Welcome to the Shifa Health Savings Account (HSA)

The Shifa Health Savings Account (HSA) offers investment options that are compliant with Islamic Investment Principles, allowing Muslim investors to take advantage of an HSA that aligns with their religious beliefs. Mutual funds that invest according to Islamic Principles typically avoid speculation. Additionally, to avoid riba (interest), the associated spending account tied to your debit card will not accrue interest.

What is a Health Savings Account (HSA)?

An HSA allows you to pay for IRS qualified healthcare expenses in a tax-advantaged savings account. Whether you’re balancing many health care expenses year after year, or only a few, an HSA can help you manage your expenses today and in the future. Generally, anyone who is covered under a qualified high-deductible health care insurance plan may open an HSA.

Triple Tax Advantage

  1. Tax-Free Contributions: Deposits made directly from you into your Shifa HSA result in an HSA year-end tax deduction.
  2. Tax-Free Earnings: Accountholders do not pay income tax on earnings from investing HSA dollars. To avoid riba, and to comply with Islamic Investment Principles, no interest is earned on the money held in your Saturna Wallet which is available to pay for qualified medical expenses.
  3. Tax-Free Withdrawals: If the qualifying medical expense was made after you established your Shifa HSA, you can use the funds in your Shifa HSA to reimburse yourself for out-of-pocket expenses without tax implications. There is no time limit to reimburse yourself for qualified medical expenses which means you can build tax-free earnings.

Am I eligible to contribute to an HSA?

To be eligible to contribute into an HSA, you must participate in a Qualified High Deductible Health Plan (QHDHP) and to not be enrolled in any other non QHDHP healthcare plan, which includes but is not limited to Medicare or TriCare.

Contributions into your Shifa HSA can be made by you or your eligible family members. If you are unsure if you are enrolled in a QHDHP, please check with your health insurance provider or company’s HR department.

Review Eligibility Requirements

In order to open the Shifa HSA, you must have a qualifying health plan. Please note that Saturna Trust Company is not responsible for providing tax advice. If you have any questions on how to respond or the impact of your responses on your potential HSA, please consult your tax advisor.

Find out if you are eligible: Am I eligible? »

Your Shifa HSA money is always yours

Unlike the Flexible Spending Account (FSA) “use it or lose it” rule for the specific tax year, your HSA allows you to rollover your unused account balance from year to year. Contributions into your Shifa HSA may be made up to the limits established by the IRS each year. The money accumulated in your Shifa HSA is yours regardless of who made the contribution. If your circumstances change, and you can no longer contribute into your Shifa HSA, your existing balance remains yours and although you will not be allowed to make new contributions, your account can remain open.

Qualified High-Deductible Health Plan Requirements2024
QHDHP Minimum Deductibles$1,600$3,200
QHDHP maximum out-of-pocket amounts¹$8,050$16,100

¹ Including deductibles, co-payments, and other amounts, but excluding premiums. See IRS Publication 969 (www.irs.gov) for more information.


HSA Qualified Medical Expenses

You can use your Shifa HSA savings and earnings to pay for qualified medical expenses up to the amount of your yearly health care insurance deductible.

The Internal Revenue Service (IRS) defines allowable expenses. For more information, please visit www.irs.gov/publications/p502 or refer to IRS Publication 502, Medical and Dental Expenses. You may also consult your tax professional.

Common allowable expenses include:

  • Acupuncture
  • Birth control pills
  • Chiropractic services
  • Dermatology treatment
  • Emergency transportation
  • Eyeglasses and contact lens supplies
  • Hearing aids
  • LASIK surgery
  • Nursing homes and care
  • Optometry treatments
  • Orthodontia and dental treatment
  • Orthopedic services (including shoes)
  • Osteopathy
  • Over-the-counter medications (with a prescription)
  • Pediatric services
  • Prescription medications
  • Psychiatric care
  • Psychology services
  • Cessation programs
  • Vaccines
  • Medical weight loss programs 

Your HSA at a glance

A triple tax-advantaged savings account that you can use to pay for IRS-qualified health care expenses.

1. All Shifa HSA contributions and withdrawals flow through
your UMB FDIC-insured bank account via your Saturna Wallet

2. Once the $500 minimum required balance is met in the HSA Wallet, you may begin investing for growth.

Saturna HSA Wallet


  • Saturna HSA VISA® Debit Card
  • Online bill pay
  • Online reimbursement
  • ReceiptVault
  • Non-interest bearing

Saturna HSA Investment Account


  • Investment plan menu
  • Automatic investing for new contributions
  • Investments can grow tax-free

Three easy ways to pay for qualified medical expenses using your Saturna Wallet

Saturna has partnered with UMB Bank to bring you an FDIC-insured bank account to pay for qualified medical expenses.

  1. Saturna HSA VISA© Debit Card: You no longer need to use cash, checks, or wait to be reimbursed for out-of-pocket expenses such as prescriptions and over-the-counter items. Instead, simply use your VISA Debit Card at point of purchase.
  2. Online Bill Pay: For medical procedures or hospitalization, you may decide to use the Saturna online banking feature to pay your invoice.
  3. Online Reimbursement: For out-of-pocket expenses, you can transfer money from your HSA account into your personal checking/savings account or request a reimbursement check.

Saturna HSA Wallet offers ReceiptVault for easy record retention

The IRS may request that you show proof of how you spent your tax-free money. The recordkeeping of your Shifa HSA receipts is solely your responsibility. It is important to maintain all receipts, records, and other documentation as proof that the money withdrawn from your HSA was used for qualified medical expenses. Within the Saturna HSA Wallet, the ReceiptVault is available to store and organize receipts online for qualified healthcare expenses for as long as you maintain your HSA with Saturna.

Change Contribution Elections & Adjustable Wallet Balance

All new Shifa HSA contributions go into your FDIC-Insured bank account within your Saturna Wallet.

Remembering to login and invest your new contributions each time can be troublesome. Saturna’s “Change Contribution Elections” feature will automatically help you invest any new contributions in various mutual funds once you meet your required $500 minimum Wallet balance.

You can also increase the minimum Wallet balance by using the “Set Wallet Balance” feature. This allows you to build a larger bank account balance with new contributions to accommodate higher than expected medical expenses. Money held in your HSA Wallet is FDIC-insured against loss and is a safe place to keep assets that do not have a long enough time horizon to be invested in mutual funds.

Fund Menu Options

Make the most out of your Saturna Trust Shifa Health Savings Account (HSA) by investing. The Shifa HSA offers investment options that are compliant with Islamic Investment Principles, allowing Muslim investors to take advantage of an HSA that aligns with their religious beliefs. Mutual funds that invest according to Islamic Principles typically avoid speculation.

Amana Mutual Funds Trust

At Saturna Capital and the Amana Mutual Funds Trust, we endeavor to align our investments with our principles.

The Amana Mutual Funds favor companies with low price-to-earnings multiples, strong balance sheets, and proven businesses. They follow a value-oriented approach consistent with Islamic finance principles. Generally, these principles require that investors avoid interest and investments in businesses such as liquor, pornography, gambling, and banks. The Funds avoid bonds and other conventional fixed-income securities.

Saturna Capital selects investments in companies that to its knowledge do not violate the requirements of the Islamic faith at the time of investment. To ensure that investments continue to meet the requirements of the Islamic faith, Saturna Capital engages Amanie Advisors Sdn Bhd, a leading consultant specializing in Islamic finance.

The Amana Funds limit the securities they purchase to those consistent with Islamic and ESG principles. This limits opportunities and may affect performance.

Phone Number
Amana Income FundAMINXUS Fund Large BlendProspectus888-732-6262
Amana Growth FundAMIGXUS Fund Large GrowthProspectus888-732-6262
Amana Developing World FundAMIDXUS Fund Diversified Emerging MarketsProspectus888-732-6262
Amana Participation FundAMIPXUS Fund Emerging Markets BondProspectus888-732-6262

Please consider an investment's objectives, risks, charges, and expenses carefully before investing. To obtain this and other important information in a current prospectus or summary prospectus, please view the prospectus links listed by each fund, or call the toll-free phone number listed next to the fund. Please read the prospectus or summary prospectus carefully before investing.

Investing involves risk, including possible loss of principal. Generally, an investment that offers a higher potential return will have a higher risk of loss. Stock prices fluctuate, sometimes quickly and significantly, for a broad range of reasons that may affect individual companies, industries, or sectors. When interest rates rise, bond prices fall. When interest rates fall, bond prices go up. A bond fund's price will typically follow the same pattern. Investments in high-yield securities can be speculative in nature. High-yield bonds may have low or no ratings, and may be considered "junk bonds." Investing in foreign securities involves risks not typically associated directly with investing in US securities. These risks include currency and market fluctuations, and political or social instability. The risks of foreign investing are generally magnified in the smaller and more volatile securities markets of the developing world. These and other risks pertaining to specific funds are discussed in each fund's prospectus and summary prospectus. Clicking a fund's name will take you to a more detailed page that includes objectives, strategies, and risks of that specific fund. Nothing on this website should be considered a solicitation to buy, an offer to sell, or a recommendation for any security in any jurisdiction where such offer, solicitation, or recommendation would be unlawful.



Asset-based Fee
Accountholders are not charged on investments held in a Saturna Capital managed mutual fund. Investments held in non-Saturna funds are charged an annual asset-based fee 0.30%.

Monthly Fee
$0.00 monthly fee.

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Enrollment fee:None
Affiliated mutual fund trading fees:None
Plan menu fund trading:None
Mutual fund expenses:Please see a Fund's prospectus for details
Account closure and transfer fee:$25
Paper statement fee:$3.00 quarterly (electronic statements are free)
Bank wire fee:$15

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¹ Withdrawals may be subject to income taxes, and if taken before age 59½, may be subject to tax penalties.

² While Saturna does not have a specific charge for inbound transfers, the previous custodian may charge for the outbound transfer.

Open an HSA Online »


Q: What is a Health Savings Account (HSA)?

A: An HSA is an investment-based savings account that can be used to pay for qualified medical expenses (as defined by the IRS) for you, your spouse, or your dependent(s). HSAs provide a triple tax advantage:

  1. Tax-free contributions
  2. Tax-free earnings
  3. Tax-free withdrawals

Q: How do I qualify for an HSA?

A: To qualify for an HSA, you must be enrolled in a Qualified High Deductible Health Plan (QHDHP). A QHDHP is a health care plan with a lower monthly premium and a higher deductible. In addition, you cannot be enrolled in another health plan or be claimed as a dependent on another person’s tax return.

Q: What can I spend my HSA balance on?

A: You can use your HSA balance to pay for qualified medical expenses (shown in IRS Publication 502). Examples:

  • Insurance deductible(s)
  • Dental treatments, exams or cleaning costs
  • Vision expenses such as contact lenses or glasses
  • Eye surgery
  • Prescription and over-the-counter drugs costs
  • Chiropractic or acupuncture
  • Crutches

Q: If I open an HSA, can I also enroll in a health care Flexible Spending Account?

A: No, you cannot enroll in both. If you are married, you may not have coverage under your spouse’s flexible spending account (FSA). You can only have a “limited purpose” FSA. Examples: unreimbursed dental, vision and/or hearing care expenses and out-of- pocket medical expenses you paid after you met your plan deductible.

Q: How do I contribute to my HSA?

A: You can make contributions to your Saturna HSA by sending a personal check or setting up recurring ACH transactions via your bank. Please see contribution limits at www.saturna.com/hsa.

Q: How much can I contribute to my HSA?

A: You can choose to contribute to your HSA up to the IRS annual limits. For 2024, the maximum contributions for your HSA are $4,150 for individual coverage, and $8,300 for family coverage. If you are 55+ you can contribute an additional $1,000 (in 2024) yearly as a catch-up contribution. These limits include all sources of contributions whether they come from you, your employer, or a family member.

Q: Is my money safe in an HSA?

A: Yes. Within your Saturna HSA Wallet you have an FDIC bank deposit account insured up to a balance of $250,000. Once your HSA balance is greater than $500 you can invest in mutual funds that carry various levels of risk and reward, similar to investments in a retirement savings plan.

Q: Can I roll over money from my IRA or 401(k) into my HSA?

A: You may make a one-time, tax-free transfer into your HSA from your IRA. However, you cannot move money from your HSA into your IRA. You are not allowed to transfer funds from your 401(k) into your HSA.

Q: Do contributions from other sources have to be claimed on my income taxes?

A: If you received contributions from your employer or family members, you do not need to claim them on your annual income tax return.

Q: Does my HSA money expire?

A: No. You own your HSA, and your HSA money rolls over year after year, making it a great way to save for medical expenses now and in the future. In the case of your death, any funds remaining in your HSA will transfer to the beneficiary named in the HSA beneficiary designation form.

Q: What happens to my HSA when I change health plans?

A: Your HSA is yours, and in the event you change jobs or health care plans, you still own your HSA. Remember, to contribute to your HSA you must be enrolled in a qualified high deductible health plan (QHDHP). If you are no longer enrolled in a QHDHP, you can still use the funds in your HSA for qualified medical expenses but will no longer be able to make contributions.

Q: How do I transfer any existing HSA balance?

A: You may transfer the balance from another HSA into your Saturna HSA and continue to make after-tax contributions that you can deduct when filing your annual tax return. Once you established your new Saturna Trust Company HSA, you have two ways to transfer your existing balance:

  1. A direct transfer of all the balance from another HSA.
  2. Distributing funds to yourself, and then rolling over all or part of the HSA balance into your Saturna HSA.

Q: When can I take money out of my HSA?

A: If you have funds available, you can withdraw money from your HSA whenever you need it, either now or in the future. If you withdraw money for non-qualified purchases, under the age of 65, you will be subject to income taxes plus a penalty fee. However, if you are over the age of 65, you may withdraw money for non-qualified expenses without penalty, but you will pay income taxes on the withdrawn amount.

Q: How do I pay for medical expenses?

A: You’ll receive a Saturna Visa® debit card to pay for qualified expenses not covered by your QHDHP. Simply swipe/tap the debit card at a point of purchase or store your debit card in a digital wallet like Apple Pay, Samsung Pay, Garmin Pay, or FitBit Pay.

Use Saturna’s ReceiptVault to store and organize receipts for your qualified health care expenses. Save your receipts, since you may need them as proof in an IRS audit. Out-of-pocket expenses can be reimbursed to you from your HSA.

Q: How do I access my Saturna Trust Company HSA?

A: We offer a variety of methods to access your Saturna HSA. Visit www.saturna.com/HSA to log in into your account. Once logged in you may check your balance, update investment options, and make non-payroll contributions.

A: You can call us at 1-888-333-1879 or email us at [email protected]. Our website, www.saturna.com/hsa, is also a great resource for many FAQs.

Reimbursement does NOT include insurance premiums with the exceptions of long-term care insurance premiums, premiums on a health plan during any period of continuation coverage required by federal law (for example, “COBRA” coverage), or premiums for health care coverage while you receive unemployment compensation. You can find a full list of qualified expenses at www.irs.gov/forms-pubs/about-publication-502.



Important Disclaimers and Disclosure


Saturna Trust Company, in its capacity as the Saturna Capital Corporation Direct Customer Product Sponsor, selects the mutual funds in the Saturna Trust Health Savings Account (the “HSA”) unless you participate in your employer sponsored HSA. In that case, your employer sponsored HSA mirrors the mutual funds selected by your employer as the plan sponsor of your 401(k) plan. UMB Bank, n.a., a wholly owned subsidiary of UMB Financial Corporation, is the HSA custodian. Saturna Trust Company, in its capacity of sub-custodian to the HSA, provides mutual fund settlement, custodial, and recordkeeping services to the HSA.

The mutual funds in the Saturna Trust Company HSA Plan are not FDIC insured, and are not an obligation of, or guaranteed by, UMB Bank, n.a. or Saturna Trust Company. Mutual funds may fluctuate in value and involve investment risk including the possible loss of principal. There can be no guarantee about the attainment of any particular investment goals, investment performance, or investment objectives.

Saturna Trust Company is a wholly-owned subsidiary of Saturna Capital. HSA deposit products offered by UMB Bank, n.a. Member FDIC.

High-Deductible Health Plans constitute insurance products, which are not offered by Saturna Trust Company, or UMB Bank, n.a. and are not FDIC-insured.All mention of taxes is made in reference to federal tax law. Neither Saturna Trust Company nor UMB Bank n.a., nor its parent, subsidiaries, or affiliates are engaged in rendering tax or legal advice and this document is not intended as tax or legal advice.

States can choose to follow the federal tax-treatment guidelines for HSAs or establish their own; some states tax HSA contributions. Please check with each state’s tax laws to determine the tax treatment of HSA contributions, or consult your tax adviser.