(Falls Church, Virginia, 7/24/13) – Representatives from Azzad Asset Management met today with His Excellency Ebrahim Rasool, Ambassador of the Republic of South Africa to the United States, at his offices in Washington, D.C.
Azzad requested the meeting to discuss potential investment in South Africa as part of the portfolio held by the Azzad Wise Capital Fund. The Azzad Wise Capital Fund (NASDAQ: WISEX), America’s first halal fixed-income mutual fund, invests in Sukuk, or asset-based Islamic bonds, as well as deposits and notes from Islamic banks that comply with specific socially responsible and halal financial guidelines.
In recent years, South Africa has made strides in Islamic finance. The nation has one full-fledged Islamic bank, and its four largest conventional banks offer Islamic financial products, including vehicle and asset financing. In addition, pension funds offer participants Islamically compliant investment options.
During the meeting, Ambassador Rasool noted that despite representing only 3% of the population, the Muslim community has leveraged its 300-year history in South Africa to persuade the country’s major financial institutions to open their doors to Islamic finance. He also explained that South Africa’s robust regulatory and legislative structures, strict risk management frameworks, as well as governance and compliance structures make it a possible springboard for companies into the rest of the continent.
In a statement, Azzad Asset Management said:
We remain dedicated to finding the highest quality investments from a variety of countries in order to enhance the Fund’s yield, while minimizing volatility and undue risk. Today’s discussion with Ambassador Rasool is part of a painstaking process we undertake when surveying all new investment opportunities. We look forward to future conversations with His Excellency and his partners.
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During his tenure as premier of the Western Cape, Ambassador Rasool was instrumental in attracting USD $1 billion in foreign investment to the province, helping the area achieve the highest provincial economic growth rate in South Africa at the time. In addition, the Ambassador has a long history of involvement in the anti-apartheid struggle, driven by his Islamic faith.
Azzad Asset Management, advisor to the Azzad Funds and sponsor of the Ethical Wrap Program, has been committed since 1997 to providing investment services designed to help clients enjoy optimum performance without compromising their values. The firm, based outside Washington, DC, is a registered investment advisor with the SEC.
Please consider a Fund’s objectives, risks, charges and expenses carefully before you invest. The prospectus contains this and other important information. For a hard copy, please call 1-888-350-3369. Read the prospectus carefully before investing or sending money. The Azzad Funds are self-distributed. Azzad Asset Management serves as the Investment Advisor.
Contact: Investment Communications Director, Joshua Brockwell, 703-207-7005, ext. 109, joshua@azzad.net; Chief Compliance Officer, Manal Fouz, 703-207-7005, ext. 115, manalf@azzad.net
