A press release said the Amana Developing World Fund (AMDWX), the Amana Income Fund (AMANX), and the Amana Growth Fund (AMAGX) are managed in compliance with Islamic (sharia) principles.
The Amana Developing World Fund’s objective is long-term capital growth through a strategy of investing at least 80% of assets in common stocks of companies with a 50% or more exposure to countries with developing economies and/or markets. It will diversify its investments across countries of the developing world and will predominantly follow a value investment style.
“The fund will invest in companies that have the majority of their assets and revenues in the emerging market countries, yet may be headquartered in both developing and more advanced economies. We believe this broader approach may help reduce the fund’s foreign investing risk,” said Nicholas Kaiser, chairman of Saturna Capital and portfolio manager of the new fund.
Islamic principles require that investors share in profit and loss, receive no interest, avoid debt, and eschew investments in businesses not permitted by Islamic law, including pork processing, gambling, production or sale of liquor, insurance, and interest-based banks or finance associations.
More information is available at 888.732.6262 or www.amanafunds.com.