In 1986, Dr. Mirza approached Nick Kaiser with a clear objective: to create a suitable investment alternative for Muslim investors seeking to align their capital with their faith. The result was the first Amana fund — the Amana Income Fund — built on disciplined security selection and values-based exclusions. After a lifetime of friendship and faithful stewardship of the funds they founded together, Dr. Mirza and Nick sadly passed away within months of one another. Their shared vision and enduring partnership remain embedded in the Amana Funds and the principles that continue to guide them.
Today, Saturna Capital serves as adviser to the Amana Mutual Funds Trust. The funds are reviewed quarterly by Amanie Advisors, an independent board of scholars and Muslim professionals who provide ongoing guidance. Our disciplined, quality-focused investment process seeks to deliver cost- and tax-efficient portfolios designed to serve as durable, long-term allocations within a diversified investment strategy — carrying forward the legacy on which the Amana Funds were founded.
Amana Growth Fund
Est. 1994
Seeks long-term capital growth by investing in common stocks and principally follows a large-cap investment style.
Amana Developing World Fund
Est. 2009
Seeks long-term capital growth by investing in common stocks of companies with significant exposure to emerging markets.
Amana Income Fund
Est. 1986
Seeks current income and preservation of capital by following an equity-income investment strategy.
Amana Participation Fund
Est. 2015
Seeks capital preservation and current income by investing primarily in sukuk, Islamic investment certificates.
Our Investment Approach
The Amana Funds are driven by a fundamental commitment to be investors, not speculators. While our philosophy is rooted in halal investing principles — such as low debt, ethical practices, financial strength, and sustainable growth — these fundamentals resonate with any investor seeking responsible and high-quality investment opportunities.
Our Investment Process
Our investment process is built on rigorous research and advanced technology to ensure that all investments meet our high standards. We utilize a proprietary software which screens, grades, and monitors over 5,000 securities worldwide each month. To ensure they align with our criteria, we conduct a detailed analysis to discover each company’s business sectors, financial practices, and core sources of revenue.
Once selected, securities are monitored to ensure they remain aligned with our investing principles. This approach is key to maintaining the integrity and performance of our funds. To ensure the Funds continue to remain halal, the Amana Funds are reviewed quarterly by Amanie Advisors Sdn Bhd, an independent board of religious advisors.
Halal Investment Criteria
Be an investor, not a speculator. No taking on excessive risk, speculation and debt, including short-selling and options.
No payment or charging of interest. Prohibited industries: alcohol, pornography firearms, tobacco, weapons manufacturing, pork products. No firms with significant debt.
Halal Investment Criteria
5,000 global stocks | ||
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Quantitative | ||
Business Sector Prohibited: Gambling, Alcohol, Tobacco, Pornography, Weapons, Pork, Fossil Fuel Extraction | Financial Screens > 5% revenue from haram sources | Social Rating |
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~ 2,150 pass Islamic screens / 1,100 pass sustainable screens | ||
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Qualitative | ||
Fundamental Attributes Competitive Position, Growth Markets, Strong Management | Global Sector Analysis Review Analysis in US & Malaysia | Saturna Stock Qualification Detailed Fundamental Analysis |
| Peer Review | Analyst Rating | |
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Recommended List: 325 Securities | ||
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Maintenance Research: Industry & Company Risk Monitoring | ||
Owaiz Dadabhoy
Senior Vice President, National Sales & Institutional Retirement Plans
Owaiz Dadabhoy, Senior Vice President, National Sales & Institutional Retirement Plans, joined Saturna Capital in August of 2008. Raised in Southern California, he earned a BA in Business Administration from California State University at Fullerton. Mr. Dadabhoy spent over 15 years at Wells Fargo and was most recently a District Manager in Long Beach. Prior to that, he was Senior Sales Director for Wells Fargo’s Wealth Management group in Los Angeles where he managed six Sales Directors and led a team of over 200 licensed bankers. Mr. Dadabhoy is active with charitable and community activities, co-founding the UPLIFT Charitable Corporation in 2006. He is married with two children and enjoys spending time with his family in various outdoor activities.
Owaiz Dadabhoy
Samar Tariq
Regional Manager
Samar Tariq, Regional Manager, joined Saturna Capital in October 2023. Samar brings a wealth of expertise to Saturna Capital, having amassed 13 years of invaluable experience in the financial services industry. She earned her bachelor’s degree in Business Administration and Finance from Brooklyn College and holds a master’s degree in Political Science from Rutgers University. Samar's diverse educational background uniquely positions her at the intersection of finance and policy. Her multifaceted skill set and extensive professional background make her a valuable asset to the Saturna Capital team. Samar also serves on the Board of Directors for Muslim Women Professionals (MWP).
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| Regions Served: Connecticut, Delaware, District of Columbia, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, Vermont, Virginia, West Virginia
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Samar Tariq
Haitham Al-Sayed
Vice President of Investment Advisory Services
Haitham Al-Sayed MBA, Vice President of Investment Advisory Services, re-joined Saturna Capital in May of 2023. He earned his BA in Social Sciences/Pre-Med at the University of California – Irvine and MBA in International Finance and Management from Thunderbird, School of Global Management. With over 20 years experience in the financial services industry, Mr. Al-Sayed has held several banking and investment roles, including with Saturna Capital, Wells Fargo, TIAA, and Wahed Invest, prior to re-joining Saturna. Mr. Al-Sayed is active with charitable and community activities, including serving as a board member of the Irvine Children's Fund. He is married with two children and enjoys spending time with his family, traveling the globe, and soccer.
Haitham Al-Sayed
Ahmad Elmahi
Regional Manager
Ahmad Elmahi, Regional Manager, joined Saturna Capital in November 2022 with a strong background in financial literacy and Islamic finance. He earned his BA in Business from the University of Phoenix. Prior to joining Saturna, Ahmad held roles in Islamic finance at Capital Guidance. In addition to his professional work, he serves on the advisory board of the Sudanese American Medical Association (SAMA), reflecting his commitment to community service. Outside the office, Ahmad enjoys reading, soccer, and family road trips.
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| Regions Served: Alaska, Arizona, California, Colorado, Hawaii, Idaho, Montana, Nevada, New Mexico, Oregon, Utah, Washington, Wyoming
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Ahmad Elmahi
Hud K Williams
Regional Manager
Hud K Williams, Regional Manager, joined Saturna in June 2021. He has over 20 years of financial services experience, working in a variety of fields from financial systems implementation to Islamic-compliant home finance. His education background includes an undergraduate degree in Economics (Old Dominion University), an MBA with a finance concentration (Georgia Institute of Technology), and he is currently working on a Certificate in Islamic Finance (The International Centre for Education in Islamic Finance, INCEIF, located in Kuala Lumpur, Malaysia). Mr. Williams is married with six children and splits his time between family, work, and the community. He is currently serving on the board of the Atlanta Masjid of Al Islam and Muslim Aid USA relief organization.
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| Regions Served: Alabama, Arkansas, Florida, Georgia, Louisiana, Mississippi, North Carolina, Oklahoma, Puerto Rico, South Carolina, Tennessee, Texas
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Hud K Williams
Amjad M. Quadri
Regional Manager
Amjad M. Quadri, Regional Manager, joined the Chicago office of Saturna Capital in June 2015. He brings experience in Islamic banking, including business and product development. Previous employers include Guidance Financial (Chicago) and University Bank (Ann Arbor MI). He has a BS in Information Decision Sciences from the University of Illinois.
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| Regions Served: Illinois, Indiana, Iowa, Kansas, Kentucky, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Dakota, Wisconsin
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Amjad M. Quadri
Halal Money Matters podcast
Join our hosts and an assortment of special guests as they discuss Halal investing, retirement, financial planning, and much, much more.