Verified AAOIFI-aligned Internal Sharia Committee
Saturna Capital — Amana Funds
4.7
(612 reviews)The longest-running halal investment funds in the United States, founded 1986. Saturna Capital manages the Amana Funds — four AAOIFI-aligned halal mutual funds with approximately $9 billion in assets under management.
Reviewed by Fair Meridian: February 2026
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States Served
All 50 States
Overall Rating
4.7/5
About Saturna Capital — Amana Funds
Saturna Capital, based in Bellingham, Washington, has been managing Sharia-compliant investments since 1986, making the Amana Funds the longest-running halal investment option in the United States. With approximately $9 billion in assets under management, Saturna is North America's largest Islamic investment manager.
Saturna manages four Amana Funds, each serving a different investment objective. The Amana Income Fund focuses on dividend-paying equities. The Amana Growth Fund targets long-term capital appreciation through growth stocks. The Amana Developing World Fund provides exposure to emerging market equities. The Amana Participation Fund — the first non-equity halal income fund in the US — invests in sukuk (Islamic bonds) for income-oriented investors.
All Amana Funds apply AAOIFI-aligned screening criteria managed by Saturna's internal Sharia committee, with oversight from an external Sharia advisory board that reviews all portfolios quarterly. Screening excludes companies involved in alcohol, tobacco, gambling, conventional banking, pornography, weapons, and pork. Financial ratio tests limit exposure to interest-based debt and income.
Amana Funds are available through all major US brokerage platforms — Fidelity, Schwab, Vanguard, TD Ameritrade, and others — making them the most accessible halal investment option for US investors who already have brokerage accounts.
Founded1986 (40 years in business)
Sharia CertificationAAOIFI-aligned Internal Sharia Committee
Certified Since1986
HeadquartersBellingham, WA
Fair Meridian Analysis
Saturna Capital's Amana Funds occupy a unique position in the US halal investing landscape: they are simultaneously the most historically credible and the most accessible halal investment option available to American Muslims.
The historical credibility: No other halal investment fund in the US has a 40-year track record. The Amana Income Fund was launched in 1986 — before the internet, before widespread awareness of Islamic finance in the US, when there were essentially no other halal investment options. This track record provides a level of performance history and institutional trust that no newer provider can match.
The accessibility advantage: Amana Funds can be purchased through any major US brokerage platform — Fidelity, Schwab, Vanguard, E*TRADE, TD Ameritrade, and others. This means US investors who already have brokerage accounts can add Amana Funds without opening a new account anywhere. This is a significant practical advantage over platforms like Wahed Invest that require opening a separate account.
The performance record: The Amana Growth Fund has delivered approximately 17.0% annualized returns as of mid-2025. The Amana Income Fund returned approximately 14.0% annually over the same period. These are competitive returns by any standard, not just within the halal investing universe.
Who is Saturna/Amana best for? Amana Funds are best for long-term buy-and-hold investors who want the most established halal mutual funds, investors with existing brokerage accounts who want to add halal funds without opening a new platform, and investors seeking the Amana Participation Fund as the only halal sukuk income fund in the US.
Analysis updated: February 2026
Products & Financing Structures
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Amana Income Fund (AMANX)
Dividend-focused halal equity fund. Invests in Sharia-screened stocks paying regular dividends. AAOIFI-aligned. Oldest continuously operating halal fund in the US (est. 1986). ~14% annualized 3-year return as of mid-2025.
Amana Growth Fund (AMAGX)
Growth equity halal fund. Targets long-term capital appreciation through Sharia-screened growth stocks. ~17% annualized 3-year return as of mid-2025. Available on all major US brokerages.
Amana Participation Fund (AMAPX)
The first non-equity halal income fund in the US. Invests primarily in sukuk (Islamic investment certificates) for capital preservation and income. Provides fixed-income-like exposure within a Sharia-compliant framework.
Amana Developing World Fund (AMDWX)
Emerging markets halal equity fund. Provides Sharia-compliant exposure to developing world economies including Southeast Asia, South Asia, and the Middle East. AAOIFI-aligned screening.
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
Saturna Capital — Amana Funds 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
4.7
Sharia Compliance
4.6
Transparency
4.8
Customer Service
4.5
Rate Competitiveness
4.8
⭐ Editor's Top Pick
Saturna Capital — Amana Funds 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
Amana Funds by Saturna Capital is our top recommendation for US Muslim investors seeking halal mutual funds. Its 40-year track record, $9B AUM, AAOIFI-aligned screening, and availability on all major brokerage platforms make it the most credible and accessible halal investing option in the US. The Amana Participation Fund is unique — the only halal sukuk income fund available in the US market.
Verdict issued: February 2026
Sharia Advisory Board
Saturna Capital Sharia Advisory Board
External Quarterly Review Committee
Unaffiliated board of Sharia advisers reviews all Amana Funds portfolios quarterly to certify compliance with Islamic principles. AAOIFI-aligned screening methodology.
Frequently Asked Questions — Saturna Capital — Amana Funds
The Amana Funds are a family of four Sharia-compliant mutual funds managed by Saturna Capital, based in Bellingham, Washington. Founded in 1986, they are the longest-running halal investment option in the United States with approximately $9 billion in assets under management. The funds are available on all major US brokerage platforms including Fidelity, Schwab, and Vanguard.
You can invest in Amana Funds through any major US brokerage account — Fidelity, Charles Schwab, TD Ameritrade, E*TRADE, and most others. You can also invest directly through Saturna Capital at saturna.com. The minimum investment is $250 per fund. Unlike platforms like Wahed Invest, Amana Funds do not require opening a separate account.
The Amana Participation Fund (AMAPX) is the first non-equity halal income fund in the United States. It invests primarily in sukuk — Islamic investment certificates similar to bonds but structured to comply with Islamic finance principles. It provides fixed-income-like exposure (income and capital preservation) within a Sharia-compliant framework. For Muslim investors seeking a halal alternative to conventional bond funds, AMAPX is currently the only dedicated option in the US.
Saturna applies AAOIFI-aligned screening criteria managed by its internal Sharia committee. Qualitative screens exclude companies involved in alcohol, tobacco, gambling, conventional banking, insurance, pornography, weapons, and pork. Quantitative screens test financial ratios including debt-to-market-cap, interest income as a percentage of revenue, and cash-to-market-cap ratios. An external Sharia advisory board reviews all Amana Funds portfolios quarterly.
The Amana Growth Fund delivered approximately 17.0% annualized returns over the 3 years ending mid-2025. The Amana Income Fund returned approximately 14.0% annually over the same period. Past performance does not guarantee future results. Both funds have significantly outperformed many conventional mutual funds over their long histories, while maintaining full Sharia compliance.
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