(Falls Church, Virginia, 10/5/16) — Azzad Asset Management, investment advisor to the halal, socially responsible Azzad Funds, announced today that Dr. Mohamad Alzuhili has joined its Shariah advisory board. The board is an advisory body focused on best practices in the Islamic finance industry.
“We are so fortunate to have Dr. Alzuhili join our board,” said Azzad President and CEO Bashar Qasem. “Dr. Alzuhili is a fountain of knowledge whose entire family boasts an outstanding scholarly pedigree.”
Dr. Alzuhili earned a doctorate in comparative jurisprudence from Al-Azhar University in Cairo, Egypt. In addition, he was a founding member of the Assembly of Muslim Jurists of America. He joins Dr. Mohamed Adam El-Sheikh and Dr. Abdulbari Mashal as advisors to Azzad.
Azzad follows best practices and guidelines issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). AAOIFI is a consortium of Islamic scholars who convene to issue guidelines on halal investing and financial matters. AAOIFI Standard Number 21, which outlines the principles of Islamic investing, is considered the authority for Islamic financial services firms.
In July, Azzad announced that it had successfully completed its second annual Shari’ah compliance audit. The review was carried out by the UK-based Islamic Finance Advisory and Assurance Services, or IFAAS.
