Verified NAIT (North American Islamic Trust)
Allied Asset Advisors — Iman Fund
4.4
(198 reviews)Illinois-based subsidiary of the North American Islamic Trust (NAIT), managing the Iman Fund (IMANX) — a Sharia-compliant US equity mutual fund since 2000. An $10,000 investment in 2015 grew to $33,951 by September 2025.
Reviewed by Fair Meridian: February 2026
Profit Rate
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States Served
All 50 States
Overall Rating
4.4/5
About Allied Asset Advisors — Iman Fund
Allied Asset Advisors is a registered investment adviser and subsidiary of the North American Islamic Trust (NAIT), one of the largest Islamic institutions in North America. Based in Burr Ridge, Illinois, Allied Asset Advisors manages the Iman Fund (IMANX) — a Sharia-compliant US equity mutual fund that has been operating since 2000.
The Iman Fund invests in US equities that comply with Islamic investment principles, following guidelines shaped by Islamic scholars on interest, debt, risk, and social responsibility. The fund excludes companies involved in gambling, tobacco, weaponry, pork, alcohol, and similar impermissible activities, as well as companies with unethical practices. Financial ratio screens limit exposure to interest-based debt and income.
Allied Asset Advisors' institutional connection to NAIT gives it a level of Islamic institutional credibility that commercial for-profit managers cannot match. NAIT is responsible for holding title to hundreds of mosques and Islamic schools across North America and is a foundational institution of the North American Muslim community.
The Iman Fund is also suitable for larger investors — nonprofits, mosques, endowments, family trusts, and institutions — through separately managed accounts that follow the same investment philosophy as the mutual fund.
Founded2000 (26 years in business)
Sharia CertificationNAIT (North American Islamic Trust)
Certified Since2000
HeadquartersBurr Ridge, IL
Fair Meridian Analysis
Allied Asset Advisors' connection to NAIT (North American Islamic Trust) gives the Iman Fund an institutional legitimacy that is rare in the US halal investing space.
The NAIT connection: NAIT is responsible for holding title to approximately 300 mosques and Islamic schools across North America — it is one of the most trusted Islamic institutions in the country. Allied Asset Advisors' institutional relationship with NAIT means its investment approach is shaped by Islamic scholars with deep community accountability, not just commercial Sharia compliance consultants.
The performance record: An investment of $10,000 in the Iman Fund on September 30, 2015 would have grown to $33,951 by September 30, 2025 — a 12.9% annualized return over 10 years. The fund returned 27.7% in fiscal 2024 alone. This long-term track record is competitive with conventional equity funds.
The institutional investor advantage: Unlike most halal investment platforms that primarily target individual retail investors, Allied Asset Advisors explicitly serves mosques, endowments, family trusts, and institutional investors through separately managed accounts. For Muslim community institutions needing to manage pooled assets in a Sharia-compliant way, Allied Asset Advisors is one of the few dedicated options.
Who is Allied Asset Advisors best for? The Iman Fund is best for long-term investors who value NAIT's institutional Islamic credibility, mosques and Islamic institutions managing endowment or operating funds, and investors wanting a proven 25-year track record in halal US equity investing.
Analysis updated: February 2026
Products & Financing Structures
investinginvesting
Iman Fund (IMANX)
Sharia-compliant US equity mutual fund. Invests in companies passing Islamic screening criteria. NAIT-supervised. $10,000 invested in Sep 2015 grew to $33,951 by Sep 2025. Suitable for individual investors, families, and institutions.
Separately Managed Accounts (Institutional)
Customized Sharia-compliant separately managed accounts for mosques, Islamic schools, Muslim nonprofits, endowments, and family trusts. Same philosophy as the Iman Fund. Minimum $100,000.
Sharia Compliance: All products are structured to avoid Riba (interest), Gharar (excessive uncertainty), and Maysir (speculation) in accordance with Islamic jurisprudence.
Serves All 50 US States
Allied Asset Advisors — Iman Fund is licensed in all 50 US states. See local provider options and state-specific regulations for the most active Islamic finance markets:
Independent Rating Breakdown
Overall Score
4.4
Sharia Compliance
4.7
Transparency
4.5
Customer Service
4.3
Rate Competitiveness
4.5
👍 Recommended
Allied Asset Advisors — Iman Fund scores highly on Sharia compliance verification and product transparency. Independently verified by the Fair Meridian team.
Ratings based on Fair Meridian's independent review process. Not influenced by advertising or provider payments.
Expert Verdict
Allied Asset Advisors and the Iman Fund are our recommendation for investors who value institutional Islamic credibility through the NAIT connection, mosques and Islamic institutions managing pooled assets, and long-term investors with a proven 25-year track record. The 10-year annualized return of ~12.9% is competitive. Strong choice for conservative long-term halal equity investing.
Verdict issued: February 2026
Sharia Advisory Board
NAIT Sharia Oversight
North American Islamic Trust
NAIT is one of the largest and most trusted Islamic institutions in North America, holding title to approximately 300 mosques and Islamic schools. Provides institutional Sharia oversight of Allied Asset Advisors' investment process.
Frequently Asked Questions — Allied Asset Advisors — Iman Fund
The Iman Fund (ticker: IMANX) is a Sharia-compliant US equity mutual fund managed by Allied Asset Advisors, a subsidiary of the North American Islamic Trust (NAIT). It has been operating since 2000. NAIT is one of the most trusted Islamic institutions in North America, responsible for holding title to approximately 300 mosques and Islamic schools across the continent.
An investment of $10,000 in the Iman Fund on September 30, 2015 would have grown to $33,951 by September 30, 2025 — representing approximately 12.9% annualized returns over 10 years. The fund returned 27.7% in fiscal 2024. Past performance does not guarantee future results, but this long-term track record is competitive with conventional equity benchmarks.
Yes. Allied Asset Advisors explicitly serves institutional investors including mosques, Islamic schools, endowments, and family trusts through separately managed accounts. These accounts follow the same Sharia-compliant investment philosophy as the Iman Fund with a minimum of $100,000. This institutional focus makes Allied Asset Advisors one of the best options for Muslim community organizations managing pooled assets.
Allied Asset Advisors follows investment guidelines shaped by Islamic scholars at NAIT. The screening process excludes companies involved in gambling, tobacco, weapons, pork, alcohol, and similar impermissible activities. Companies with unethical practices are also excluded even if they operate in otherwise permissible industries. Financial ratio screens limit exposure to interest-based debt and income.
Yes. The Iman Fund (IMANX) is available through major US brokerage platforms. Investors can purchase it through their existing brokerage accounts. The minimum investment is $1,000. Contact Allied Asset Advisors or check your brokerage platform for current availability and any applicable transaction fees.
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