Press Releases
First U.S. halal fixed income fund passes $100 million in net assets
FALLS CHURCH, VA, August 31, 2016) – Azzad Asset Management today announced that its flagship mutual fund — the first halal fixed income fund in the United States — crossed the $100 million threshold in August. A socially responsible, interest-free alternative to bond funds, the Azzad Wise Capital Fund (NASDAQ: WISEX) was launched in 2010. In accordance with the internationally recognized standards for halal (Islamically permissible) investing, WISEX aims to produce a return that is comparable to that of bank accounts and other financial instruments without dealing in interest. By investing primarily in sukuk and Islamic bank deposits it provides
Azzad recognized again as ‘Top Guns Manager’ by Informa Investment Solutions
Falls Church, Va., 8/18/16 – Azzad Asset Management today announced that it has been recognized with Top Guns status by Informa Investment Solutions’ PSN manager database. Four of the firm’s strategies were among the top 10 performers within one or more peer groups reporting to PSN, the longest-running investment manager database in North America. “We congratulate Azzad Asset Management on their distinction as a PSN Top Gun. This highly anticipated quarterly ranking recognizes elite performers on the leading investment manager database in North America and is widely used by institutional asset managers and investors across our platform,” said Leno Toich,
Azzad announces completion of independent Islamic audit
(Falls Church, Virginia, 7/12/16) — A leader in Islamic finance in the United States announced today the successful completion of an external Shariah audit and verification of its policies and procedures. Azzad Asset Management, investment advisor to the Azzad Funds, became the first firm in the United States to obtain such a verification with a similar audit in 2015. The audit was conducted by UK-based Islamic Finance Advisory and Assurance Services (IFAAS), a specialist in Islamic accounting that operates according to guidelines established by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). IFAAS’s AAOIFI-certified auditors evaluated Azzad’s Ethical
Azzad clients to donate more than $4 million in charity this Ramadan
FALLS CHURCH, Va., June 21, 2016 — 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 $3.5 million in mandatory charitable giving, or zakah, and an additional $550,000 in purification dues, bringing the total to more than $4 million. 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 fasting,
