Amana Funds vs Wahed
Amana Funds and Wahed both offer investing. This page lines up 17 listed data points side by side, with 8 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; Wahed uses Actively managed / Index-based.
- Both disclose the same level of Shariah oversight: Third-Party Certified.
- HalalWallet Index: Amana Funds is not yet graded; Wahed holds a B-.
- They differ on 8 of the 17 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 Wahed: the full side-by-side
17 data points from each provider's published materials, lined up row by row. They differ on 8.
Amana Funds
Wahed
Pays us: No. Wahed pays HalalWallet nothing. It is listed and graded on the same terms as providers that do.17 of 17 rows
Provinces covered
SameAmana Funds: All of CanadaWahed: All of Canada
Expense ratio
Amana Funds: 0.76% (Amana Equity Income ETF) · 0.61% (Amana Growth ETF) · 0.91% (Amana Developing World ETF)Wahed: 0.65% (Wahed Dow Jones Islamic Wo…) · 0.50% (Wahed FTSE USA Shariah ETF)Minimum investment
Amana Funds: 1 share on Nasdaq (fractional at supporting brokers)Wahed: Not listed
Structure
Amana Funds: Actively managedWahed: Actively managed / Index-basedShariah oversight
SameAmana Funds: Third-Party CertifiedWahed: Third-Party CertifiedShariah board / scholar
SameAmana Funds: third_party_certifiedWahed: third_party_certifiedPublished fatwa / certificate
SameAmana Funds: NoWahed: NoScreening standard
Amana Funds: Saturna Capital Islamic screens, reviewed by Amanie AdvisorsWahed: Dow Jones Islamic Market screens; Shariyah Review Bureau as external advisor (Wahed Dow Jones Islamic Wo…) · FTSE Shariah screens certified by Yasaar Limited (Wahed FTSE USA Shariah ETF)
Products listed
Amana Funds: Amana Equity Income ETF, Amana Growth ETF, Amana Developing World ETFWahed: Wahed Dow Jones Islamic World ETF, Wahed FTSE USA Shariah ETFBest for
Amana Funds: Not listedWahed: International (non-US) halal equity exposureProduct types
SameAmana Funds: ETFWahed: ETFTickers
Amana Funds: AMEI, AMGR, AMEMWahed: UMMA, HLALHoldings
Amana Funds: 28 (Amana Equity Income ETF) · 30 (Amana Growth ETF)Wahed: ~100 (Wahed Dow Jones Islamic Wo…) · ~200 (Wahed FTSE USA Shariah ETF)Account types
Amana Funds: Individual, IRA, Roth IRAWahed: Not listedFocus
Amana Funds: Global Dividend Equity (active) (Amana Equity Income ETF) · Global Large Growth (active) (Amana Growth ETF) · Emerging Markets (active) (Amana Developing World ETF)Wahed: Global Large Growth (Wahed Dow Jones Islamic Wo…) · US Large Growth (Wahed FTSE USA Shariah ETF)
HalalWallet Index grade
Amana Funds: Not listedWahed: 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)Wahed: $298M (2026-11-13) (Wahed Dow Jones Islamic Wo…) · $946M (2026-11-13) (Wahed FTSE USA Shariah ETF)
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%)
Wahed
- International (non-US) halal exposure in a single ticker
- Dow Jones Islamic Market methodology with ongoing board review
- Complements US-focused ETFs like HLAL and SPUS
- Quarterly purification amounts published
- Formally incorporates ESG data (company claim: first US-listed Islamic ETF to do so)
- Higher expense ratio (0.65%)
- Currency exposure
- Smaller AUM
- Because UMMA trades on a US exchange, currency conversion applies and dividends are reduced 15% by US withholding tax in a TFSA, FHSA, or RESP - RRSP holdings are exempt
- US-focused only
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
Pays HalalWallet: No. Amana Funds pays HalalWallet nothing. It is listed and graded on the same terms as providers that do.Wahed
Pays HalalWallet: No. Wahed pays HalalWallet nothing. It is listed and graded on the same terms as providers that do.Not sure which is right? Compare all investing providers.
Browse all Investing optionsEditorial comparisons
How do Amana Funds and Wahed compare for investing?
Amana Funds and Wahed both offer investing. This page lines up 17 listed data points side by side, with 8 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; Wahed uses Actively managed / Index-based.
- Both disclose the same level of Shariah oversight: Third-Party Certified.
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
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https://www.halalwallet.ca/compare/amana-funds-vs-wahed, 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.
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