Prayerful approach: Monem Salam is a deputy portfolio manager for Amana Funds, a fund group that applies Islamic law to its stock picks. ‘If Islam forbids it, then we’re not going to buy it,’ he says.
Josie Liming/Special to the Christian Science Monitor
Islamic funds make gains by avoiding financial-services firms and those deep in debt.
By G. Jeffrey MacDonald | Correspondent of The Christian Science Monitor
The strategy is almost heresy on Wall Street: Find a top-performing investment by seeking out a mutual fund with some of the industry's strictest ethical screening requirements.
Yet that approach, if adopted, would work in at least one case. The Amana Income Fund, which avoids not only alcohol, tobacco, and gambling stocks but also pork producers and lenders who charge interest, received a Lipper award earlier this year for outperforming 180 equity income funds – screened and unscreened – over the past three years. continue...
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