Faith-based investment adviser encourages charitable giving during ongoing economic crisis
Falls Church, Virginia, Dec. 14, 2020 (GLOBE NEWSWIRE) — Azzad Asset Management, a socially responsible, faith-based registered investment advisor, announced today that firmwide assets topped $1 billion earlier this month.
“We are grateful to God, our clients, and the larger community that has propelled us to greater heights,” said Azzad President and CEO Bashar Qasem, CSAA. “Azzad is an institution that belongs to the American Muslim community. We strive to help our clients become better stewards of their wealth and to use it in ways that are consistent with the aims and purposes of halal investing.”
Founded by Qasem in 1997, Azzad follows guidelines issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). The firm is audited on an annual basis to verify compliance with AAOIFI standards.
Today’s announcement comes on the heels of noteworthy industry recognition. Several Azzad portfolios, in addition to the firm itself, have recently received accolades.
See: Azzad portfolios receive ‘Top Guns’ status from Informa Investment Solutions
See also: Financial Advisor Magazine names Azzad in 2020 RIA Survey and Ranking
Citing an economy still struggling through a pandemic, the firm also said in a statement:
At Azzad, we are keenly aware of the fraught economic climate in which this $1 billion milestone has been reached: One quarter of Americans are functionally unemployed–meaning without a job or not earning a living wage. A full 26 million Americans say that they do not have enough to eat. Our company acknowledges with humility the disparity between the good fortune of the firm and the many Americans who are today in desperate need of help. We resolve to redouble our efforts to become a more conscientious and responsible investment firm. And we reiterate our call to clients in a position of abundance to give to worthy causes. Charitable giving is not confined exclusively to the month of Ramadan. Earlier this year, we counseled clients to donate to mosques and other zakah-eligible non-profit organizations impacted by the pandemic. That recommendation still stands. Giving is an expression of gratitude to God and an affirmation of belief in His Providence.
Zakah–sometimes spelled zakat–is an obligation that practicing Muslims pay on assets held for a full lunar year, including investments. Earlier this year, Azzad announced that its Muslim clients were expected to donate approximately $6.7 million in zakah-related charity during the holy month of Ramadan.
About Azzad Asset Management
Azzad Asset Management is a socially responsible registered investment advisor committed to providing investment services designed to help people enjoy optimum performance without compromising their values. Azzad believes that companies operating in ethical lines of business offer relatively less business risk and are in a better position to thrive in the long term. Azzad is affiliated with the Interfaith Center on Corporate Responsibility and the Accounting and Auditing Organization for Islamic Financial Institutions. The firm is based in Falls Church, Virginia.
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