In USA… any of you aware of any investment products (mutual funds) which are administered in accordance with islamic guidance? Also, any islamically approved products for kids college funds?
Question Number 2, (which should actually be q#1 is), is this the right time to enter the stock market via mutual funds? Gut feeling? 
If not stock market, any other investment strategies, other than the bank’s savings account?
Stock Market
Ahsen Khan at Continental Broker and Dealer 1-800-786-3268 and ask for Ahsen Khan ... he is very well aware of the market ... he'll help u out with your questions
Faisal have you started 529s for kids college? also look into stuff like Upromise etc
I am not looking for specific brokers, but information on mutual funds. Thank you.
Fraudia.. yes, thats what I am planning. But I need to know where the money is being invested.
Well If I may suggest something: If you have time, it takes a weekend to figure out which mutual funds you want. There are quite a few financial websites like smithbarney.com and schwab.com that offer detailed information about mutual funds. Basically you'll have to fill out a questionnaire (investing goals etc) and then view the prospectus for the mutual fund, many allow you to contact the fund manager. The rule of thumb would be to avoid funds investing in bonds.
If your a busy guy then you can go for a finiancial planner, for that try to look around. I don't know if there are any "islamic" mutual funds if those are what you are looking for, however there will be a Muslim Investment conference that I will be attending, so if I come across anything I'll let you know. I feel as strongly as you do regarding this matter.
wasnt there IslamiQ or something similar that did stocks and also had a mutual fund.
http://www.islamiq.com/index2.php4
Check that link. You may need to start an account with them first though before you are able to see the rest of the site.