Mutual funds are a kind of investment instruments such as stocks, certificate of deposits and bonds etc. that are managed by a professional. Islamic Mutual funds provides a good option for people to invest. For these funds to operate Islamic Sharia principles are very important and they run in accordance to that.
The Sharia Advisory board oversees the compliance of these mutual funds with Islamic teachings. Here are few of them:
Allied Asset Advisors: The Dow Jones Islamic Markets USA is tracked by this particular Islamic mutual fund and it is symbolized as IMANX.
Azzad Asset Management: It specializes in providing ethical financial solutions. Separately managed programs and Azzad Funds are offered and allocated. As a client you can choose your own program including college savings, retirement etc.
Wright Islamic Equity Investment: Their basic aim is to present highly competitive investment returns which are Shari’ah compliant by using an expanded assortment of high eminence equity investments. This investment fund is geared further towards Very High Net worth Individuals or institutional investors. They also follow the Sharia rules and Dow Jones Islamic Marked Index.
Al Tawfeek: It is a subsidiary of Al Baraka group of companies, based in Jeddah. Numerous mutual funds are offered.
Amana Mutual Funds: Two mutual funds are offered both of which are operated as per the Islamic Sharia principles. One is the Amana Income Fund (AMANX) and Amana Growth Fund (AMANX) and the other is the Amana Growth Fund (AMAGX).
Halal Mutual Investment Company: It’s a company situated in U.K, but is a Bermuda company.
Frontier Alt Oasis Mutual Funds: It offers mutual funds which are again Sharia compliant and is based in Canada.
Failaka List of Islamic Fund: Those who want to invest can check several other funds which are not scheduled above as this lists all the Islamic Mutual funds worldwide.
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