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Nicholas Kaiser: Fund that targets U.S. Muslims has wider following

Nicholas Kaiser, chairman of Saturna Capital Corp., has been managing the shariah-compliant Amana Funds which target Muslim investors in the U.S. since 1994. Mr. Káiser can't invest in companies that derive a significant part of their business from activities unacceptable to the principles of Shariah law. Another challenge is managing his cash because earning interest is prohibited. He currently holds 4.3% of the fund's assets in cash. The fund has a 10-year average annual return of 12.2%. It now has $2.2 billion in assets, and Mr. Kaiser estimates that only about 10% to 12% of investors in it are Muslim.

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