August 13, 2009
Amana Growth Follows Islamic Rules
by Paul Katzeff
Investor's Business Daily
Nicholas Kaiser flew to Malaysia last week in search of investment ideas. His source: money managers who, like him, base investment decisions on Islamic principles.
It's his job to pick stocks for $1.2 billion Amana Growth Fund (NASDAQ:AMAGX - News), which was set up to offer Muslims in America a way to invest without violating Islamic law. As of 2007, 2.4 million Muslims were in the U.S., says the Pew Research Center.
Shariah vetoes such things as pork, alcohol, gambling and loan interest. But specific bans vary among regions. Attending a multinational conference in Muslim Malaysia, with 27 million people, aids Kaiser's insight into how to work within the restrictions.
The newly industrialized country is a hotbed of Islamic investment. Of 400 Islamic equity funds worldwide, Kaiser figures about half are based in Malaysia.
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