UPHOLDING BOTH ISLAM AND A GOOD PORTFOLIO
Eric Baum, New York Times, 10/6/02
http://www.nytimes.com/2002/10/06/business/mutfund/06ISLA.html
In many respects, the Amana Growth fund resembles scores of mutual funds
that buy shares of fast-growing companies.
But Amana Growth is different in at least one key respect. Introduced in
1986, it is the largest mutual fund in the United States that says it
abides by Islamic principles of investing.
It avoids direct investments in banks, brokerage firms and insurance
companies, for example, because lending money and the payment of interest
are prohibited by the Koran, said Nicholas Kaiser, president of the Saturna
Capital Corporation, the fund's adviser. "You don't want to be a borrower
or a lender," Mr. Kaiser said.
Islamic funds are a variation on socially responsible mutual funds, which
screen out companies that engage in practices that their shareholders find
objectionable, like harming the environment or producing alcohol or tobacco
products or pornography…
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