I started investing in Amana Mutual Funds Growth Fund (AMAGX) in a Roth IRA a few months ago. A few weeks ago I noticed they have added a holding, Elevance Health (ELV), which is non-compliant on Zoya.
This got me wondering if anyone knows whether AMAGX uses the AAOIFI standard for screening holdings? Or could this be a difference of opinion regarding ELV? It seems as though it fails the business screen, and it is a health insurance provider so I was surprised to see it as a holding.
I looked around the AMAGX documentation, Amana Growth Fund | Saturna Capital, and I didn’t see any mention of AAOIFI. AMAGX is certified as shariah-compliant by Amanie Advisors. The Zoya app shows the certificate, and it’s available online as well.
With regards to ELV, it looks like there is a difference of opinion. As you’ve surmised, It largely fails shariah compliance at Zoya because of their revenue from being an insurance provider. I’d be curious to learn about the decision from AMAGX’s perspective.