Press Releases
Socially responsible investment firm announces independent Islamic audit
(Falls Church, Virginia, 8/4/15) — Azzad Asset Management today announced the successful completion of an independent, external Shari’ah audit and verification of its policies and procedures. Azzad is the first investment firm in the United States to obtain such a verification. Conducted by the UK-based Islamic Finance Advisory and Assurance Services (IFAAS), a leading specialist in Islamic finance, the audit first evaluated Azzad’s Ethical and Shari’ah Investment Guidelines, which follow criteria set by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), the standard-setting body for the Islamic finance industry. IFAAS’s AAOIFI-certified Shari’ah auditors also evaluated the effectiveness of
Azzad clients to give $3.7 million in charity
FALLS CHURCH, Va., July 8, 2015 — Azzad Asset Management, advisor to the Azzad Funds and sponsor of the Azzad Ethical Wrap Program, announced today that its Muslim clients are expected to donate a record amount of money this year in order to fulfill their religious obligation of Zakah, or giving in charity a certain percentage of one’s wealth. The Islamic investment firm calculates that nearly $3.2 million will be given in mandatory charitable giving, with an additional $500,000 in purification dues. The amounts are determined using proprietary software and reported to clients in an annual statement. Clients are responsible for
Azzad CEO Bashar Qasem takes part in 14th annual AAOIFI conference
Manama, Kingdom of Bahrain, April 7, 2015 — Bashar Qasem, President and CEO of Azzad Asset Management, joined leading scholars and representatives from global financial institutions in Bahrain last month for a two-day conference focused on the application of Islamic principles to international financial products and services. The event, which was held March 22-23 in Manama, was organized by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) under the auspices of the Central Bank of Bahrain. Organizers said that the conference provided a platform for discussing important issues focused on AAOIFI’s efforts to standardize the global Islamic finance
Azzad welcomes pope’s encyclical on the environment, social justice
(Falls Church, Va., 6/18/15) — Azzad Asset Management today welcomed Pope Francis’ encyclical calling for swift worldwide action to combat climate change, protect the environment, and move toward economic equality. In the encyclical released today, Laudato Si, the pope issues “an urgent invitation” to people of all faiths to reduce their consumption of resources and make changes in their daily lives in order to safeguard the earth for future generations. He calls for sweeping government and economic reforms to counter environmental destruction and economic injustice. In a statement, Azzad said: “Pope Francis has been a tireless advocate for social justice,
