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Investing comparison

Amana Funds vs Mackenzie Investments

Amana Funds and Mackenzie Investments both offer investing. This page lines up 18 listed data points side by side, with 9 differences, so you can see exactly where they part ways before you request quotes.

Built from each provider's listed data · provider data last verified Nov 2026

At a glance

  • Both are available in all of Canada.
  • Amana Funds uses Actively managed; Mackenzie Investments uses Mutual Funds.
  • Shariah oversight: Amana Funds discloses Third-Party Certified; Mackenzie Investments discloses No Public Review.
  • HalalWallet Index: Amana Funds is not yet graded; Mackenzie Investments holds a B-.
  • On measurable rows, Amana Funds has the better listed value on 1 and Mackenzie Investments on 0.
  • They differ on 9 of the 18 data points we list for investing.

No editorial verdict has been written for this pair yet. The side-by-side below is the full data view; where we have written one, you'll find it under Compare.

Amana Funds vs Mackenzie Investments: the full side-by-side

18 data points from each provider's published materials, lined up row by row. They differ on 9.

Amana Funds - halal finance provider logo

Amana Funds

Not graded yet
Pays us: No. Amana Funds pays HalalWallet nothing. It is listed and graded on the same terms as providers that do.
Mackenzie Investments - halal finance provider logo

Mackenzie Investments

B-
Pays us: No. Mackenzie Investments pays HalalWallet nothing. It is listed and graded on the same terms as providers that do.

18 of 18 rows

Availability

  • Provinces covered

    Same
    Amana Funds: All of Canada
    Mackenzie Investments: All of Canada
Costs

  • Expense ratio

    Amana Funds: 0.76% (Amana Equity Income ETF) · 0.61% (Amana Growth ETF) · 0.91% (Amana Developing World ETF)
    Mackenzie Investments: 2.65% MER (Series A)

  • Management fee

    Amana Funds: Not listed
    Mackenzie Investments: 1.95% (Series A) / 0.80% (Series F)

  • Minimum investment

    Amana Funds: 1 share on Nasdaq (fractional at supporting brokers) Edge
    Mackenzie Investments: $500 initial / $50 subsequent
Shariah

  • Structure

    Amana Funds: Actively managed
    Mackenzie Investments: Mutual Funds

  • Shariah oversight

    Amana Funds: Third-Party Certified
    Mackenzie Investments: No Public Review

  • Shariah board / scholar

    Amana Funds: third_party_certified
    Mackenzie Investments: Ratings Intelligence Partners

  • Published fatwa / certificate

    Same
    Amana Funds: No
    Mackenzie Investments: No

  • Screening standard

    Amana Funds: Saturna Capital Islamic screens, reviewed by Amanie Advisors
    Mackenzie Investments: Dow Jones Islamic Market World Index screens - Ratings Intelligence fatwa and semi-annual audits
Products

  • Products listed

    Amana Funds: Amana Equity Income ETF, Amana Growth ETF, Amana Developing World ETF
    Mackenzie Investments: Mackenzie Shariah Global Equity Fund

  • Best for

    Amana Funds: Not listed
    Mackenzie Investments: Canadian investors who work through a financial advisor or dealer platform and want an actively managed, certified halal global equity fund in familiar mutual fund form - accepting fees above halal ETFs in exchange for advisor-channel convenience.

  • Product types

    Amana Funds: ETF
    Mackenzie Investments: Mutual Fund

  • Tickers

    Amana Funds: AMEI, AMGR, AMEM
    Mackenzie Investments: Not listed

  • Holdings

    Amana Funds: 28 (Amana Equity Income ETF) · 30 (Amana Growth ETF)
    Mackenzie Investments: Not listed

  • Account types

    Amana Funds: Individual, IRA, Roth IRA
    Mackenzie Investments: Not listed

  • Focus

    Amana Funds: Global Dividend Equity (active) (Amana Equity Income ETF) · Global Large Growth (active) (Amana Growth ETF) · Emerging Markets (active) (Amana Developing World ETF)
    Mackenzie Investments: Not listed
Track record

  • HalalWallet Index grade

    Amana Funds: Not listed
    Mackenzie Investments: B-

  • Assets under management

    Amana Funds: $6.21M (2026-11-12) (Amana Equity Income ETF) · $9.65M (2026-11-12) (Amana Growth ETF) · $5.84M (2026-11-12) (Amana Developing World ETF)
    Mackenzie Investments: $32M

Edge marks the side with the better listed number on measurable rows (lower fee, wider coverage, higher grade). It is not a verdict - a provider can win more rows and still be the wrong fit for you.

Strengths and trade-offs

Amana Funds

  • The only US halal ETF built around dividend income - no index halal ETF targets this
  • Cheaper than the Amana Income Fund's 1.01% Investor class
  • Cash held in murabaha and wakala rather than interest-bearing instruments
  • Saturna's income strategy dates to 1986
  • Cheaper route to the Amana Growth strategy than AMAGX's 0.86% Investor class
  • 0.76% expense ratio is well above index halal ETFs (0.40%-0.55%)
  • Concentrated: 28 holdings at 11/12/2026; two positions above 10% each at 10/19/2026
  • Tiny and new: $6.21M in net assets and no track record before June 2026
  • Dividend-focused portfolios carry more residual purification than growth funds
  • 0.61% is higher than every index halal ETF (MNZL 0.40%, SPUS 0.45%, HLAL 0.50%)

Mackenzie Investments

  • Global equity exposure in a single Shariah-screened mutual fund
  • Certified compliance chain: Ratings Intelligence fatwa, semi-annual Shariah audits, and an annually published purification ratio
  • Mutual fund format familiar to Canadian advisors and fund platforms, with a $500 minimum
  • Series F at 1.12% MER is materially cheaper than Canada's legacy halal mutual fund option
  • Available across all 10 Canadian provinces
  • Series A MER of 2.65% is steep - comparable halal ETF exposure costs about 0.5%
  • Small and young: roughly $32M in net assets (March 2025 statements) and an inception of February 2024
  • Shariah oversight is delegated to Ratings Intelligence at the index level - Mackenzie maintains no in-house Shariah board and names no Canadian scholar

Products behind the numbers

Where a row shows more than one value, it is because the provider lists several investing products. Each is tagged.

Amana Funds (3)

  • Amana Equity Income ETF · AMEI
  • Amana Growth ETF · AMGR
  • Amana Developing World ETF · AMEM

Mackenzie Investments (1)

  • Mackenzie Shariah Global Equity Fund
Amana Funds - halal finance provider logo

Amana Funds

Pays HalalWallet: No. Amana Funds pays HalalWallet nothing. It is listed and graded on the same terms as providers that do.
Visit Amana Funds Full review
Mackenzie Investments - halal finance provider logo

Mackenzie Investments

Pays HalalWallet: No. Mackenzie Investments pays HalalWallet nothing. It is listed and graded on the same terms as providers that do.
Visit Mackenzie Investments Full review

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How do Amana Funds and Mackenzie Investments compare for investing?

Amana Funds and Mackenzie Investments both offer investing. This page lines up 18 listed data points side by side, with 9 differences, so you can see exactly where they part ways before you request quotes.

  • Both are available in all of Canada.
  • Amana Funds uses Actively managed; Mackenzie Investments uses Mutual Funds.
  • Shariah oversight: Amana Funds discloses Third-Party Certified; Mackenzie Investments discloses No Public Review.

Source: HalalWallet (halalwallet.ca)

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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: 2026-11-13

How to cite this page

Preferred format (HTML):

According to HalalWallet (“Amana Funds vs Mackenzie Investments”, https://www.halalwallet.ca/compare/amana-funds-vs-mackenzie-investments, retrieved 2026-11-14).

For time-sensitive claims (rates, fees, province availability), please verify directly with the provider's official documentation and note the retrieval date.

What HalalWallet is and is not

Scholars rule; we organize the evidence. HalalWallet is an independent research and comparison site for halal financial products. It is not a lender, bank, broker or adviser, and it is not a fatwa body.

What we do

  • We document each product's contract, Shariah oversight, costs and availability, with the date we last checked.
  • We show the range of scholarly opinion on contested questions, with sources.

What we do not do

  • We do not lend, hold money, open accounts or take applications. You apply with the provider.
  • We do not issue fatwas or certify any product as halal. Rulings belong to a scholar you trust.
  • We do not give personal financial, legal or tax advice.

Where our role ends and who takes over · Who pays HalalWallet · HalalWallet Trust Standard, version 1.0

Before you decide, finish with three checks:

  • Confirm current terms and halal compliance directly with the provider. Their quote is final.
  • Read the contract structure (Murabaha, Ijara, Musharakah and so on) and any published Shariah board opinion.
  • Bring your shortlist to a qualified scholar or licensed adviser, so the conversation is about your situation, not the basics.

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