Islamic (Sharia) investment option
There are many readers who would like to know options about Islamic investment opportunities. One can chose to invest in : The Amana Funds, which has been around for some time. The Amana Funds (started in 1980, with initial deposits of about $250,000) invest according to Islamic principles, or Sharia. Generally, these principles require that investors avoid interest (riba) and investments in businesses such as liquor, pornography, gambling, and banks.
The primary objective of the Growth Fund is long-term capital growth. It favors companies expected to grow earnings and stock prices faster than the economy. The one year, 5 year and a 10 year returns were 14.12%, 19.22% and 8.75%, respectively.
The Income Fund seeks current income and preservation of capital. It invests only in dividend-paying common stocks, which are expected to have more stable stock prices.The one year, 5 year and a 10 year returns were 12.24%,20.74%,and 12.55%, respectively.
It is not possible to invest into Amana funds with a regular 401K or other traditional IRA's. You can open an IRA account with Amana funds and as per Sharia law, Amana IRA account does not charge a commission for the account.
The primary objective of the Growth Fund is long-term capital growth. It favors companies expected to grow earnings and stock prices faster than the economy. The one year, 5 year and a 10 year returns were 14.12%, 19.22% and 8.75%, respectively.
The Income Fund seeks current income and preservation of capital. It invests only in dividend-paying common stocks, which are expected to have more stable stock prices.The one year, 5 year and a 10 year returns were 12.24%,20.74%,and 12.55%, respectively.
It is not possible to invest into Amana funds with a regular 401K or other traditional IRA's. You can open an IRA account with Amana funds and as per Sharia law, Amana IRA account does not charge a commission for the account.
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