October is Islamic Financial Literacy Month
Raising Awareness about Islamic Finance
Islamic finance, grounded in ethical and moral values, offers a unique approach to managing finances that differs significantly from conventional financial systems. According to the latest studies, there are approximately 4.45 million Muslims in the country, and Islam ranks as the third-largest religion in the United States, following Christianity and Judaism. Enhancing public understanding will benefit not only Muslims but also the general public who are interested in money management and investment strategies aligned with sustainability.
"Islamic Investing is more than just a set of financial practices; it is a reflection of values that emphasize ethical investing, social justice, and economic welfare," said Jane Carten, President of Saturna Capital. "By dedicating October to Islamic Financial Literacy, we aim to bridge the knowledge gap and promote a more inclusive financial landscape."
Empowering Muslim Americans with Financial Knowledge
In addition to raising awareness about Islamic finance, Islamic Financial Literacy Month will focus on empowering Muslim Americans with the knowledge and tools needed for sound personal financial management.
Resources available like Halal Money Matters provide practical financial guidance and assistance in planning for the future following Islamic principles. The Amana Mutual Funds Trust will feature hadiths relating to Islamic Finance on its Facebook page and YouTube channel throughout the month. Saturna's Regional Managers across the US will also be presenting at various mosques and Islamic schools on topics relevant to Islamic Investing. Together, these resources are designed to help Muslim Americans improve their financial well-being and achieve greater economic stability.
"Financial literacy is a vital tool for everyone, but it is especially important for communities facing economic challenges," said Monem Salam, Executive Vice President and Portfolio Manager of Saturna Capital. "By offering tailored financial education, we hope to make a positive impact on the lives of Muslim Americans and support their journey towards financial independence and security."
Amana Mutual Funds welcomes any opportunities to present to communities in recognition of Islamic Financial Literacy Month. For those interested, please contact [email protected].
Check back for more information and updates!
The Amana Mutual Funds limit the securities they purchase to those consistent with Islamic principles. This limits opportunities and may affect performance.
Amana Presents:
Finance and Financial Literacy
The Islamic Investment Group is pleased to offer live, in-person presentations on Islamic finance, covering topics from halal investing to retirement planning.
Throughout Islamic Financial Literacy Month, members of the Islamic Investment Group are pleased to present a selection of hadith pertaining to investing and finance.
Halal Investing
Investing according to Islamic principles can offer many benefits to Muslims and non-Muslims alike. Halal investing encourages a disciplined investment process that promotes in-depth security research and monitoring. Generally, the low debt requirements of Islamic screens facilitate a conservative approach that appeals to risk-averse investors.
Investing For Hajj
Islam mandates that all Muslims who are financially and physically capable perform a pilgrimage to Mecca — the Hajj — once in a lifetime. Besides commanding his companions to perform it, the Prophet (Salla Allahu Alayhi wa Sallam) advised them to financially prepare for it, and delineated the specific way in which each of the rituals involved was to be performed.
Investing & Zakat
Zakat is the third pillar of Islam and the cornerstone of its economic system. It represents "the first and foremost mechanism to implement economic justice," according to economist Dr. Monzer Kahf. As a religious duty and an obligation on all Muslims, it offers the donor the inner satisfaction of a duty accomplished.
Purification Calculator
You can use this form to estimate the amount to cleanse any haram income for the year from your shares. Purification factors are calculated once yearly at the Funds' fiscal year end as of May 31.
Tune in to our podcast: Halal Money Matters
Join our hosts and an assortment of special guests as they discuss Halal investing, retirement, financial planning, and much, much more.
Monem Salam MBA
Executive Vice President
Learn more about Islamic investing through our whitepapers
Many of our thought-leadership pieces directly address investing with an Islamic focus
