Saturna Capital announces agreement with American Muslim Community Foundation
AMCF and Saturna seek to improve investor education and foster intentional giving
Bellingham, WA, June 21, 2021 – Saturna Capital and Amana Mutual Funds Trust are pleased to announce the signing of a memorandum of understanding with American Muslim Community Foundation (AMCF). The MoU covers several joint marketing activities where AMCF and Saturna will join forces to improve shareowner education around investing and donor advised funds.
While AMCF and Saturna have been periodic guests together on previous educational webinars and various speaking engagements, this new agreement signals a broader involvement for AMCF and Saturna – including joint Ramadan and tax time presentations, the Halal Money Matters podcast, events, and other activities. AMCF will allow donors to choose the Amana Mutual Funds as halal options for making investments with their donor advised fund.
“Donor advised funds are unique ways for individuals, families, and businesses to be more strategic about their charitable giving. This agreement with Saturna Capital and Amana Mutual Funds Trust aligns well with our values and we see a great opportunity to provide our services to their clients who are charitably inclined,” said Muhi Khwaja, AMCF Co-Founder and Director of Development and Philanthropy. “The wealth within the American Muslim community can make a significant impact on the non-profit ecosystem, especially with the expected generational transfer of wealth in the next 15-20 years. AMCF stands ready to help make that possible and be a philanthropic advisor for donors and their favorite non-profits to set up donor advised funds, giving circles, endowments, and grants.”
“Through this mutual agreement, more American Muslims will learn of the importance of charitable planning and will have easier access to donor advised funds, which is one of the most effective ways to manage charitable giving activities,” said Owaiz Dadabhoy, Saturna Capital’s director of Islamic investing. “And, in turn, this directed activity can have a potentially greater impact for qualified charities in America.”
There are no monetary considerations between the parties of the agreement. AMCF does not pay anything to Saturna and Amana; Saturna and Amana do not pay anything to AMCF. The agreement is solely an announcement of the two companies joining forces to create better education materials for our mutual products and to make mutual introductions to clients who may find the services of the other entity beneficial.
What is a Donor Advised Fund?
A donor advised fund is a charitable giving vehicle that provides a donor with immediate tax benefits and allows a donor to support IRS-qualified charities of their choice. Contributions to a donor advised fund, in the form of cash or securities, are generally tax deductible. Those contributions can then be invested for tax-free growth. When a donor is ready, they can then decide which organizations to support. This arrangement may also help simplify a donor’s tax reporting – instead of keeping track of multiple donations to various charities, they need only keep track of the contributions to their donor advised fund. Organizations like AMCF enable the administration of the donor advised fund, while Saturna and Amana help with investing the contributions.
About Saturna Capital Corporation
Active investing to reflect your values
Saturna Capital Corporation, established in 1989 in Bellingham, Washington, USA, is a private, employee-owned, investment adviser with US$5.6 billion in assets under management, providing investment advisory services to mutual funds, institutions, businesses, individuals, and endowments. Saturna Capital is adviser to the Amana Mutual Funds Trust, the oldest and largest family of funds in the US that follow principles of Islamic finance. Saturna Capital is also adviser to the US-based Sextant Mutual Funds and Saturna Sustainable Funds.
For more information about Saturna Capital, visit www.saturna.com.
About American Muslim Community Foundation
Founded in 2016, American Muslim Community Foundation (AMCF) is an innovative and award-winning national community foundation dedicated to creating Donor Advised Funds, Giving Circles, distributing grants, partnering on fiscal sponsorships, and building endowments for the American Muslim community. AMCF has committed to social basic needs, racial justice, and health equity initiatives by helping Muslims in the US to distribute funds to more than 300 nonprofit organizations.
For more information about American Muslim Community Foundation, visit www.amuslimcf.org.