Press Releases
Purification calculator helps investors avoid unethical profits
(Falls Church, Virginia, 8/13/14) – Azzad Asset Management today announced the launch of an online tool intended to help American Muslims observe halal investing guidelines. Using input provided by shareholders of the Azzad Mutual Funds, an online purification calculator will provide a user-specific dollar amount that represents unintentional earnings that were potentially derived from religiously impermissible sources (e.g., interest income). Purification totals are calculated on a per share basis using Azzad’s methodology for calculating unethical income. Azzad advises shareholders to give the indicated amounts to the charity or charities of their choice in order to avoid profiting from any activities
Azzad clients expected to donate a record $3 million to charity this Ramadan
(Falls Church, Virginia, 7/10/14) – Azzad Asset Management announced today that it has mailed annual Zakah and purification totals to clients. Observant Muslims will use the calculated figures to fulfill their charitable giving obligations for the year. Assuming clients donate the amounts reported on their statements, Azzad representatives say that approximately $3 million will be donated to charitable causes in the United States and abroad. In a statement, Azzad said: “Zakah and purification are essential to the proper practice of halal investing, and we hold ourselves to the highest standard when it comes to calculating accurate amounts for our clients.
LPL Financial adds Azzad Funds to mutual fund platform
(Falls Church, Virginia, 7/2/14) – Two no-load, socially responsible mutual funds that observe Islamic investing criteria can now be purchased through the LPL Financial mutual fund brokerage and wrap platforms. The Azzad Funds, known for their rigorous adherence to halal investing guidelines, were added to the platform in June, giving affiliated financial advisors access to Shariah-compliant options for their clients, including, for the first time, a Halal fixed-income fund. The Funds’ investment advisor, Azzad Asset Management, made the LPL announcement from their offices in Falls Church, Virginia. “Many Shariah-sensitive clients are currently served by LPL advisors,” said Azzad Asset Management’s
Federated to sub-advise first US halal fixed-income fund
WASHINGTON, D.C., June 17, 2014 — Azzad Asset Management announced today the selection of Federated Investment Management Company, a subsidiary of Federated Investors, Inc., as sub-advisor for the Azzad Wise Capital Fund (NASDAQ: WISEX), America’s first halal, socially responsible fixed-income mutual fund. “We understand the trust given to us as managers of this unique portfolio,” said Ihab Salib, Federated vice president and head of international fixed income, in a statement delivered at the National Press Club. “We look forward to bringing the knowledge and resources of Federated’s global fixed-income team and our firm’s more than half a century of investing
