Amanah KiwiSaver Plan is New Zealand’s only Islamic (Shariah-compliant) KiwiSaver scheme. For Muslim New Zealanders and others who prefer ethical investing that avoids interest-based instruments, Amanah offers a faith-aligned alternative to mainstream providers.
What Is Amanah KiwiSaver?
Amanah KiwiSaver is operated by Amanah Financial Services, a New Zealand company specialising in Islamic finance. The scheme is a registered KiwiSaver scheme and a government-compliant PIE fund — members receive all standard KiwiSaver entitlements (employer contributions, MTC, first home access, and so on).
What makes Amanah different is how and where your money is invested: it follows Shariah principles, excluding certain industries and financial instruments.
What Is Shariah-Compliant Investing?
Shariah-compliant investing (halal investing) follows Islamic law principles:
Prohibited (haram) investments include:
- Interest-bearing instruments (bonds, fixed interest securities, conventional bank deposits)
- Alcohol and tobacco companies
- Gambling and gaming companies
- Weapons and defence contractors
- Pork-related businesses
- Entertainment industries with prohibited content
Permitted (halal) investments include:
- Shares in companies that pass Shariah screening (excluding the above)
- Profit-sharing arrangements (as distinct from interest)
- Real assets (property, infrastructure, commodities)
Because conventional bonds and fixed-interest securities are excluded (they pay interest, which is forbidden under Shariah), Amanah’s funds work differently from standard KiwiSaver funds that use bonds as the “conservative” portion.
Amanah Fund Options
Amanah offers a simplified fund range:
| Fund | Description |
|---|---|
| Amanah Growth | Higher allocation to Shariah-screened equities; lower income assets |
| Amanah Balanced | Moderate blend of equities and Shariah-compliant income-type instruments |
Fund details — check Amanah’s Product Disclosure Statement for current allocation percentages.
Because interest-bearing bonds are excluded, Amanah’s “income” allocation typically uses profit-sharing instruments (sukuk) and similar structures where available, or reduced income allocations. This means funds behave somewhat differently from conventional funds with the same label.
Fees
Amanah’s fees are higher than mass-market providers like Simplicity or Kernel due to the specialist nature of the fund and smaller asset base. Check the current PDS for precise fee rates — they are typically in the range of 0.8–1.2% p.a. (management fee), higher than the 0.3–0.55% of leading low-cost providers.
Fee comparison for context:
| Provider | Approx. fee (growth fund) |
|---|---|
| Simplicity | ~0.31% + $30/yr |
| Kernel | ~0.25% + $60/yr flat |
| ANZ | ~1.06% |
| Milford | ~1.05% |
| Amanah | ~0.8–1.2% |
For members for whom Shariah compliance is a requirement, the fee differential is secondary to the religious compliance dimension.
Standard KiwiSaver Benefits Apply
Amanah members receive the same government-backed KiwiSaver benefits as any other member:
- Employer contributions — minimum 3% from your employer
- Member Tax Credit — up to $521.43/year if contributing $1,042.86+
- First home withdrawal — eligible under standard first home eligibility rules
- Retirement withdrawal — full access from age 65
These benefits are the same regardless of which provider you’re with.
Who Is Amanah Suitable For?
- Muslim New Zealanders who require Shariah-compliant investing as a matter of faith
- Investors who prefer to avoid interest-bearing instruments for ethical reasons
- Those seeking exclusion of alcohol, gambling, weapons, and tobacco from their portfolio (though other ethical providers like Pathfinder or Simplicity also screen for some of these)
If your primary concern is general ethical investing (rather than full Shariah compliance specifically), it’s worth comparing Amanah against ethical KiwiSaver providers — you may find equivalent exclusions at lower fees.
Alternatives to Consider
| Provider | Why consider |
|---|---|
| Pathfinder KiwiSaver | Certified ethical; similar ESG screens; lower fees |
| Simplicity | Socially responsible investment overlay; excludes some harmful industries |
| Booster | Offers ethically screened option (Socially Responsible fund) |
None of these are Shariah-certified, but they exclude many of the same industries. For members where formal Shariah certification is required, Amanah is the only NZ KiwiSaver option.
How to Join Amanah KiwiSaver
- Visit amanahkiwisaver.co.nz
- Complete the online enrolment form
- Provide your IRD number and proof of identity
- Nominate Amanah as your KiwiSaver provider
- If switching from another provider, Amanah handles the transfer request