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.
Azzad Asset Management, investment advisor to the Azzad Funds and sponsor of the Azzad Ethical Wrap Program, is committed to providing investment services designed to help people enjoy optimum performance without compromising their values. Azzad is a member of the Forum for Sustainable and Responsible Investment, the Interfaith Center on Corporate Responsibility, and the Accounting and Auditing Organization for Islamic Financial Institutions. The firm, based outside Washington, DC, is a registered investment advisor.
Established in 1990, the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) is an Islamic international autonomous not-for-profit corporate body that prepares accounting, auditing, governance, and ethical standards for Islamic financial institutions. AAOIFI issues Shariah guidelines that are followed wholly or in part by institutions around the world.
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