Amana Income Named Best Global Equity Fund
Bellingham, WA (April 13, 2010) — Saturna Capital Corporation, a U.S. investment management company, was awarded the Failaka Islamic Fund Award for the Best Global Equity Fund in the three-year category for its flagship Amana Income Fund (AMANX). The award was presented at the Fifth Annual 2009 Islamic Fund Awards held April 12, 2010, at the Jumeirah Emirates Towers Hotel in Dubai, UAE.
The Amana Income Fund earned this distinction by achieving the best three-year performance among the 38 sharia compliant funds in the Global Equity category.
Failaka Advisors was established in 1996 and is recognized as the global leader in Islamic fund research and reporting. Failaka currently tracks the performance of over 350 funds worldwide. Since Failaka began its awards program in 2005, the Amana Funds and Saturna Capital have received a total of eight awards.
"We are extremely honored to accept this Failaka award for our performance during one of the market's most volatile three-year periods ever," said Nicholas Kaiser, portfolio manager of the Amana Funds, and chairman and founder of Saturna Capital. "Our principled and disciplined method of investment management serves our investors well in such an environment. This eighth Failaka award is a testament to our long-term value investment approach and commitment to putting our shareowners' interests first."
In 2008, the Amana Income Fund swept the Best U.S. Islamic Fund category with performance awards in the one-, three- and five-year categories. The Amana Income Fund also received the Best Islamic U.S. Equity Fund award in 2006.
Saturna Capital, adviser to the Amana Funds, has received three Failaka awards as manager of the Amana Funds: in 2006 and 2007 for Best Islamic Fund Manager — U.S, and in 2005 for Best Islamic Fund Manager — Worldwide.
The U.S.-registered Amana Mutual Funds, consisting of the Amana Income (AMANX), Amana Growth (AMAGX) and Amana Developing World Funds (AMDWX), are designed for Muslim Americans who wish to invest according to Islamic principles (sharia). However, the Amana Funds' appeal outside the Muslim community has broadened over the years as a result of their award-winning long-term performance and strong ratings from U.S. fund rating agencies such as Morningstar and Lipper.
For more information about the 2009 Failaka Awards, visit www.failaka.com.
About Saturna Capital
Saturna Capital Corporation, established in 1989 in Bellingham, WA, is the investment adviser and administrator to over $2.9 billion in assets in the Amana Mutual Funds Trust (which includes Amana Growth Fund and Amana Income Fund) and the Saturna Investment Trust. Saturna Investment Trust consists of six funds: Sextant Growth (domestic equities), Sextant International, (foreign stocks), Sextant Core (bonds and equities), Sextant Bond Income (long-term bonds), Sextant Short-Term Bond, and the Idaho Tax-Exempt Fund.
Saturna Capital also manages private accounts for families, businesses and endowments. Saturna Brokerage Servicesprovides general discount brokerage services and underwrites the Saturna mutual funds. Saturna Trust Company, headquartered in Reno, NV, provides trust services to families, charities, trusts, estates and retirement plans, specializing in the administration of Islamic trust services.
The Failaka criteria for "Best Global Equity Fund" also include the following:
The fund company must:
- Have been duly nominated by fully and accurately completing the required nomination form
- Have been established for over 5-years as a Sharia compliant fund manager
- Have provided a consistent and long-term return relative to prevailing market conditions
- Manage more than one Sharia compliant fund
- Have surpassed the benchmark for its equity fund(s) in the year for which the award is given.
In the case of a tie, credence is given to:
- the better relative performance as compared to the relevant benchmark
- asset growth over the past year
- any notable achievement or advancement in the field of Islamic compliant asset management.