Islamic Principles Pave Way to Top for Amana Funds

(THIS ARTICLE DOES NOT DISCUSS THE TRUE NATURE OF THE SHARIAH AND THE ISSUES OTHER THAN ETHICAL INVESTMENT-THIS IS BEING POSTED TO SHOW HOW THE MEDIA ARE FOLLOWING THE IDEAS THAT THE FINANCIAL CRISIS WOULD HAVE BEEN AVERTED BY ISLAMIC FINANCE, BUT THIS IS NOT TRUE. READ THIS ARTICLE TO UNDERSTAND HOW THE SELLING OF SHARIAH COMPLIANT FINANCE IS BEING PROMOTED IN THE FREE WORLD.) comments by Allyson Rowen Taylor

 

By Christopher Condon

Bloomberg
Friday, October 24, 2008; Page F03  

 

Islam and Nicholas Kaiser have guided the $532 million Amana Income Fund to returns that beat all rivals for the past five years.

Amana Income gained an annual average of 9.7 percent through Thursday, best among funds that focus on large companies considered undervalued based on earnings or other financial measures, according to Morningstar. Stakes in Nike and General Mills helped it exceed the average peer’s 0.1 percent return.

Amana Income and sister fund Amana Growth are designed for U.S. Muslims who wish to invest according to their beliefs. Islam’s prohibition against earning or paying interest puts financial stocks and debt-heavy companies off limits. While the restriction proved beneficial in 2008, the fund’s longer-term record is based on more than avoiding those companies hit hardest by the current financial crisis.

CONTINUE READING AT          http://www.washingtonpost.com/wp-dyn/content/article/2008/10/23/AR2008102302117.html

 

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