American Muslim investors to donate $5.6 million to charity in Ramadan

Falls Church, Virginia, June 6, 2018 – Azzad Asset Management, a socially responsible, faith-based registered investment advisor, announced today that its Muslim clients are expected to donate approximately $5.6 million to charity during the holy month of Ramadan. The figure is the highest since Azzad began providing this calculation in 2005. In a statement, Azzad said: “We are once again proud to help our clients fulfill their religious obligations and are gratified to facilitate the donation of more than $5.6 million to those in need. Charity is essential to the proper practice of Islamic investing, and we hold ourselves to the highest standard when it comes to calculating accurate zakah and purification amounts for our clients.” The third pillar of Islam, zakah–sometimes spelled zakat–is an obligation that practicing Muslims pay on assets they have owned for at least one full lunar year. The company calculates that its clients will give approximately $4.7 million in zakah and an additional $900,000 in purification dues, bringing the total to $5.6 million. Azzad reports the amounts to its Muslim clients in annual statements issued during the month of Ramadan. Many Muslims choose to pay zakah during Ramadan–a month of fasting, worship, and giving–which began this year on May 15. The firm regularly educates the

June 6, 2018 No Comments

American Muslim investors donate $4.6 million to charity for Ramadan

Azzad calculates zakah amounts for clients to meet Islamic investing requirements Falls Church, Va., June 14, 2017 — Azzad Asset Management, a socially responsible, faith-based investment firm, 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 giving in charity a certain percentage of their wealth. The company calculates that its clients will give approximately $3.9 million in zakah (mandatory charitable giving) and an additional $700,000 in purification dues, bringing the total to $4.6 million. In a statement, Azzad said: Charity is essential to the proper practice of Islamic investing, and we hold ourselves to the highest standard when it comes to calculating accurate zakah and purification amounts for our clients. We are honored to help our clients with their religious duties and are gratified to facilitate the donation of $4.6 million to the underprivileged in society. We remain committed to the ethical, Islamic business practices on which we were founded and look forward to providing this essential service for many years to come, God willing. Azzad reports the amounts to clients in an annual statement issued during the month of Ramadan. Many Muslims choose to pay their zakah during Ramadan–a month of

June 14, 2017 No Comments

The least we can do this Ramadan

Last month, I was privileged to join the Hagerstown community at the Islamic Society of Western Maryland for a weekly halaqah, or study circle. After the imam presented the Qur’anic lesson, he turned it over to me to offer a summary of a lesson from Imam al-Ghazzali on the importance of wara, or caution, in our approach to worldly matters. These days, all too many of us “throw caution to the wind,” as they say, in pursuit of profit at any cost. I found al-Ghazzali’s advice beneficial and wanted to share a portion of the lesson with you as we prepare for the holy month of Ramadan. In short, the imam states that there are four categories of caution that a Muslim can fall into when it comes to how we interact with others in our daily affairs. In order of least to greatest merit, they are: 1. The Caution of the Just (Wara al-Adeel) 2. The Caution of the Righteous (Wara al-Saliheen) 3. The Caution of the God-Fearing (Wara al-Muttaqeen) 4. The Caution of the Truthful (Wara al-Siddiqeen) The first category refers to those who want to make sure that their actions do not contravene Sacred Law. Careful not

June 11, 2015 No Comments

Preparing your finances for Ramadan

This month, Muslims worldwide will embark on a personal journey of self discipline and spiritual renewal. They will abstain from food and drink, give charity to the needy and attempt to recite the Qur’an in its entirety before month’s end. In addition to these rituals, many will use the holy month of Ramadan as an opportunity to perform an overall assessment of their lives. As you perform your assessment, consider reviewing your relationship to money—specifically, how you invest it. Invest with faith The way we invest our money reflects our personal values. Although you may never consider smoking or drinking alcohol, your portfolio may be laden with such companies. So, identifying the companies that don’t align with your values is important. But that’s easier said than done. For example, the company Schweitzer-Mauduit International sounds harmless enough, right? Think again. They actually engineer a wide range of specialty paper, primarily for the tobacco industry. On a personal note, my father and father-in-law were heavy smokers who ultimately succumbed to cancer. I don’t want my money invested in anything related to the tobacco industry. You may also want to actively seek companies that support human rights and avoid those that don’t. A

June 4, 2015 No Comments