paying obligation. 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 Participation Fund (AMAPX) work?
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. 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.
What does the Amana Participation Fund (AMAPX) cost?
Expense ratio 0.82% Investor (AMAPX) / 0.59% Institutional (AMIPX, $100,000 minimum); management fee 0.50% plus 0.25% 12b-1 on the Investor class; no loads. $100 minimum, none in tax-sheltered accounts. 30-day yield 2.94% Investor / 3.18% Institutional (verified 2026-08-05).
What are the minimums for the Amana Participation Fund (AMAPX)?
As published by Amana Funds: minimum investment $100 ($100,000 institutional). Confirm current requirements with Amana Funds before applying.
Where is the Amana Participation Fund (AMAPX) 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 Participation Fund (AMAPX)?
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 Participation Fund (AMAPX) 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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