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Amana Money Market Fund
The Merchant
#11 Posted : Wednesday, February 01, 2012 5:05:15 PM
Rank: Veteran

Joined: 5/24/2010
Posts: 846
Location: KENYA
@Mukiha, have you been invited to their conference thingy?
josiah33
#12 Posted : Wednesday, February 01, 2012 5:44:31 PM
Rank: Elder

Joined: 1/27/2011
Posts: 1,777
their money market funds seem to have the highest returns.
lovely2010
#13 Posted : Wednesday, February 01, 2012 9:47:38 PM
Rank: Member

Joined: 10/25/2010
Posts: 519
Location: nairobi
josiah33 wrote:
their money market funds seem to have the highest returns.


What do you mean? Im muslim...Please elaborate for me this Amana thing...
butterflyke
#14 Posted : Wednesday, February 01, 2012 10:48:16 PM
Rank: Elder

Joined: 5/1/2010
Posts: 3,024
Location: Hapa
Islamic banking (or participant banking) is banking or banking activity that is consistent with the principles of Islamic law (Sharia) and its practical application through the development of Islamic economics. Sharia prohibits the fixed or floating payment or acceptance of specific interest or fees (known as Riba or usury) for loans of money. Investing in businesses that provide goods or services considered contrary to Islamic principles is also Haraam (forbidden). While these principles may have been applied to historical Islamic economies, it is only in the late 20th century that a number of Islamic banks were formed to apply these principles to private or semi-private commercial institutions within the Muslim community.[1][2]

Is this Amana haraam or halal?
Float like a butterfly, sting like a bee. - Muhammad AlišŸ
lovely2010
#15 Posted : Wednesday, February 01, 2012 11:01:10 PM
Rank: Member

Joined: 10/25/2010
Posts: 519
Location: nairobi
butterflyke wrote:
Islamic banking (or participant banking) is banking or banking activity that is consistent with the principles of Islamic law (Sharia) and its practical application through the development of Islamic economics. Sharia prohibits the fixed or floating payment or acceptance of specific interest or fees (known as Riba or usury) for loans of money. Investing in businesses that provide goods or services considered contrary to Islamic principles is also Haraam (forbidden). While these principles may have been applied to historical Islamic economies, it is only in the late 20th century that a number of Islamic banks were formed to apply these principles to private or semi-private commercial institutions within the Muslim community.[1][2]

Is this Amana haraam or halal?


Im muslim, I always argue with people if interest is halaal or haraam. Personally, I think it depends with a situation...If I borrow money to pay hospital bills, or school fees or anything that requires emergency...then one should not pay interest...it should be considered haraam if I pay interest. But if I lend someone to invest the money, lets say I lend the government, or someone who wants to build properties or any other pleasurable matter to add someones wealth...then it is fair if they pay me interest.

Mainat
#16 Posted : Thursday, February 02, 2012 1:31:10 AM
Rank: Veteran

Joined: 11/21/2006
Posts: 1,590
What if u lend to ze government and it uses the cash for helping criminals or to fund campaigns or corruption? I thought interest was haraam?
Sehemu ndio nyumba
josiah33
#17 Posted : Thursday, February 02, 2012 9:11:05 AM
Rank: Elder

Joined: 1/27/2011
Posts: 1,777
lovely2010 wrote:
josiah33 wrote:
their money market funds seem to have the highest returns.


What do you mean? Im muslim...Please elaborate for me this Amana thing...

Just check in the papers-you'll see that the percentage return next to amana money market fund is higher than the rest.
Impunity
#18 Posted : Thursday, February 02, 2012 9:24:47 AM
Rank: Elder

Joined: 3/2/2009
Posts: 26,331
Location: Masada
Njung'e wrote:
XSK wrote:
shygal wrote:
Given that's it's muslim compliant how is it supposed to work with regard to interest earning and is it just for muslims?


shygal

Is it?

I assume you mean shariah compliant!


Laughing out loudly Laughing out loudly Laughing out loudly Laughing out loudly Laughing out loudly .....I want to find out if i am muslim compliant.Laughing out loudly



Laughing out loudly Laughing out loudly Laughing out loudly
Portfolio: Sold
You know you've made it when you get a parking space for your yatcht.

GenghisCapitalLtd
#19 Posted : Friday, February 03, 2012 9:47:42 AM

Rank: Bona-fide

Joined: 11/2/2011
Posts: 191
Location: Nairobi
JBlaze wrote:
Amana Capital Ltd Barclays Plaza P.O.Box: 9480-00100 Nairobi,Kenya
Email: info@amanacapital.co.ke
Tel: +254 20 2351 738 +254 20 2351741 +254 721 700076 +254 735 240191 Fax: +254 20 2043167

JBlaze Amana Capital actually moved out of Barclays Plaza in December 2010. They are located at Saachi Plaza on Arwings Kodhek Road Siute C3.I don't think their telkom lines work but their mobile number as stated above should be operational. The fund is actually run by Reginald Kadzutu, top Bloke!!
Follow us on Twitter @genghiscapital
ā€œBe a yardstick of quality. Some people aren’t used to an environment where excellence is expected.ā€ Steve Jobs,iGenius
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