Investing alternatives
Amana Funds Alternatives
6 halal investing providers in Canada that compete with Amana Funds, ranked by HalalWallet Index grade, disclosed Shariah oversight, and province coverage. Independent: we are not affiliated with Amana Funds or any provider listed here.
Co-Founder & CEO, HalalWallet
Re-ranked automatically when Index grades, oversight, or coverage change in our database.
The closest alternatives to Amana Funds for halal investing in Canada are Manzil, ShariaPortfolio and SPFunds. Manzil also holds the highest HalalWallet Index grade among them (A).
- 6 of 11 investing providers we track in Canada are ranked here; the rest fell below on Index grade, Shariah oversight, or reviews.
- Index grades among the alternatives: Manzil A (Amana Funds is not yet graded).
- Amana Funds is available across Canada, so coverage is not a reason to switch.
- Product types across the alternatives: Wealth Management, Index-based, Stock Screener (Amana Funds: Actively managed).
Source: HalalWallet (halalwallet.ca)
Top 6 Amana Funds alternatives for 2026
- Grade A
#1
Manzil
- Shariah oversight
- Shariah oversight: Formal Shariah board
- Coverage
- Coverage: 13 provinces
- Structure
- Structure: Wealth Management
Our take: Manzil is Canada's most established halal mortgage provider, offering AAOIFI-aligned Musharaka (co-ownership) alongside a Murabaha structure.
- Not graded
- Shariah oversight
- Shariah oversight: Third-party certified
- Coverage
- Coverage: 4 provinces
- Structure
- Structure: Wealth Management
Our take: ShariaPortfolio Canada is the most complete advised halal offering in the country: every registered wrapper from TFSA to IPP managed under AAOIFI rules, fee-only at 0.5-1.5%, with custody at Fidelity Clearing Canada.
- Not graded
#3
SPFunds
- Shariah oversight
- Shariah oversight: Third-party certified
- Coverage
- Coverage: 10 provinces
- Structure
- Structure: Index-based
Our take: SP Funds is the deepest halal fund shelf a Canadian can reach: SPUS and SPSK are the default core and fixed-income building blocks, with REIT, tech and international satellites no Canadian-listed fund matches.
- Not graded
#4
Wahed
- Shariah oversight
- Shariah oversight: Third-party certified
- Coverage
- Coverage: 10 provinces
- Structure
- Structure: Index-based
Our take: Wahed brings institution-level Shariah governance to two useful ETFs - HLAL for US halal equity and UMMA for international exposure - but Canadians can only buy them USD-listed through a brokerage, with currency conversion and TFSA withholding-tax drag...
- Not graded
- Shariah oversight
- Shariah oversight: Third-party certified
- Coverage
- Coverage: 10 provinces
- Structure
- Structure: Index-based
Our take: WSHR is the default core holding for Canadian halal investors: the only Shariah-compliant ETF listed on a Canadian exchange, trading in CAD with no US withholding drag in a TFSA, FHSA or RESP.
- Not graded
#6
Akinda
- Shariah oversight
- Shariah oversight: Named scholar
- Coverage
- Coverage: all of Canada
- Structure
- Structure: Stock Screener
- Track record
- Since: 2023
Our take: Akinda is a useful free AAOIFI screen for TSX stock pickers who want to see the ratios. It is not a Canadian brokerage, and it is not a higher-scoring platform than Zoya or Musaffa on scholar depth or coverage.
Amana Funds vs the alternatives at a glance
| Provider | Index grade | Shariah oversight | Coverage | Structure | Since |
|---|---|---|---|---|---|
| Amana Funds(this review) | Not graded | Third-party certified | All of Canada | Actively managed | n/a |
| Manzil | A | Formal Shariah board | 13 provinces | Wealth Management | n/a |
| ShariaPortfolio | Not graded | Third-party certified | 4 provinces | Wealth Management | n/a |
| SPFunds | Not graded | Third-party certified | 10 provinces | Index-based | n/a |
| Wahed | Not graded | Third-party certified | 10 provinces | Index-based | n/a |
| Wealthsimple | Not graded | Third-party certified | 10 provinces | Index-based | n/a |
| Akinda | Not graded | Named scholar | All of Canada | Stock Screener | 2023 |
Index grades are HalalWallet's independent scorecard. Oversight and coverage are what each provider publishes, last verified 2026-10-27. Not graded means the category or provider is outside the Index, not a negative mark.
Still deciding?
The ranking above is category-wide. For a province-by-province, structure-by-structure view of every provider, use the comparison tool.
Compare halal ETFs with live performance dataHow this ranking works
The pool is every provider with active investing listings in Canada in HalalWallet's database (11 besides Amana Funds). Providers our editors have written a direct comparison for appear first; the rest are ordered by live HalalWallet Index grade, then disclosed Shariah oversight (formal board or third-party certification ranks above a named scholar, which ranks above no public review), then Google rating. Nothing here is paid placement. See our methodology and how Index grades are computed.
Frequently asked questions
What is the best alternative to Amana Funds?
Manzil ranks first among Amana Funds alternatives for halal investing with a HalalWallet Index grade of A, formal shariah board Shariah oversight, and coverage of 13 provinces. ShariaPortfolio and SPFunds follow. The right pick depends on your province, the contract structure you are comfortable with, and total cost, so get quotes from at least two.
Which Amana Funds alternative is available in my province?
Amana Funds itself is available across Canada. Akinda also operates across Canada. Manzil lists 13 provinces; ShariaPortfolio lists 4 provinces; SPFunds lists 10 provinces; Wahed lists 10 provinces; Wealthsimple lists 10 provinces.
How do Amana Funds's alternatives differ in approach?
Amana Funds is listed as actively managed. Other approaches among the alternatives: wealth management, index-based, stock screener. The practical differences are who does the Shariah screening (you, an app, or a manager), what it costs at your balance, and how purification of impermissible income is reported. Match the approach to how hands-on you want to be.
Which alternative has the strongest Shariah oversight?
Manzil (formal shariah board), ShariaPortfolio (third-party certified), SPFunds (third-party certified), Wahed (third-party certified), Wealthsimple (third-party certified) disclose either a formal Shariah board or third-party certification. Amana Funds itself is classed as third-party certified. HalalWallet reports what each provider publishes; we do not certify products.
Should I switch from Amana Funds?
Switching mid-contract can trigger payoff terms and new closing costs, so compare the total cost of finishing with Amana Funds against a new contract elsewhere, and check the early-payoff clause first.
How to use this comparison: Scholars rule; we organize the evidence. HalalWallet is an independent educational comparison platform - by design, we do not issue fatwas or provide financial, legal, or tax advice. We do the research homework so your final checks are quick and personal. Where our role ends and who takes over.
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: 2026-10-01