Manama, Kingdom of Bahrain, 11/6/19 — Representatives from Azzad Asset Management joined leading scholars and senior officials from central banks, financial institutions, and regulators for an annual gathering on Islamic finance hosted by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). Organized in cooperation with the World Bank and under the auspices of the Central Bank of Bahrain, the two-day conference focused on ways to standardize the Islamic finance industry in light of technological disruption and regulatory challenges.
Advances in blockchain technology, artificial intelligence, and crowdfunding were all addressed at the conference, which examined the developments through the lens of sustainability and ethical finance. The United Nations Sustainable Development Goals (SDGs), which include 17 objectives on metrics like good health, quality education, gender equality, infrastructure, economic growth, climate action and reduced inequalities, were also a topic of discussion during the event. The conference highlighted the convergence of the SDGs and the principles of Islamic finance as a means of achieving the international community’s socioeconomic goals.
Islamic finance has expanded in recent years to represent approximately $3 trillion in assets, and AAOIFI has established itself as the leading standard-setting body for the industry. In recent years, the organization has also enhanced cooperation with international multilateral institutions like the World Bank. Azzad is an outspoken advocate of the Seven Tenets of Halal Investing, which follow AAOIFI guidelines in screening out stocks of companies in unethical lines of business.
Participants at the conference comprised a large number of experts, scholars, and senior representatives from central banks, regulatory authorities, financial institutions, accounting and auditing firms, law offices, and universities from the Middle East, Africa, Asia, Europe, and North America.
Azzad Asset Management is 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. The firm’s proprietary screening process allows the manager to prudently manage client assets in a manner consistent with their values.
Azzad is a member of the Forum for Sustainable and Responsible Investment and the Interfaith Center on Corporate Responsibility.
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