Azzad clients to donate $6.7 million in charity from investment accounts this Ramadan

Firm encourages giving zakah to non-profit organizations hurt by coronavirus pandemic FALLS CHURCH, Virginia, 5/5/20 — Azzad Asset Management, a socially responsible, faith-based registered investment advisor, announced today that its Muslim clients are expected to donate approximately $6.7 million in zakah-related charity during the holy month of Ramadan. Zakah–sometimes spelled zakat–is an obligation that practicing Muslims pay on assets held for a full lunar year, including investments. Purification dues, which are another category specifically for Islam-compliant investments, are also calculated by Azzad. Both figures are reported to clients on a consolidated zakah and purification statement sent each Ramadan. This year’s zakah is likely to be given in part to the many non-profit organizations struggling financially in the face of the COVID-19 pandemic. Some mosques, many of which rely on in-person donations to meet a majority of their monthly revenue needs, fear they could be forced end operations entirely as giving dries up due to social distancing and lockdown orders. This Ramadan, Azzad is encouraging its clients to consider donating to mosques and other zakah-eligible non-profit organizations impacted by the coronavirus crisis. The third pillar of Islam, zakah is assessed on accumulated wealth in order to encourage the free flow of

May 5, 2020 No Comments

Azzad participates in 14th Annual AAOIFI-World Bank conference on Islamic finance

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

November 6, 2019 No Comments

Azzad clients to give away $6.7 million in zakah this Ramadan

Falls Church, Va., May 20, 2019 — Azzad Asset Management, a socially responsible, faith-based registered investment advisor, announced today that its Muslim clients are expected to donate approximately $6.7 million in charity during the holy month of Ramadan. Azzad reports Islamically mandated charitable totals, or zakah, to clients in an annual statement issued during the month of Ramadan. Many Muslims choose to pay zakah during Ramadan–a month of fasting, worship, and giving–which began this year on May 6. The firm is an advocate of Islamic investing principles, including zakah calculation, and regularly educates the American Muslim community on the topic. The third pillar of Islam, zakah–sometimes spelled zakat–is an obligation that practicing Muslims pay on assets held for a full lunar year. Zakah should be assessed on accumulated wealth in order to encourage the free flow of capital and avoid a concentration of resources among the very few. Zakah is not a tax on income, but on wealth and savings in order to help those in need. Azzad follows best practices and guidelines issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). AAOIFI is a consortium of Muslim scholars who convene to issue guidelines on halal investing and other financial matters. AAOIFI Standard Number 35,

May 20, 2019 No Comments

Azzad participates in 17th annual AAOIFI conference

Azzad Asset Management joined senior officials, scholars, and industry leaders in Manama, Kingdom of Bahrain, for an international conference on setting the rules of the Islamic economy organized by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). Held under the auspices of the Central Bank of Bahrain, the April event featured 33 experts from 16 countries. AAOIFI member and Azzad President and CEO Bashar Qasem, CSAA, attended the conference on behalf of the company. Azzad is an outspoken advocate of the Seven Tenets of Halal Investing, which incorporate AAOIFI guidelines on investing, purification, and zakah. Mr. Qasem is one of the few Islamic finance professionals in the United States to have earned the Certified Shariah Adviser and Auditor (CSAA) credential from AAOIFI. AAOIFI has established itself as the leading standard-setting body for the Islamic finance industry since its founding 28 years ago. Through the issuance of its official guidelines, the organization has created an agreed-upon set of rules for the global Islamic economy. The 17th annual AAOIFI Shariah Boards Conference was convened to tackle the practical application of Islamic financial standards in the global economy. It included sessions whose focus ranged from expanding the current Shariah regulatory regime to sukuk listing in global

April 16, 2019 No Comments

Halal investing 101: A refresher to remind yourself of the basics

We all need a reminder every now and then about how halal investing works. In a nutshell, halal investing touches on the following four issue areas: Refraining from the giving and taking of riba Avoiding speculation (gharar) and uncertainty (maysir) Not transacting in the buying and selling of debt Abstaining from investing in companies with unethical lines of business Together, those four areas, derived from the Qur’an and Sunnah, are the primary rules of halal investing. Remember and use them to judge the soundness of your financial transactions. Often, that means referring your situation to a scholar with the appropriate training to determine the Islamic validity of contracts. The DIY (do it yourself) approaching to investing is full of problems, most of which I have seen firsthand. This brings us to the “who” of halal investing. Just as you would go to a lawyer to get an important contract review, so too should you go to a specialist when it comes to your financial affairs. Even if you don’t have a personal scholar you lean on for such things, there are individuals out there who are accredited and able to share the fruits of their jurisprudence. For many, that means

February 7, 2019 No Comments

Five things that make Azzad unique

At Azzad, we believe that an investment has moral as well as financial implications. “Do no mischief on the earth after it has been set in order; but call on Him with fear and longing (in your hearts) for the Mercy of Allah is (always) near to those who good.” (Surah Al-A’raf, Ayah 56) To invest in a company that engages in Islamically impermissible activities is harmful to the investor because s/he profits from haram activities through dividend or interest income. It is harmful to society as a whole because what we buy is an expression of our ethics and moral worldview. To support unjust, economically exploitative enterprises helps to perpetuate, either in practice or in spirit, actions that are corrosive to the soul and society. As such, we do not cut corners when it comes to Shariah compliance, embracing both the letter and the spirit of the law. Azzad’s adherence to internationally accepted guidelines for Islamic investing is unrivaled. The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) serves as the backbone of our Shariah compliance process. This means rigorous screening that involves data feeds on company business activities from two internationally known vendors, Thomson Reuters and MSCI.

February 6, 2019 No Comments

Azzad CEO participates in AAOIFI conference on Islamic finance

Falls Church, Va., 4/26/2018 — Azzad Asset Management President and CEO Bashar Qasem joined senior officials, scholars, and industry leaders in Bahrain for an international conference on Islamic finance organized by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). Held in conjunction with the Central Bank of Bahrain, the event took place in Manama April 8-9. “Four decades ago, Islamic finance began as a set of reforms intended to place economics back on an ethical footing,” said Qasem, an AAOIFI member. “And now, thanks to organizations like AAOIFI, the industry has become the conscience of global capitalism, one that challenges the world to live up to the best of its ideals and to end the exploitation and injustice that can creep into the system.” Mr. Qasem is one of the few Islamic finance professionals in the United States to have earned the Certified Shariah Adviser and Auditor (CSAA) accreditation from AAOIFI. The 16th annual Shariah conference included sessions whose focus ranged from the rules governing sukuk issuance to the role of a Shariah board of advisors. AAOIFI has established itself as the leading standard-setting body for the Islamic finance industry since its founding in 1990. Through the issuance

April 26, 2018 No Comments

American Muslim investors donate $4.6 million to charity for Ramadan

Azzad calculates zakah amounts for clients to meet Islamic investing requirements Falls Church, Va., June 14, 2017 — 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 $3.9 million in zakah (mandatory charitable giving) and an additional $700,000 in purification dues, bringing the total to $4.6 million. In a statement, Azzad said: Charity is essential to the proper practice of Islamic investing, and we hold ourselves to the highest standard when it comes to calculating accurate zakah and purification amounts for our clients. We are honored to help our clients with their religious duties and are gratified to facilitate the donation of $4.6 million to the underprivileged in society. We remain committed to the ethical, Islamic business practices on which we were founded and look forward to providing this essential service for many years to come, God willing. 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

June 14, 2017 No Comments

Azzad participates in 11th Annual AAOIFI-World Bank conference on Islamic finance

Manama, Kingdom of Bahrain, November 7, 2016 — 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 grow the Islamic finance industry in a post-oil economy. Islamic finance has expanded in recent years to represent approximately $2 trillion in assets, and AAOIFI has established itself as the leading standard-setting body for the industry. The organization has also enhanced cooperation with international multilateral institutions like the World Bank, which in 2013 inaugurated the Global Center for Islamic Finance in Istanbul, Turkey in a nod to the industry’s role as a driver of global development and growth. In addition to the theme of Islamic finance in a post-oil global economy, session topics also focused on agricultural finance, international political economy, and the emergence of a global Islamic finance gold standard. ABOUT AZZAD Azzad Asset Management, investment advisor to the Azzad Funds and sponsor of the Azzad Ethical Wrap Program, is committed to providing investment

November 7, 2016 No Comments

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 and Shariah Investment Guidelines, in addition to the effectiveness of Azzad’s internal verification procedures and quality controls. They also examined how Azzad calculates purification and zakah totals for clients. The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) is the primary standard-setting body for the Islamic finance industry globally. Azzad abides by its Seven Tenets of Halal Investing, which follow AAOIFI guidelines for best practices for Islamic financial services companies. The third tenet is “Due Diligence and Verification,” which includes taking steps such as obtaining the IFAAS audit to ensure the correct application of authentic Islamic finance rules. ABOUT AZZAD Azzad Asset Management, investment

July 12, 2016 92 Comments

Azzad participates in 25th anniversary AAOIFI conference

MADINAH, Saudi Arabia, May 6, 2016 — Azzad Asset Management, investment advisor to the Azzad Funds, joined senior officials, scholars, and industry leaders in Saudi Arabia for an international conference on promoting the Islamic economy organized by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). Held in conjunction with the Saudi Capital Market Authority, the May 4-5 event was hosted by Taiba University in the city of Madinah. “Four decades ago, Islamic finance began as a set of reforms intended to curb the excesses of the free market system,” said AAOIFI member and Azzad CEO Bashar Qasem, CSAA, who attended the conference. “And now, thanks to organizations like AAOIFI, the industry has become the conscience of global capitalism, one that challenges the world to live up to the best of its ideals and to end the exploitation and injustice that can creep into the system.” Mr. Qasem is one of the few Islamic finance professionals in the United States to have earned the Certified Shariah Adviser and Auditor (CSAA) accreditation from AAOIFI. The conference, titled “Islamic Finance: 40 Years Since Inception, Evaluation of the Experience, and the Way Forward,” included sessions whose focus ranged from the history of the global Islamic economy to

May 6, 2016 No Comments

Azzad participates in AAOIFI-World Bank conference on Islamic banking

MANAMA, Bahrain, Dec. 8, 2015 — A representative of Azzad Asset Management joined senior representatives from central banks, financial institutions, and regulators in the Kingdom of Bahrain for the annual Islamic banking and finance conference organized by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). Held in conjunction with the World Bank and under the auspices of the Central Bank of Bahrain, the Dec. 6-7 event included talks on strategies to increase access to Islamic finance as well as the application of global standards in the sukuk (Islamic bond) industry. “With its focus on economic justice and inclusion, Islamic finance is a powerful force for good in the world,” said AAOIFI member and Azzad CEO Bashar Qasem, CSAA, who attended the conference. “And through its collaboration with multilateral institutions like the Washington, D.C.-based World Bank, AAOIFI continues to make strides toward the global application of its ethical guidelines and standards.” Mr. Qasem is one of the few Islamic finance professionals in the United States to have earned the Certified Shariah Adviser and Auditor (CSAA) accreditation from AAOIFI. 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. In

December 8, 2015 No Comments

Socially responsible investment firm announces independent Islamic audit

(Falls Church, Virginia, 8/4/15) — Azzad Asset Management today announced the successful completion of an independent, external Shari’ah audit and verification of its policies and procedures. Azzad is the first investment firm in the United States to obtain such a verification. Conducted by the UK-based Islamic Finance Advisory and Assurance Services (IFAAS), a leading specialist in Islamic finance, the audit first evaluated Azzad’s Ethical and Shari’ah Investment Guidelines, which follow criteria set by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), the standard-setting body for the Islamic finance industry. IFAAS’s AAOIFI-certified Shari’ah auditors also evaluated the effectiveness of Azzad’s internal Shari’ah verification procedures and tested the company’s 2014 transactions to assess their compliance with Shari’ah principles. They also examined how Azzad calculates purification and Zakah for clients. Najib Al Aswad, IFAAS Senior Manager, said: “The Islamic finance industry is heading towards higher degrees of Shari’ah governance with an increasing number of markets introducing independent external Shari’ah audits as a mandatory requirement. Azzad’s management decided to implement this best practice on a voluntary basis to provide a further layer of assurance to Azzad’s clients and its Shari’ah Advisory Board. We are pleased to see that Azzad is conducting its

August 4, 2015 No Comments

Azzad CEO Bashar Qasem takes part in 14th annual AAOIFI conference

Manama, Kingdom of Bahrain, April 7, 2015 — Bashar Qasem, President and CEO of Azzad Asset Management, joined leading scholars and representatives from global financial institutions in Bahrain last month for a two-day conference focused on the application of Islamic principles to international financial products and services. The event, which was held March 22-23 in Manama, was organized by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) under the auspices of the Central Bank of Bahrain. Organizers said that the conference provided a platform for discussing important issues focused on AAOIFI’s efforts to standardize the global Islamic finance industry. Currently in its 14th year, the conference also solicited feedback from industry leaders on existing AAOIFI standards, which guide much of the business conduct for Islamic financial institutions. As Islamic finance has expanded in recent years to represent approximately $2 trillion in assets, AAOIFI has established itself as the leading standard-setting body for the industry. Azzad Asset Management is an outspoken advocate of the Seven Tenets of Halal Investing, which follow AAOIFI guidelines to filtering financial markets for investable securities. The investment advisory firm regularly educates others about how to invest in accordance with AAOIFI standards. ABOUT AZZAD Azzad

July 7, 2015 No Comments

Azzad participates in AAOIFI-World Bank conference on Islamic finance

Manama, Kingdom of Bahrain, November 25, 2014 — Representatives from Azzad Asset Management joined leading scholars and senior representatives from central banks, financial institutions, and regulators from over 35 countries this month in the Kingdom of Bahrain for an annual conference on Islamic finance organized 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 conference focused on integrating Islamic finance into global reporting standards and its compatibility with the legal systems of non-Muslim majority countries, including those in the West. “As an AAOIFI member, I am pleased to attend this important gathering of practitioners and thought leaders,” said Azzad President and CEO Bashar Qasem, CSAA, who attended the conference. “And as the president of a company dedicated to the strict adherence of AAOIFI standards in the way we do business, we are supportive of their efforts to harmonize Islamic finance standards across borders and to promote greater transparency. Both are of critical importance to our industry.” Mr. Qasem is one of the few Islamic finance professionals in the United States to have earned the Certified Shariah Adviser and Auditor (CSAA) accreditation

November 25, 2014 No Comments