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EspañolAMANA MUTUAL FUNDS TRUST
'Amana Mutual Funds Trust' (AMAGX) (AMANX) is Bellingham, WA-based a mutual fund managed according to Islamic banking principles.
Amana is unique among high-growth investment funds in that it was specifically conceived to meet the needs of Muslims investors, and in particular to help make financial preparations necessary to make the ''Hajj'', a sacred form of a self-presentation before Allah (or ''Subhanahu_wa_ta'ala'') that is considered to be one of life's primary duties. In order to make the ''Hajj'', a Muslim must first get his financial house in order, which presents special challenges if the money is to be invested in compliance ''Shari'ah''-oriented financial principles. According to Amana's founding chairman Dr. M. Yaqub Mirza,
:In order to make the ''Hajj'', muslims must first pay off their debts, including the zakat due on their wealth; to return whatever was given them in trust; and have enough savings to bear the expenses of the journey (such as travel, ''Hajj'' tax, and lodging) and the sacrifice (of an animal). Besides this, they also have to provide for their families and dependents during their absence. They must have earned and saved enough to cover these expenses. No Hajj is valid if it is performed "on credit."[1]
The fund has earned good reviews in recent years, ranking among the top 1% of financially similar funds over the last three years in early 2006, with annualized returns of 28.6%.[2][3]
Amana's financial advisor is Saturna Capital Management.
★ Nicholas Kaiser, MBA, CFA
★ Iqbal Unus, PhD
★ Samir I. Salah, MS
★ Talat M. Othman
★ Abdul Wahab
★ Abid Malik
Amana's past board membership has included the following interesting indviduals:[4]
★ Yaqub Mirza, co-founder, trustee 1986-2003.
★ Jamal M. Barzinji, trustee, 1984-2001.
1. M. Yaqub Mirza, Early Bird Financial Planning
2. Timothy Middleton, Mutual Funds: Your beliefs and your dollar dont mix, MSN Money, February 21, 2006
3. Mutual Funds Anyone Can Afford
4. SEC PRES14A filing, 6/14/2001
★ www.amanafunds.com - main website
| Contents |
| Founding principles |
| Performance |
| Organization and structure |
| Current board membership |
| Alumni |
| References |
| Extenral links |
Founding principles
Amana is unique among high-growth investment funds in that it was specifically conceived to meet the needs of Muslims investors, and in particular to help make financial preparations necessary to make the ''Hajj'', a sacred form of a self-presentation before Allah (or ''Subhanahu_wa_ta'ala'') that is considered to be one of life's primary duties. In order to make the ''Hajj'', a Muslim must first get his financial house in order, which presents special challenges if the money is to be invested in compliance ''Shari'ah''-oriented financial principles. According to Amana's founding chairman Dr. M. Yaqub Mirza,
:In order to make the ''Hajj'', muslims must first pay off their debts, including the zakat due on their wealth; to return whatever was given them in trust; and have enough savings to bear the expenses of the journey (such as travel, ''Hajj'' tax, and lodging) and the sacrifice (of an animal). Besides this, they also have to provide for their families and dependents during their absence. They must have earned and saved enough to cover these expenses. No Hajj is valid if it is performed "on credit."[1]
Performance
The fund has earned good reviews in recent years, ranking among the top 1% of financially similar funds over the last three years in early 2006, with annualized returns of 28.6%.[2][3]
Organization and structure
Amana's financial advisor is Saturna Capital Management.
Current board membership
★ Nicholas Kaiser, MBA, CFA
★ Iqbal Unus, PhD
★ Samir I. Salah, MS
★ Talat M. Othman
★ Abdul Wahab
★ Abid Malik
Alumni
Amana's past board membership has included the following interesting indviduals:[4]
★ Yaqub Mirza, co-founder, trustee 1986-2003.
★ Jamal M. Barzinji, trustee, 1984-2001.
References
1. M. Yaqub Mirza, Early Bird Financial Planning
2. Timothy Middleton, Mutual Funds: Your beliefs and your dollar dont mix, MSN Money, February 21, 2006
3. Mutual Funds Anyone Can Afford
4. SEC PRES14A filing, 6/14/2001
Extenral links
★ www.amanafunds.com - main website
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