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Amana Review UAE 2026

Amana's UAE company is licensed to promote and introduce; accounts are opened with its Labuan (Malaysia) company. Real US shares and CFDs in one app.

Available in UAE Arabic support Tested via live trading
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Your capital is at risk. Other fees apply.

Amana platform overview

Amana is a trading app marketed to UAE residents, with US and regional shares, CFDs, FX, commodities and crypto in one place. The most important fact is who you sign up with: AFS Global Ltd, regulated in Labuan, Malaysia. Amana's UAE company is licensed only to promote and introduce, and the group's DFSA-licensed Dubai firm isn't behind the app.

We opened and verified an account, funded it from a UAE bank, bought and sold USD 20 of Apple, and withdrew the balance. What we have not done is reconcile that trade against an account statement, and each score says what it rests on.

Best for
US shares and CFDs in one app, Small AED deposits from a UAE bank, Traders who accept an offshore counterparty
Not ideal for
Anyone who wants a UAE-licensed counterparty, Negative balance protection, A swap-free account: support told us the app does not offer one
Min. deposit
USD 25 by UAE bank transfer
US stock fee
No execution fee on exchange-traded US stocks, per Amana's published fees table; Amana's confirmation screen for our one USD 20 Apple buy at leverage 'None' showed $0.00, but we have not yet confirmed that this instrument is an exchange-traded share. Not yet reconciled against a statement
Deposit fee
None visible from Amana on our AED bank deposit; Amana states deposits are free. Any bank-side fee not yet checked
Withdrawal fee
None charged on our request: the confirm screen read "We don't charge deposit or withdrawal fees" and the fee line showed 0.00. Bank-side deductions on arrival not yet seen
Islamic account
Not verified: on request under the client agreement, but live chat said the app doesn't offer it (30 Sep 2026). Not certified; assets tagged Sharia-compliant via Zoya

Category scores

Fees 3.0
Safety & regulation 2.0
Deposit & withdrawal 3.5
Account opening 3.5
Mobile app 3.0
Web platform 2.5
Assets 3.5
UAE suitability 2.5

The overall score is a weighted mean, not a plain average of these bars: safety and regulation carries 23%, and the other 7 categories share the remaining 77% equally. How we score

Footer of Amana's website, naming AFS Global Ltd in Labuan among the group's companies.
Amana's footer: accounts opened through the app go 'by default' to AFS Global Ltd in Labuan, Malaysia. Its UAE company only promotes, introduces and advises.Captured 14 September 2026 · amana.app site footer

Our expert verdict

The parts of Amana we tested worked. Signup took minutes. AED 91.75 from a UAE bank arrived in about 20 hours with no visible mark-up, and our withdrawal came back to the same bank in about 15 hours, faster than Amana's own estimate.

The problem is structural, and Amana's own documents say so. Your account sits with a Labuan company, with no negative balance protection and no compensation scheme. Higher leverage (up to 1:100 under the client agreement, and up to 200x on Amana's Max option) is unlocked by ticking self-attestation boxes, including one for USD 1 million in liquid net worth, with nothing to upload. And on the web, a leveraged Apple CFD is one search away from the unleveraged listing. Keep amounts modest and check every instrument's label before you buy.

What to watch out for

  • Your account isn't with a UAE-regulated firm. It's with AFS Global Ltd in Labuan, Malaysia. The UAE company, Amana Mena Promotional Services L.L.C, only promotes and introduces, and the DFSA stated on 20 January 2023 that app users are not clients of the group's Dubai firm.
  • No negative balance protection (client agreement, cl. 11.8.1) and no compensation scheme. SIPC covers US shares held at DriveWealth, not cash in the amana Wallet.
  • Real shares and leveraged CFDs sit side by side. Searching "APPLE" on the web put "Apple Leveraged" first, set to 2x.
  • Higher leverage is self-certified. You tick a box saying your liquid net worth exceeds USD 1 million.
  • AFS Global can profit when you lose. Its own conflict-of-interest policy says it may act as principal and "may stand to profit if the client loses".
  • US dividends lose 30% to withholding. There is no US-UAE tax treaty, so the W-8BEN you sign doesn't reduce it.
  • Withdrawals are capped at 90% of the available balance while positions are open (cl. 6.4).

Key data at a glance

Minimum deposit USD 25 by UAE bank transfer
UAE minimum deposit USD 25 by UAE bank transfer
US stock fee No execution fee on exchange-traded US stocks, per Amana's published fees table; Amana's confirmation screen for our one USD 20 Apple buy at leverage 'None' showed $0.00, but we have not yet confirmed that this instrument is an exchange-traded share. Not yet reconciled against a statement
Deposit fee None visible from Amana on our AED bank deposit; Amana states deposits are free. Any bank-side fee not yet checked
Withdrawal fee None charged on our request: the confirm screen read "We don't charge deposit or withdrawal fees" and the fee line showed 0.00. Bank-side deductions on arrival not yet seen
Account opening time Approved to deposit about 3 minutes after the identity check (measured, 27 Aug 2026)
Base currencies USD
Regulated by Labuan FSA (Malaysia) for app accounts; no UAE dealing licence
Investor protection (UAE clients) No compensation scheme stated for the Labuan account. US shares held at DriveWealth LLC carry SIPC cover up to USD 500,000 including USD 250,000 cash (DriveWealth's customer agreement), which does not cover cash in the amana Wallet or money in transit.
Demo account Not verified
Islamic account Not verified: on request under the client agreement, but live chat said the app doesn't offer it (30 Sep 2026). Not certified; assets tagged Sharia-compliant via Zoya

Pros

  • Funding from a UAE bank worked: USD 24.99 credited about 20 hours after an open-banking payment, with no visible mark-up on Amana's side
  • Under the DriveWealth customer agreement accepted at signup, exchange-traded US shares and ETFs are carried by DriveWealth LLC in your name, with SIPC cover on that account (not yet confirmed on our own statement)
  • Amana's published fees table lists no execution fee on exchange-traded US stocks and ETFs
  • The Labuan entity is named before you open the account, in the declarations and again by email
  • Fully digital signup, approved to deposit within minutes of the identity check
  • A broad range in one app: US, EU and regional shares, FX, metals, energy, indices and crypto
  • An Arabic option in the app (not reviewed) and a Dubai phone number

Cons

  • App accounts are held offshore with AFS Global Ltd under the Labuan FSA; no UAE regulator licenses an Amana entity to deal with app users
  • No negative balance protection (client agreement cl. 11.8.1) and no compensation scheme stated for the Labuan account
  • The leveraged Apple CFD and the unleveraged Apple listing are one search apart; the web search for Apple opened the leveraged instrument at 2x
  • Higher leverage is self-certified, with no upload step (we didn't submit a request)
  • Overnight fee rates are not on the fees page (Amana says they are shown in the app), and we found no published figure for the swap-free 'ticket fee'
  • The account is in US dollars only, and US dividends lose 30% to withholding
  • Withdrawals capped at 90% of available balance while app positions are open (cl. 6.4)
  • Regional shares are held pooled in Amana's name, and the agreement says it has no controls against pooled shares settling unrelated trades

How we tested Amana

We opened an Amana account on the web platform on Thursday 27 August 2026. That covered the signup, the 7-step questionnaire, the US-person question and the W-8BEN authorisation and identity verification through IDWise, and we timed the approval. On Friday 28 August we funded it with a USD 25 request from a UAE bank over the app's open-banking 'UAE bank transfer' route. USD 24.99 was credited on Saturday 29 August, and we recorded the amounts, the confirmations and the elapsed time. We went back into the iOS app and the web platform on Monday 14 September to read the order ticket, the leverage table and the leverage-request screen, and we captured the fees page and the regulators' own pages the same day. That day we also placed our first trade on the web platform, during US market hours: a USD 20 market buy of the unleveraged 'Apple' instrument at leverage 'None'. Amana's confirmation screen showed a $0.00 execution fee and a $0.00 overnight fee, and within about 15 seconds of that screen its notice said the order had filled at 332.76. The units it credited are $19.97 at that price but $20 at about 333.24, so the screens do not yet show exactly what price the $20 order paid; that needs a statement, and it is one order, not a pattern. The portfolio then showed 0.0600168 units and $19.97 invested. Alongside that, we read AFS Global's client agreement and product specifications, DriveWealth's customer agreement and disclosures, and the Labuan FSA, CMA, DFSA, CySEC, CMA Lebanon, FINRA BrokerCheck and SIPC registers. On 24 September we sold the Apple position and withdrew the whole balance, USD 25.20, at 22:33. AED 92.48 reached our UAE bank at 13:19 the next day. On 30 September we used the in-app live chat: a bot first, then a named human agent inside about a minute, who told us amana does not currently offer a swap-free account on the app and confirmed the account sits under Labuan FSA rules. What we have not done: reconciled the Apple trade against a statement or confirmed which company held it, traded on mobile or traded a derivative, held a leveraged position through an overnight rollover, measured FX, gold or index spreads during market hours, submitted the higher-leverage request, tested MetaTrader, or checked what the bank charged on its side of the AED conversion.

Read our full methodology →

Safety, regulation & UAE legal entity

2.0
Safety / 5

Three Amana companies matter here, and only one holds your account.

AFS Global Ltd (Labuan, Malaysia) holds your account. It's licensed by the Labuan Financial Services Authority as a money broker and fund manager (MB/18/0025 and FML/21/0060A). Its client agreement gives no negative balance protection (cl. 11.8.1) and names no compensation scheme. Client money sits in a pooled account at banks in or outside Malaysia; if one of those banks fails, you have only an unsecured claim (cl. 5.1 to 5.8). Disputes go to Malaysian courts (cl. 27.1).

Amana Mena Promotional Services L.L.C (Dubai) only markets. It's Active on the CMA register under code CP-0001097, with a Category 5 licence for promotion, introduction and financial consultations. The register's own notice says the licence does not allow it to trade, manage portfolios or execute client orders. Amana's welcome email says the same.

Amana Financial Services (Dubai) Limited isn't behind the app. It holds DFSA licence F003269, but the DFSA stated on 20 January 2023 that app users "are not clients of AFSDL" and are instead clients of AFS Global. That still holds: Amana's footer and emails in August and September 2026 name AFS Global.

US shares go to DriveWealth. Under the documents you accept at signup, exchange-traded US shares are held by DriveWealth LLC, a US broker-dealer. SIPC covers up to USD 500,000 including USD 250,000 in cash, but not money in the amana Wallet or in transit. FINRA fined DriveWealth USD 100,000 in June 2025 and USD 1,100,000 in June 2026, the second partly for failing to report about 211 million fractional-share trades. We haven't yet confirmed on a statement that our Apple purchase sat at DriveWealth.

Two more things. In March 2026 the DFSA warned about fraudsters using the similar name "Amanah Capital", so check the web address before you log in. And Amana's site still shows an FCA reference for a UK company that left the group in September 2025, so don't treat Amana as FCA-regulated.

Regulatory licences
Entity Regulator Tier Protection UAE clients
AFS Global Ltd LFSA · Malaysia (Labuan) Labuan Financial Services Authority (#MB/18/0025 (money broking) and FML/21/0060A (fund manager), per the client agreement) Permitted: Listed as AFS Global Limited on the Labuan FSA's Money Brokers list (list active; file uploaded 9 Sep 2026) · Listed as AFS Global Limited on the Labuan FSA's Fund Managers list (list active; file uploaded 13 Aug 2026) · Licence numbers MB/18/0025 and FML/21/0060A are stated in the client agreement, cl. 1.1; the Labuan FSA lists publish no licence numbers · Client agreement cl. 4.7.1: leverage up to 1:100 on a range of derivatives, granted under the fund-manager licence Tier-3 None stated Yes
Amana Mena Promotional Services L.L.C CMA · United Arab Emirates Capital Market Authority (the renamed SCA) (#CP-0001097 (register company code; Amana quotes licence no. 20200000255, which the register does not publish)) Permitted: Promotion (Active) · Introduction (Active) · Financial Consultations (Active) · The register's notice on this firm's page says the licence "does not in any way authorize the company to conduct trading operations, manage portfolios, or execute clients' orders" in derivatives, unregulated commodity contracts or spot FX Tier-2 None applicable: Amana states this company does not hold client funds No
Amana Financial Services (Dubai) Limited DFSA · United Arab Emirates (DIFC) Dubai Financial Services Authority (#F003269 (licensed 11 Apr 2016)) Permitted: Arranging Deals in Investments (Debentures, Futures, Options, Shares, Units) · Dealing in Investments as Principal (Futures, Options, Shares), restricted: "Dealing in Investments as Principal is limited to deals undertaken on a Matched Principal basis only." · Endorsements: "Carrying on authorised Financial Services with or for Retail Clients"; "Holding or Controlling Client Assets" · The DFSA stated on 20 Jan 2023 that the amana app is not a product of this firm and that app users are not its clients Tier-1 Not applicable to app users, who are not this firm's clients (DFSA alert, 20 Jan 2023) No
Amana Capital Ltd CySEC · Cyprus Cyprus Securities and Exchange Commission (#155/11 (licensed 21 Oct 2011)) Permitted: Reception and transmission of orders, execution of orders on behalf of clients, and dealing on own account (CySEC register) · Amana's site footer states that all card transactions, and Skrill and Neteller payments, are processed by Amana Capital Ltd Tier-1 Not established for app users, whose accounts are opened with AFS Global Ltd No
Amana Capital S.A.L. CMA (Lebanon) · Lebanon Capital Markets Authority (Lebanon), not the UAE CMA (#26 (approved institutions list)) Permitted: Dealing (Principal, Agent, Underwriter) and Arranging, as ticked on the CMA Lebanon approved institutions list · Added to the list under number 26 by CMA Announcement No. 45, 14 Nov 2018 Tier-3 — No
DriveWealth, LLC SEC / FINRA · United States Securities and Exchange Commission / FINRA (#SEC 8-69161 / FINRA CRD 165429) Permitted: Registered with the SEC and FINRA, both Approved, effective 2 Dec 2013 (FINRA BrokerCheck); SIPC member · Carries the US securities account for exchange-traded US shares bought through the app; a third-party broker, not an Amana group company Tier-1 SIPC up to USD 500,000 including USD 250,000 cash, for the US securities account at DriveWealth only (per its customer agreement); not cash in the amana Wallet, money in transit, or the AFS Global account Yes

Regulatory actions on record

  • FINRA, DriveWealth, LLC. Acceptance, Waiver & Consent (case 2020067647701), in which DriveWealth consented to the findings without admitting or denying them. Per FINRA, it failed to report approximately 211 million fractional share trades to the TRFs, inaccurately reported approximately 2.1 billion reportable events to the CAT central repository, effected over 110,000 fractional share trades during 96 trading halts, pauses and market-wide circuit breakers, and in over 52,000 transactions gave customers inferior prices, impacting 11,719 customer accounts. Penalty: Censure; fine of USD 1,100,000; restitution totalling USD 55,122.15.

    FINRA BrokerCheck report: DriveWealth, LLC (CRD 165429)
  • FINRA, DriveWealth, LLC. Acceptance, Waiver & Consent (case 2021071543601), in which DriveWealth consented to the findings without admitting or denying them. Per FINRA, it did not take timely action on 1,206 customer requests to transfer securities positions and money balances to another broker-dealer. Penalty: Censure; fine of USD 100,000.

    FINRA BrokerCheck report: DriveWealth, LLC (CRD 165429)

Safety signals

Segregated client funds Not verified
Negative balance protection No
Investor compensation scheme None for the AFS Global (Labuan) account: the client agreement states no scheme, and the Labuan FSA's money-broking and capital-markets pages mention none. The only scheme in the chain is SIPC, which applies to exchange-traded US shares carried by DriveWealth LLC in the United States, up to USD 500,000 including USD 250,000 cash, covering broker failure rather than market losses; it does not cover CFD positions, or cash in the amana Wallet or in transit No
Two-factor authentication Not verified
Biometric login Not verified
Publishes / audited financials Not verified
UAE legal entity: AFS Global Ltd (Labuan, Malaysia). Amana's footer, signup screen and emails all name it: "By default, all new accounts opened via the amana. app are opened with AFS Global Ltd." The UAE company, Amana Mena Promotional Services L.L.C (CMA code CP-0001097; Amana quotes licence 20200000255, which the register doesn't publish), is licensed to promote only. Your account is held in US dollars. The same Dubai number, +971 4 276 9525, appears on the CMA and DFSA register entries and in AFS Global's emails.
CMA register notice: a Category 5 licence does not authorise trading or executing client orders.
The CMA's register notice: the licence does not authorise trading, portfolio management or executing client orders. It still calls the regulator the Securities and Commodities Authority.Captured 14 September 2026 · UAE Capital Market Authority: Licensed Companies register
CMA register entry for Amana Mena Promotional Services L.L.C, status Active.
The register entry behind that notice: AMANA MENA PROMOTIONAL SERVICES L.L.C, Dubai, company code CP-0001097. The register publishes no licence numbers, so 20200000255 is Amana's alone.Captured 14 September 2026 · UAE Capital Market Authority: Licensed Companies register
DFSA register, Firm Details for Amana Financial Services (Dubai) Limited.
The group's DIFC firm: Amana Financial Services (Dubai) Limited, F003269, licensed since April 2016, endorsed for retail clients and client assets. Not the app's counterparty.Captured 14 September 2026 · DFSA public register: Amana Financial Services (Dubai) Limited
DFSA public register, Regulatory Actions tab for Amana Financial Services (Dubai) Limited, with an empty results table
The DFSA's Regulatory Actions table for the DIFC firm is empty. It excludes the DFSA's alerts about the amana app, and AFS Global in Labuan.Captured 23 September 2026 · DFSA public register: Regulatory Actions
CMA Violations and Violators page searched for "Amana", results reading "No data Available".
The CMA's violations list returns nothing for Amana, searched 23 September 2026. It covers the UAE promotional company only, not the Labuan entity holding your account.Captured 23 September 2026 · UAE Capital Market Authority: Violations and Violators
Amana account-opening email naming AFS Global Limited as the company holding the account.
The account-opening email names the company: 'your trading account with AFS Global Ltd ("AFSG")', regulated by the Labuan FSA under licence MB/18/0025.Captured 29 August 2026
Terms screen in Amana's web app listing the document set the client agrees to.
The documents accepted at signup include DriveWealth's privacy policy and a W-8BEN. The declaration cites 'residence address documents you uploaded'; none was asked for.Captured 28 August 2026
CMA register for Amana's UAE company, Licenses Granted expanded to three activities, all Active.
The regulator's panel lists three activities, all Active: financial consultations, introduction and promotion. Not dealing or holding client money. "Fifth category: Arrangement and advice" is the class, not a permission.Captured 25 September 2026 · UAE Capital Market Authority: Licensed Companies register

Account opening

3.5
Opening / 5

Signup is quick and fully online. Before anything else, the first screen makes you confirm that your account will be with AFS Global Ltd in Labuan. A seven-step questionnaire then covers your address, employment, source of wealth, income and net worth, tax residency and US-person status. Identity is checked by IDWise, with a live document scan and a selfie.

We were approved to deposit about three minutes after the identity check, but the trading account itself was only created when the first deposit landed. Two things to know: marketing consent is bundled into the button that accepts the terms, and no proof of address was asked for, although the declaration says AFS Global will check one.

Fully digitalYes
Mobile signupYes
Time to openApproved to deposit about 3 minutes after the identity check, measured once
UAE minimum depositUSD 25 by UAE bank transfer
  1. 1
    Sign up on the web or in the app

    Name, phone number with a one-time code, password, and a tick-box confirming the account is held with AFS Global Ltd, regulated by the Labuan FSA.

  2. 2
    Complete the questionnaire

    Seven steps covering date of birth, address, employment, financial details, tax residency and US-person status, politically-exposed-person questions and declarations.

  3. 3
    Verify your identity

    Live document scan and selfie through IDWise. Identity card, passport, driving licence or residence permit accepted.

  4. 4
    Accept the documents

    AFS Global's client agreement and risk disclosure, conflicts of interest and privacy policies, DriveWealth's privacy policy, a W-8BEN authorisation and market data agreements.

  5. 5
    Fund the account

    The account is approved to deposit first; the trading account is confirmed by email once the first deposit is credited.

My Accounts in Amana's web app, one approved account with separate main and US securities numbers.
One login, two account numbers: a 'Main Acct.' and a separate 'US Securities Acct.', with a day-trade counter. The screen names no company, and 'Add Account' is untested.Captured 14 September 2026
WhatsApp Web message from a dedicated Amana account manager, with the phone number partly masked here
After approval amana assigns a dedicated account manager, who makes contact on WhatsApp. The number begins +961, Lebanon, not the UAE. We masked the rest.Captured 29 August 2026

Account types

AccountMin. depositSwap-freeNotes
amana app account (Core leverage)USD 25 on the UAE bank transfer route—The default account, held with AFS Global Ltd and in US dollars. It sits behind one login with a Main account, a separate US Securities account (carried by DriveWealth under the documents accepted at signup; the screen names no company), and a Wallet balance. The app's leverage table gives Core limits of, for example, 25x on major FX, 20x on gold, 2x on crypto derivatives and 2x on US stock derivatives, with non-derivative crypto at 1x. The table was cut off below US stock derivatives, so it is not complete here.
Plus leverage——Requested in the app. The same table gives Plus limits of 100x on major and minor FX, gold, silver and index futures derivatives, up to 50x on energy and spot index derivatives, 25x on commodity futures derivatives, up to 8x on crypto derivatives and 5x on US stock derivatives. The request screen asks for a purpose, a risk tolerance and three attestations, one of which reads "I attest that my liquid net worth is in excess of 1 million USD." We viewed that screen but did not submit it.
Max leverage——A third tier requested through a 'Request Max Leverage' button. No ceiling is shown on that screen. Amana's Max page says it lets 'professional and experienced active traders' raise leverage up to 200x on certain products, which is above the 1:100 in the client agreement. Not requested.
Leverage tiers table in Amana's iOS app, comparing the Core and Plus tiers by asset class
Amana's leverage tiers, offered 'at the click of a button': Core 25x on major currency pairs and 20x on gold, Plus 100x on both.Captured 14 September 2026
Higher-leverage request screen in Amana's iOS app, with a risk-tolerance question and three unticked attestations
Three tick-boxes gate higher leverage, one reading 'I attest that my liquid net worth is in excess of 1 million USD'. Untested: we did not submit.Captured 14 September 2026

Deposit and withdrawal

3.5
Funding / 5

Deposit. "UAE bank transfer" in the app is an open-banking payment: you pick your bank and approve it on Al Tareq screens, with Lean handling the approval. The minimum is USD 25. We asked for USD 25, our bank was charged AED 91.75, and USD 24.99 was credited about 20 hours later (Friday 28 to Saturday 29 August), inside the app's stated 1-2 days. That's an implied 3.6715 against the 3.6725 peg, so there's no mark-up on Amana's side. We didn't check the bank's side.

Withdrawal. After selling our Apple position, we withdrew the whole balance, USD 25.20, at 22:33 on 24 September. AED 92.48 reached our bank at 13:19 the next day, about 15 hours later, from a payer named AFS GLOBAL LIMITED, with no fee. Amana's app quotes 24 hours plus 5-10 business days at the bank, while its client agreement says three working days (cl. 6.4).

Other methods. Card, wire, Apple Pay and crypto (BTC, ETH, USDT and USDC) are listed but untested. A banner asks for proof of residency to lift deposits above USD 6,000.

That's one deposit and one withdrawal, not a service level.

Deposit feeNone visible from Amana on our AED bank deposit. Bank-side fee not yet checked
Withdrawal feeNone charged on our request: the confirm screen read "We don't charge deposit or withdrawal fees" and the fee line showed 0.00. Bank-side deductions on arrival not yet seen
Min. withdrawalAmana's help centre states USD 25; our USD 25.20 request was accepted
Deposit timeAbout 20 hours on our AED bank deposit (submitted Friday, credited Saturday); the app states 1-2 days
Withdrawal timeMEASURED: requested 22:33 on 24 Sep 2026 (the whole available balance, USD 25.20, after selling the AAPL position) and credited at 13:19 the next day, about 15 hours. Amana quotes 24 hours to process then 5-10 business days at the bank, so it beat its own estimate. It returned AED 92.48 against an AED 91.75 deposit, in dirhams as Amana states, from a payer named AFS GLOBAL LIMITED. The client agreement states within three working days (cl. 6.4), while its app quotes 24 hours plus 5-10 business days
AED supportedYes (converted to USD)

Funding methods

Bank transfer UAE bank transfer by open banking, tested: USD 24.99 credited about 20 hours after submission. The app states 1-2 days. Wire transfer is also listed Yes
Credit / debit card Listed in the app as instant. Not tested Yes
Apple Pay Listed by Amana's help centre. Not tested Yes
Crypto funding Listed in the app as instant; Amana names BTC, ETH, USDT and USDC. Not tested Yes

Product selection & tradable assets

3.5
Assets / 5

Amana mixes real shares and derivatives in one app, so check what you're buying.

US shares and ETFs bought as exchange-traded go through DriveWealth and are held in a US account in your name, fractions included. Fractional shares can't be moved to another broker.

Regional shares, including Dubai and Abu Dhabi listings, are held in Amana's name in a pooled account. The agreement admits pooled shares may settle another client's trade, and that the company "has no controls in place to mitigate this" (Appendix 2, cl. 4.6).

Everything labelled "derivatives (OTC)" is a contract with AFS Global that gives you no ownership: stock CFDs, FX, gold, silver, energy and indices. Crypto is offered as derivatives too.

We traded only USD 20 of the unleveraged "Apple" listing, badged "Sharia compliant". That badge classifies the asset, not how it's held, and we haven't confirmed on a statement that it was a DriveWealth share. Amana's instrument counts differ between its own pages, so we don't repeat them.

Stocks Exchange-traded US shares through DriveWealth, plus EU and regional shares, and stock CFDs. One USD 20 unleveraged Apple buy placed; not yet reconciled Yes
ETFs Exchange-traded US ETFs through DriveWealth, plus ETF derivatives Yes
Forex As OTC derivatives Yes
Commodities Gold, silver and energy as derivatives Yes
Indices As derivatives Yes
Crypto Offered via derivative contracts, leveraged or unleveraged, per Amana's risk disclosure Yes
CFDs OTC derivatives with AFS Global as counterparty (client agreement, Appendix 1) Yes
Real share ownership Under DriveWealth's customer agreement, US shares bought as exchange-traded are held at DriveWealth in your name (not yet confirmed on our statement); regional shares are held in Amana's name through a sub-custodian; derivatives confer no ownership Partial
Amana's web order ticket for 'Apple Leveraged', the derivative, badged 'Asset is: Leveraged' beside a TradingView chart
Searching 'APPLE' returned the derivative 'Apple Leveraged' first: header 'AAPL', leverage at 2x, 'Asset is: Leveraged'. Captured outside the regular session, so the 0.12 gap measures nothing.Captured 14 September 2026
Amana's iOS order ticket for AAPL with leverage set to None, showing a notice that the market is closed
The same stock on the phone: leverage 'None', no 'Leveraged' label, and the blue crescent Amana says marks Sharia-compliant assets. The market was closed.Captured 14 September 2026
Amana's web order ticket for the unleveraged Apple instrument, a 20 dollar buy at leverage None, badged Sharia compliant
The web ticket for our first trade, 14 September: the unleveraged 'Apple', leverage 'None', $20 exposure, 'Asset is: Sharia compliant'. The 0.15 gap is one reading.Captured 14 September 2026
Amana's web home screen just after the Apple order filled, showing the new position and the account header
Amana's notice read 'Your AAPL order was filled at 332.76'. My Portfolio showed 0.0600168 units, $19.97 invested and $5.06 available: $19.97 at 332.76, but $20 at about 333.24. Unreconciled.Captured 14 September 2026

Fees and spreads

3.0
Fees / 5

For exchange-traded US stocks and ETFs, Amana's fees table lists no execution fee. EU and regional shares carry execution fees, and most derivatives carry overnight fees, but those rates aren't on the fees page; the help centre says the app shows them per product.

On our USD 20 Apple buy, the confirmation showed a $0.00 execution fee and a $0.00 overnight fee, and the order filled at 332.76. That's one unleveraged trade, so it tells you nothing about overnight rates on derivatives. The cost we did measure is the deposit conversion, where there was no visible mark-up. And whatever Amana charges, US dividends paid to UAE residents lose 30% to withholding (IRS Publications 515 and 519).

Key Amana fees
Fee typeCost
US stock feeNo execution fee on exchange-traded US stocks, per Amana's fees table; Amana's confirmation screen for our one USD 20 Apple buy at leverage 'None' showed $0.00, but we have not yet confirmed that this instrument is an exchange-traded share. Not yet reconciled against a statement
ETF feeNo execution fee on exchange-traded US ETFs, per Amana's fees table. Not yet reconciled against a trade
Crypto feeNo overnight or execution fee listed for unleveraged crypto (OTC) in Amana's fees table; the separate leveraged crypto line is marked for overnight fees. Spreads and rates are not published
Margin rateNot established for Amana clients. DriveWealth's customer agreement (sec. 14.4) sets its own margin rate at a 4.00% base plus the daily Federal Funds Rate, with USD 2,000 minimum equity (sec. 14.4.5), but we have not confirmed that credit is extended on accounts opened through the app
Deposit feeNone visible from Amana on our AED bank deposit; Amana states online deposits are free. Bank-side fee not yet checked
Withdrawal feeNone charged on our request: the confirm screen read "We don't charge deposit or withdrawal fees" and the fee line showed 0.00. Bank-side deductions on arrival not yet seen
Inactivity feeAmana states none. After 36 months of inactivity the company may close the account (client agreement, cl. 35)
Currency conversionMeasured on one deposit: AED 91.75 credited as USD 24.99, an implied 3.6715 against the 3.6725 peg, so no mark-up on Amana's side. Amana states a fixed 3.67. The bank's side was not checked
Amana's 'Charges and fees' table, product by product, with a cookie banner covering part of it
Amana's 'Charges and fees' table, 14 September: no execution fee on exchange-traded US shares and ETFs. A cookie banner covered the crypto row, leaving this view incomplete.Captured 14 September 2026 · amana.app fees and commissions page
Top of Amana's website, with the 'Commission-free' headline and a deposit bonus banner above it
The same page advertises 'Commission-free' dealing, asterisked: the table lists execution fees on regional shares. A banner offers a USD 100 bonus on a USD 100 deposit, unreviewed.Captured 14 September 2026 · amana.app fees and commissions page
Amana's Confirm Order screen for the 20 dollar Apple buy, showing the overnight and execution fees before confirming
Amana's Confirm Order screen for the USD 20 Apple buy at leverage 'None': $0.00 overnight fee, $0.00 execution fee, 333.20 beside the name, 'Market Price'. Unreconciled.Captured 14 September 2026

Web & desktop platform

We signed up, funded and traded on web.amana.app. It mirrors the app and adds an economic calendar and charts.

The finding that matters: searching "APPLE" put "Apple Leveraged" at the top, badged "Asset is: Leveraged" and set to 2x by default, with the unleveraged "Apple" listing below it. They're different products with different risks, one search apart. After our buy, a banner promoted more leverage: "You asked for more leverage... we delivered." MetaTrader 4 and 5 are named in the client agreement; we didn't test them.

Proprietary platform web.amana.app, used for signup, funding and one small unleveraged Apple buy Yes
MT4 Named in the client agreement. Not tested Yes
MT5 Named in the client agreement. Not tested Yes
Amana's web trading screen for gold, a TradingView chart badged 'Asset is: Leveraged' beside a watchlist
The web trading screen runs on TradingView charts. Gold is 'Spot Gold Leveraged'; its 0.22 gap is one reading, not a measured spread.Captured 28 August 2026
Amana's web app home, with its 'Smart Money Tracker' and 'Market Sentiment' positioning panels side by side
Crowd signals on the home screen: a 'Smart Money Tracker' and 'Market Sentiment' percentages for 'All Traders' and 'Top Traders'. Neither says whose trades it counts.Captured 28 August 2026
Learn tab of Amana's web platform, shelves of third-party market commentary videos grouped by presenter
The education tab is a video library, not a course: shelves of third-party market commentary grouped by presenter, on macro themes like AI and bitcoin.Captured 28 August 2026

Mobile app

We used the iOS app to browse, not to trade. It opens with an Arabic option, and the home screen combines watchlists, a "For you" dashboard, and buttons to deposit, withdraw and transfer. A lightning bolt marks leveraged products, and a crescent moon marks assets Amana classifies as Sharia-compliant.

On the Apple ticket, leverage defaults to "None", which is the safer default. Higher leverage is requested in the app through three self-attestations, including the USD 1 million net worth box, next to Amana's own warning that "The majority of traders using leverage lose money". We didn't submit it.

iOS Used in testing Yes
Android Listed on Google Play. Not used Yes
Arabic language Arabic option on the app welcome screen Yes
Real share ownership Amana's signup documents place exchange-traded US shares with DriveWealth; on the screens we saw, icons and the leverage setting were the visible difference from leveraged CFDs Partial
Fractional shares Amana states fractional trading; executed by DriveWealth Yes

UAE-specific features

2.5
UAE fit / 5

Amana feels local: it's marketed to the UAE, offers Arabic, lists a Dubai phone number, and funding from a UAE bank worked both ways. The regulation isn't local. No UAE regulator licenses an Amana company to deal with app users or hold their money. Your account is in US dollars, converted at about 3.67, and UAE residents lose 30% of US dividends to withholding because there's no US-UAE tax treaty.

Available in UAE Arabic support AED deposits
Available in UAE Yes
Local regulator Labuan FSA (Malaysia) for app accounts; no UAE dealing licence
Local entity AFS Global Ltd (Labuan, Malaysia)
Dubai office Yes
Arabic support Yes
AED deposits Yes
Islamic account Not verified
UAE minimum deposit USD 25 by UAE bank transfer
Higher-leverage request in Amana's iOS app, its "Your experience" section on UAE accreditation.
Amana's leverage form asks: 'Are you accredited by the UAE Securities and Commodities Authority (SCA), or any similar regulatory authority?' The SCA is now the CMA. Untested.Captured 14 September 2026
Bank selection window in Amana's web app, listing UAE banks for the open-banking deposit route
The bank picker counts 11 UAE banks: Wio and Mashreq popular, ADCB, ADIB, CBD, DIB and EI+ visible. The money still lands in a dollar account.Captured 28 August 2026
Welcome screen of Amana's iOS app, with the Arabic language link at top right
The app offers Arabic from its first screen, through the 'العربية' link at top right. We tested in English; the Arabic screens are unreviewed.Captured 28 August 2026

Customer support

Amana's emails list Telegram, WhatsApp and Messenger chat, email to support@amana.app and a Dubai phone number, and the app carries its own live chat.

We used the in-app chat on Wednesday 30 September 2026. It opens with a bot called Ameen; asking for a human put us in a queue of one, with the position shown rather than hidden, and a named agent picked the conversation up inside about a minute. He answered in plain language and stayed with it for roughly six minutes.

Two of our three questions got somewhere. Asked which company holds the account, he confirmed it sits under Labuan FSA rules, which matches what the signup documents and the client agreement told us. Asked how to request a swap-free account, he said amana does not offer one on the app "for the time being", and suggested trading non-leveraged products to avoid overnight fees instead. That is worth pausing on, because the client agreement does offer swap-free accounts on request at Appendix 1, cl. 4.6. The contract and the support desk do not agree, and we have not resolved which governs. The third question, whether our Apple shares are real shares held at DriveWealth and where the statement shows it, was answered only with a pointer to the US securities statement.

So: one channel tested once, answered quickly by a person. That is a data point on reachability, not a measurement of support quality across channels, and support stays unscored.

WhatsApp Listed in Amana's emails. Not tested Yes
Telegram Listed in Amana's emails. Not tested Yes
Email support@amana.app. Not tested Yes
Phone +971 4 276 9525, listed in Amana's emails. Not called Yes
Amana's in-app chat: the bot Ameen offers help, we ask for a human, and the queue reads '1 person is waiting ahead of you'.
Support opens with a bot called Ameen. Asking for a human put us in a queue of one at 12:59 PM, with the wait shown rather than hidden.Captured 30 September 2026
A named Amana agent joins the chat and introduces himself, about a minute after we asked for a human.
A named agent picked the chat up inside about a minute. That is a person, in the app, on a Tuesday afternoon UAE time.Captured 30 September 2026
The three questions we put to Amana's agent: who custodies the Apple shares, which company holds the account, and how to request a swap-free account.
What we asked: whether the Apple shares we bought are real shares held at DriveWealth and where the statement shows it, whether the account sits with AFS Global Ltd in Labuan or a UAE company, and how to request a swap-free account.Captured 30 September 2026
Amana's agent replies that swap-free accounts are not offered on the app for the time being, and that the account is under LFSA regulations.
The answer that matters: "we don't offer swap free accounts on amana app for the time being", with non-leveraged products suggested instead to avoid overnight fees. The agent also confirmed the account sits under Labuan FSA rules, which is what our own reading of the signup documents found. The custody question went unanswered beyond a pointer to the US securities statement.Captured 30 September 2026

Research & education

amana does not run a course library. On the website, Learn resolves to a blog: the three lead posts when we captured it were a product announcement about faster withdrawals, a markets explainer on tariffs, and a comparison of UAE trading apps that ranks amana against the competitors it names. That last piece is marketing sitting on the same shelf as the rest, and it is worth knowing which is which.

Inside the platform, the Learn tab is a video library rather than a course: shelves of third-party market commentary grouped by presenter, on macro themes like AI and bitcoin. Useful as background, but it is someone else's content, curated.

We have not worked through either, and research and education is absent from the scores rather than rated.

Amana's Read blog: posts on faster withdrawals, a comparison of UAE trading apps naming amana's own competitors, and a markets piece on tariffs.
What amana calls education on the website is a blog. The three lead posts are a product announcement, a markets explainer, and a comparison of UAE trading apps that places amana alongside the competitors it names. That last one is marketing, and it sits in the same shelf as the rest.Captured 30 September 2026 · Read on amana

Best alternatives to Amana in the UAE

BrokerBest forOverall scoreUAE regulatorMinimum depositSwap-free account
Capital.comUAE clients are onboarded by a CMA Category One dealing entity in Dubai, with AED as a base currency. It is CFDs only, so there are no real shares.Best for a UAE-licensed CFD counterparty4.2CMA$20 (20 USD/EUR/GBP) or AED 80Yes
eToroOnboards UAE clients through an ADGM entity regulated by the FSRA, buys the underlying share on unleveraged long positions and lists ADX and DFM shares.Best for real shares under a UAE licence4.4FSRA$100 (≈ AED 367)Yes
SarwaAn FSRA-regulated Abu Dhabi app with real US share ownership and no fee line on AED transfers in (we measured about 0.27% in conversion), but no leverage or CFDs, and the greater of $1 or 0.25% per trade.Best UAE-regulated app for US shares only3.9FSRA, DFSA$0.27 (≈ AED 1) on the bank rail; Invest from $500—

Verdict

Amana gets the basics right in our test: a quick signup, a dirham deposit in about 20 hours and a withdrawal back in about 15, with no visible mark-up or fee. The reason to be careful is who holds your account. It's AFS Global Ltd in Labuan, with no negative balance protection and no compensation scheme, while the UAE company only promotes. If you use Amana, keep amounts modest, check every instrument's label before you buy, and read which company your agreement names. We'll revisit the scores when the trade is reconciled against an account statement.

Recent news

  • New Chief Technology and Information Officer

    Amana appointed Andrey Artamonov as Chief Technology and Information Officer. No change to the structure our review describes: app accounts are opened with AFS Global Ltd in Labuan, Malaysia.

    GlobeNewswire, via Tracxn
  • App update adds news summaries

    A July app update added short summaries of key financial news and expanded asset information, alongside bug fixes. Minor, but it is the latest change to the app our review tested.

    Google Play listing

Frequently asked questions

Is Amana regulated in the UAE?
Not for the account you open through the app. Amana's UAE company, Amana Mena Promotional Services L.L.C, holds a Capital Market Authority licence for promotion, introduction and financial consultations (register code CP-0001097). The register's own notice on its page says the licence "does not in any way authorize the company to conduct trading operations, manage portfolios, or execute clients' orders in relation to trading activities in financial derivatives contracts, unregulated commodity contracts, or spot foreign exchange (Spot FX)." The group's DFSA-licensed Dubai firm, Amana Financial Services (Dubai) Limited, is not the app's counterparty: the DFSA stated on 20 January 2023 that "users of the amana app are not clients of AFSDL".
Which company holds my Amana account?
AFS Global Ltd, a company in Labuan, Malaysia, regulated by the Labuan Financial Services Authority. Amana's site footer, the signup declarations, the account-created email and the DFSA all say so. Under the DriveWealth documents accepted at signup, exchange-traded US shares are carried separately by DriveWealth LLC, a US broker-dealer; we have not yet confirmed that on a statement for our own purchase.
Is my money protected if something goes wrong?
Only in part. AFS Global's client agreement states no investor compensation scheme and says it does not provide negative balance protection (cl. 11.8.1), so losses on leveraged positions can exceed your deposit. Exchange-traded US shares held at DriveWealth carry SIPC cover of up to USD 500,000 including USD 250,000 cash, per DriveWealth's agreement, but that covers DriveWealth failing, not market losses, and it does not cover cash in the amana Wallet.
Does Amana charge commission on US shares?
Amana's published fees table lists no execution fee on exchange-traded US stocks and ETFs, and Amana's confirmation screen for our first trade, a USD 20 Apple buy at leverage 'None', showed a $0.00 execution fee and a $0.00 overnight fee. We have not yet confirmed on a statement whether that instrument is an exchange-traded share or a derivative, or reconciled the fees, so treat this as Amana's published position and on-screen display for now. EU and regional shares do carry execution fees, and most derivative lines are marked for overnight fees, whose rates are not on the fees page.
Do I pay US tax on dividends through Amana?
Yes, if you are a UAE resident and not a US person. US dividends paid to non-resident aliens are taxed at a flat 30% unless a tax treaty lowers the rate, and the IRS lists no income tax treaty with the UAE (IRS Publications 515 and 519). The W-8BEN you sign at onboarding confirms you are not a US person, but it does not reduce the 30%.
How much leverage does Amana offer?
The client agreement allows up to 1:100 on a range of derivatives, under AFS Global's Labuan fund-manager licence. In the rows of the app's leverage table we captured, the default Core tier runs from 1x on non-derivative crypto to 25x on major FX, and Plus goes up to 100x on some FX, metals and index products; the table was cut off, so it is not complete. Plus and Max are requested through a screen that asks you to attest your liquid net worth exceeds USD 1 million. Amana's own pages quote other ceilings, including up to 200x on its Max option. We did not submit a request.
Does Amana have an Islamic account?
The client agreement says swap-free accounts, with no overnight fees, are offered only on request (Appendix 1, cl. 4.6), but amana's own live chat told us on 30 September 2026 that it does not offer them on the app "for the time being", suggesting non-leveraged products instead. The contract and the support desk disagree, and we found no published fee for them or any Sharia certification of an account. Amana does tag individual assets as Sharia-compliant using Zoya's screening, which is a screener, not an account-level Islamic structure.
How long do Amana deposits and withdrawals take?
Our USD 24.99 deposit from a UAE bank, paid through the app's open-banking route, was submitted on a Friday and credited on the Saturday, about 20 hours later; the app states 1-2 days. We withdrew the full USD 25.20 on 24 September 2026 and AED 92.48 reached our UAE bank about 15 hours later, from a payer named AFS Global Limited. The client agreement says withdrawals are completed within three working days, and that app clients with open positions can withdraw up to 90% of their available balance (cl. 6.4).
Giles Thomas

Giles Thomas

Executive Director, FOE Global

Giles is Executive Director at FOE Global, a UAE family office and private equity advisory firm. He conducts the funded account testing and regulatory verification behind onlinebroker.ae.

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Last reviewed30 September 2026

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eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.

Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 51% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

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