Azzad joins Investor Alliance for Human Rights

New initiative will press corporations to uphold human rights Falls Church, Va., February 1, 2018 — Azzad Asset Management announced today that it has joined faith-based investing colleagues in an alliance to oppose rollbacks on regulations and to encourage policies for corporations that protect human rights. Launched by the Interfaith Center on Corporate Responsibility, the Investor Alliance for Human Rights (IAHR) provides a platform for collective action to protect human rights in the United States and internationally. The consortium participates in a range of investor actions to help businesses protect human rights, including investor letters, corporate engagements, and discussions with businesses and non-governmental organizations. The IAHR focuses on encouraging the business community to more fully implement the UN Guiding Principles on Business and Human Rights, which provide a global framework to help companies assess and address human rights risks in their operations and supply chains. ICCR established the alliance to create an umbrella organization for the investment community to advocate more immediately, consistently, and strategically to protect human rights and to act as a deterrent against legislative and regulatory rollbacks. See: http://iccr.org/our-issues/human-rights/investor-alliance-human-rights This IAHR is supported by funding from Humanity United and Open Society Foundations. Participation in the alliance is open

February 1, 2018 No Comments

Investors ask companies to stay the course on Bangladesh factory safety accord

A group of 147 investors representing $3.7 trillion has asked signatories of the Accord on Fire and Building Safety to recommit to the landmark agreement signed in 2013. The Accord on Fire and Building Safety in Bangladesh is a five-year independent, legally binding agreement between global brands and retailers and trade unions designed to build a safe and healthy Bangladeshi readymade garment (RMG) industry. The agreement was created in the immediate aftermath of the Rana Plaza building collapse that led to the death of more than 1,100 people and injured more than 2,000. The accord originally had a May 2018 endpoint, but an agreement was reached to extend for another 3 years. However, to date only 60 of the 220 original signatories have signed on to the new agreement. If more of the original signatories do not sign, many believe that the accord’s leverage, scope, and impact will be weakened. Investors asking companies to renew their commitment to the accord are part of the Bangladesh Investor Initiative, which is organized by the Interfaith Center on Corporate Responsibility. See: Investors call on companies to stay the course on Bangladesh Accord

January 25, 2018 No Comments

Investors say executive pay packages at pharma may incentivize drug pricing risks

In resolutions at five U.S. drug makers, investors request a review of compensation policies that may drive senior execs to ignore the long-term business risks of skyrocketing drug costs. Falls Church, Va., 12/14/17 – Investors today announced they have filed resolutions at five major pharmaceutical companies asking for information about how well executive pay incentives mitigate long-term financial risks associated with mounting public concerns over the affordability of prescription medicines. The investors are all members of the Interfaith Center on Corporate Responsibility (ICCR), a shareholder coalition that has been engaging the pharma sector for decades on drug access and affordability. In the resolutions, the investors argue that an executive compensation incentive program reliant on revenue growth solely from drug price increases is a risky and unsustainable strategy. The resolution specifically requests a report on the extent to which risks related to public concern over drug pricing strategies are reflected in executive compensation policies, plans and programs. Read the full resolution text here.The five companies receiving the resolutions are Abbvie, Amgen, Biogen, Bristol Myers Squibb, and Eli Lilly. ICCR members also filed a separate but similar resolution at Pfizer and Vertex requesting a report on the business risks from rising pressure to contain U.S. prescription

December 13, 2017 No Comments

Azzad joins interfaith investor group seeking worker protections in Bangladesh factories

Shareholder advocates continue call for garment industry safety regulations on 4th anniversary of Rana Plaza disaster FALLS CHURCH, VA, April 25, 2017 – Socially responsible investment firm Azzad Asset Management yesterday marked the fourth anniversary of the largest garment factory accident in history, renewing an interfaith appeal to apparel makers to enact meaningful change in worker and building safety regulations. The appeal comes from the Interfaith Center on Corporate Responsibility, a coalition of shareholder advocates. The April 2013 collapse of the eight-story Rana Plaza factory building in Dhaka, Bangladesh, killed more than 1,100 workers and injured another 2,600. The resulting Accord on Fire and Building Safety, a five-year initiative championed by more than 200 global institutional investors representing more than $3.1 trillion in assets, required signatories to commit to a range of reforms intended to protect garment industry workers. Thanks to the accord, 1,600 factories have been inspected and more than 75% of the identified safety issues have been fixed over the past four years. Additionally, more than 750,000 workers are covered under the accord’s Safety Committee Training program, which is essential to detecting safety hazards. The statement marking the fourth anniversary of Rana Plaza, which was signed by 137

April 25, 2017 No Comments

Azzad joins coalition asking CEOs to oppose Pres. Trump’s refugee and immigrant ban

(Falls Church, Va., 2/2/17) — Azzad Asset Management has joined other socially responsible investment institutions in signing a coalition letter to the 19 CEOs who are members of President Trump’s Strategic and Policy Forum, asking them to exercise their influence to oppose the president’s recent executive order barring refugees and certain immigrants from seven majority-Muslim countries. In addition to public outcry against the ban on humanitarian and constitutional grounds, many have pointed out the negative impact of barring international workers on the economy, including several of the CEOs on the presidential forum. Written by the International Corporate Accountability Roundtable, the Institute for Human Rights and Business, and the Interfaith Center on Corporate Responsibility, the letter calls on these business leaders to use their position on the Strategic and Policy Forum to: speak out strongly against the president’s executive order and work to have it rescinded, encourage the president to ensure respect for all workers without discrimination, and urge the U.S. government to align corporate policies with the UN Sustainable Development Goals. The letter was signed by 64 socially responsible investment firms and human rights and religious organizations. The Strategic and Policy Forum’s first meeting is scheduled for February 3. The

February 2, 2017 No Comments

Azzad asks pharma companies to reassess drug pricing

Socially responsible investment firm joins interfaith coalition to make health care more affordable Falls Church, Va., 12/5/16 – Azzad Asset Management, investment advisor to the Azzad Funds, announced today that it has submitted drug pricing proposals to Merck & Co. and Gilead Sciences, two major pharmaceutical companies that manufacture some of America’s most popular prescription drugs. The proposals request the companies’ boards of directors to issue a report listing the rates of price increases between 2010 and 2016, including the rationale for the price increases. Stockholders should be able to vote on the proposals during each company’s annual meeting next spring. “Our clients, many of whom are physicians, believe that everyone has a human right to health care and that access should be available to all segments of society, especially those most in need,” said Azzad President and CEO Bashar Qasem. “Proposed changes to the Affordable Care Act by the incoming presidential administration make this request all the more urgent.” The cover letter Merck and Gilead reads in part: ” … ore than 40% of people in fair or poor health have reportedly not filled a prescription or have reduced or skipped doses because of cost. Risks of patient non-compliance

December 5, 2016 No Comments

Make investing great again

Why a Muslim investment company thinks shareholder activism is what this country needs right now As President-elect Trump goes about the task of putting his administration and cabinet in order, one thing looks certain: corporate lobbyists are setting their sights on the political novice and his team. I read with great concern a recent article on the coterie of influence peddlers lining up to sway the new administration (“With Trump’s Election, a Bonanza for Washington Lobbyists,” The New York Times, November 10, 2016). Doubtless the pernicious influence of lobbyists was present during the Obama years, but for the anti-establishment candidate who staked his political reputation on “draining the swamp,” the hypocrisy is particularly striking. It is not surprising that corporate interests exercise power whenever and wherever possible in order to maximize profits, and by extension, value for shareholders. That value can take many forms, however, and there are often competing definitions of the word itself. Corporations make many of the most consequential decisions in today’s society, and in a Trump administration the private sector may well take on an outsized role. Those who feel disempowered after last week’s election result may want to turn to shareholder advocacy as a way

November 14, 2016 No Comments

Azzad increases investor activism, files first corporate shareholder resolution

Shareholder activism is an important part of Azzad’s ethical investing philosophy. In recent months, we have elevated our involvement in advocacy efforts by engaging corporations on matters of policy, in addition to our longstanding practice of proxy voting in accordance with our ethical guidelines. As part of our move into more active shareholder advocacy, Azzad has recently signed onto several investor statements, campaigns organized by impact investors with the goal of effecting a change in corporate practice. One example is this letter delivered to food company Nestle and organized by the Interfaith Center on Corporate Responsibility (ICCR), an advocacy group of which Azzad is a member. Nestle is a major customer of Tampaco Foils, Ltd., in Bangladesh where, on September 10, a boiler explosion, fire, and building collapse killed 35 workers and injured scores more. As an owner of Nestle stock on behalf of our clients, we delivered the letter, which was co-signed by 66 institutions representing more than $2.3 trillion in assets, calling for Nestle to exercise its influence with Tampaco Foils and demand increased worker protections. Earlier this year, Azzad also signed an investor statement addressed to the U.S. Department of Justice calling for an investigation into Exxon

November 8, 2016 No Comments

Azzad signs statement calling for reforms in Bangladesh manufacturing sector

Investor statement comes after September factory fire kills 35 workers FALLS CHURCH, VA – (October 27, 2016) – Azzad Asset Management, investment advisor to the Azzad Funds, announced today that it has joined a coalition of investors calling on multinational corporations to enact greater protections for factory workers in Bangladesh. This follows a September 10 boiler explosion at the Tampaco Foils Ltd. factory in Bangladesh, which resulted in a fire and building collapse that killed 35 people and injured more than 50 others. The call comes in the form of an investor statement organized by the Interfaith Center on Corporate Responsibility (ICCR), a coalition of faith and values-driven organizations that engage multinational corporations to promote sustainable and fair business practices. ICCR sent the statement, representing 66 organizations with $2.3 trillion in assets, to two major Tampaco Foils customers, British American Tobacco and Nestle. The statement says in part: Urgent steps need to be taken … to avoid further loss of life, not only in factories in Bangladesh, but throughout the full reach of global supply chains. We specifically call for: Comprehensive fire and safety inspections that include thorough inspections of boilers. Worker training on fire and safety procedures and worker/management safety

October 27, 2016 No Comments

Azzad joins call for food industry to end use of antibiotics on livestock

FALLS CHURCH, VA, September 19, 2016 — Azzad Asset Management, investment advisor to the Azzad Funds, announced today that it has joined a consortium of responsible investors and shareholder advocacy groups in support of a United Nations’ call to end antibiotic use in global food supply chains. Organized by the Interfaith Center on Corporate Responsibility (ICCR), Farm Animal Investment Risk & Return (FAIRR), ShareAction, and As You Sow, the global investor statement on antibiotic use in livestock is intended to raise awareness of investors’ work on this issue. The statement comes as the UN High Level Meeting on Antimicrobial Resistance (AMR) convenes this week in New York. The letter states in part: As shareholders we urge animal health and food companies, including meat producers, restaurants and retailers, to end the use of antibiotics important to human medicine in their operations and global supply chains. Given the overuse of antibiotics’ contribution to AMR, we view this meeting as a potential watershed moment for concerned stakeholders and for the industry. As part of achieving the objective of the High-Level Meeting, we believe it is important to highlight the impact of livestock production on rising antibiotic resistance. And in particular, shine a light

September 19, 2016 No Comments

Azzad renews appeal to apparel makers to protect worker rights

FALLS CHURCH, VA, April 25, 2016 — Azzad Asset Management, a faith-based socially responsible investment firm and investment advisor to the Azzad Funds, reiterated today its call for ongoing reforms in the Bangladesh garment sector, three years after an eight-story factory collapsed in the capital of Dhaka killing more than 1,100 workers and injuring 2,500. The firm said in a statement: “In the wake of the largest garment factory accident in history, we have made only marginal progress toward a culture of safety and respect for worker rights in Bangladesh. The reforms that have been achieved, though admirable, have been slow to come about and much more needs to be done. “Underlying issues such as insufficient resources to improve workplaces, factory-controlled worker safety committees, and a lack of support from American apparel retailers for the Accord for Fire and Building Safety do a disservice to the memories of the victims and their families. We call on all parties involved to redouble their efforts to bring about a lasting solution to the problem.” Azzad noted that, although more than 200 companies from 20 countries signed the Accord for Fire and Building Safety, most North American retailers did not join, with companies

April 25, 2016 No Comments

Interfaith Center on Corporate Responsibility welcomes Azzad to winter conference

NEW YORK, Feb. 3, 2016 — Azzad Asset Management, investment advisor to the Azzad Funds, joined representatives from Christian, Jewish, and other faith traditions this week for the Interfaith Center on Corporate Responsibility’s (ICCR) Winter Conference. Organized by ICCR to discuss shareholder advocacy efforts in the coming year, the event was held at the Interchurch Center on Riverside Drive in Manhattan. An Azzad representative was asked to deliver opening remarks during an interfaith reception on Tuesday, along with Christian and Jewish speakers. Those remarks focused on the subject of renewal, a theme selected by organizers to highlight the contribution of new participants in the ICCR mission of social justice. As a new member organization, Azzad is one of those groups charged with renewing and reinvigorating the movement for corporate social and environmental accountability. The session began with a poem celebrating nature, rebirth, and growth, read by Sister Judy Byron of the Northwest Coalition for Responsible Investment. Atid Kimmelman, a representative of the Tri-State Coalition for Responsible Investment, explained the emphasis on renewal in the Jewish tradition, citing the holiday of Tu’Bshevat, which focuses on the new year and growth. Azzad representative Joshua Brockwell concluded the reflections with a meditation on

February 3, 2016 No Comments

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, reaffirming the Catholic ethic of caring for ‘the least among us’ and challenging people of all beliefs to answer the universal call to serve humanity and protect the earth we share. Azzad Asset Management applauds the pope for making the moral case for action on sustainability and encourages our fellow Muslims to contemplate the Qur’anic reminder to ‘tread lightly on the earth’ (31:18) as we endeavor to maintain justice and environmental stewardship as organizing principles in our financial affairs.” In previous comments on social justice issues, Pope Francis has warned against government corruption, economic imbalance, and the exploitation of the

June 18, 2015 No Comments

Interfaith Center on Corporate Responsibility welcomes 1st Islamic financial firm to its shareholder coalition

(New York, NY, 4/9/15) – Representatives from the Interfaith Center on Corporate Responsibility (ICCR) and Azzad Asset Management announced today that Azzad will join ICCR as its newest member—the first Islamic firm to be affiliated with the group. As the premier member organization focused on corporate social responsibility and environmental advocacy, ICCR leverages the influence of its shareowner members to enact change. Azzad’s addition to the growing list of members is a testament to ICCR’s universal appeal for collective action on issues of importance to people of all faiths. The two organizations expressed optimism about the opportunities this collaboration affords. In a statement, ICCR Executive Director Laura Berry said: We are delighted to announce that Azzad Asset Management has joined the Interfaith Center on Corporate Responsibility (ICCR). For more than forty years, ICCR has been a faithful voice for justice, engaging in shareowner advocacy with the goal of encouraging greater corporate responsibility on a host of social and environmental concerns. ICCR members include religious organizations, universities, unions, banks, foundations, asset management companies and other institutional investors who believe companies with more just and sustainable operations are more profitable over the long term. We are pleased to count Azzad Asset Management

April 9, 2015 No Comments