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

Private prisons: Wrong at any price

By Fatima Iqbal, CFP® In late February, Attorney General Jeff Sessions reversed a Department of Justice (DOJ) plan to phase out the use of for-profit prisons. This boosted the stock prices of the two publicly traded for-profit prison companies in the U.S., Geo Group and CoreCivic (formerly known as Corrections Corporation of America), which had already seen their share prices soar since the November election of Donald Trump. Last August, we explained why Azzad chooses not to invest in the companies that operate those private prisons, a policy that we maintain today. At the time, Deputy Attorney General Sally Yates cited research showing that private prisons “simply do not provide the same level of correctional services, programs, and resources; they do not save substantially on costs,” and “they do not maintain the same level of safety and security.” What we did not know then is that private prisons may be complicit in an even bigger problem: modern-day slavery. Recently, a federal judge ruled to allow tens of thousands of current and former detainees at an immigration detention facility run by Geo Group to join a class-action lawsuit alleging that they were forced to work for $1 a day or for

March 8, 2017 No Comments

How to make your portfolio “fracking-free”

As the 2016 presidential campaign gets into full swing, voters across the country have an opportunity to hear directly from the candidates on important issues. Neither of the two major political parties has taken a coherent, ethically rigorous stance on hydraulic fracturing, or “fracking.” But there are other ways for the ecologically conscious to make their voices heard on this issue, including voting with their pocketbooks. Fracking, which involves using a highly pressurized mix of water, sand, and toxic chemicals to unlock oil and natural gas from shale rock buried miles underground, is recognized by experts as dangerous. Fracking can cause methane leaks (a greenhouse gas that’s much more harmful than carbon dioxide) and seismic activity and can set water ablaze. And if methane, flammable water, and earthquakes weren’t bad enough, other problems with fracking include excessive water consumption, waste management issues, and air pollution. Thanks to fracking, the United States is now the world’s leading producer of oil and natural gas, according to the U.S. Energy Information Administration (EIA). EIA estimates that total U.S. gas production from 2012 to 2040 will increase 56 percent, with natural gas from shale as the leading contributor. The shale gas share of total

August 24, 2016 No Comments

Azzad Wise Capital Fund increases social impact with trade finance investments

(FALLS CHURCH, Va., February 23, 2016) – Azzad Asset Management today announced that it has further magnified the social impact of its flagship mutual fund by adding investments in ethical trade finance deals. These investments may provide returns for investors while helping underserved populations in Asia and Africa obtain reasonable financing to grow businesses and cooperatives. The Azzad Wise Capital Fund (WISEX) is the first halal fixed-income fund in the United States. By investing primarily in sukuk and community development banks, it can provide an alternative fixed-income investment option that contributes to social development without dealing in interest-based transactions. Through WISEX, the Virginia-based investment firm is participating in a group of syndicated ethical trade finance deals arranged by the International Islamic Trade Finance Corporation (ITFC), an unaffiliated entity. The ITFC, an organization under the auspices of the Islamic Development Bank Group, is charged with advancing trade and improving the economic conditions of people around the world. See: Global Community Investing as an Asset Class (YouTube) The ITFC helps businesses gain better access to trade finance without exorbitant rates of interest or fraud and provides them with the necessary trade-related capacity building tools to help them compete successfully in the global

February 23, 2016 46 Comments

Interfaith Center on Corporate Responsibility welcomes 1st Islamic financial firm to its shareholder coalition

(New York, NY, 4/9/15) – Representatives from the Interfaith Center on Corporate Responsibility (ICCR) and Azzad Asset Management announced today that Azzad will join ICCR as its newest member—the first Islamic firm to be affiliated with the group. As the premier member organization focused on corporate social responsibility and environmental advocacy, ICCR leverages the influence of its shareowner members to enact change. Azzad’s addition to the growing list of members is a testament to ICCR’s universal appeal for collective action on issues of importance to people of all faiths. The two organizations expressed optimism about the opportunities this collaboration affords. In a statement, ICCR Executive Director Laura Berry said: We are delighted to announce that Azzad Asset Management has joined the Interfaith Center on Corporate Responsibility (ICCR). For more than forty years, ICCR has been a faithful voice for justice, engaging in shareowner advocacy with the goal of encouraging greater corporate responsibility on a host of social and environmental concerns. ICCR members include religious organizations, universities, unions, banks, foundations, asset management companies and other institutional investors who believe companies with more just and sustainable operations are more profitable over the long term. We are pleased to count Azzad Asset Management

April 9, 2015 No Comments