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 the development of metrics to determine international compliance with Islamic finance standards.
AAOIFI has established itself as the leading standard-setting body for the Islamic finance industry since its founding 25 years ago. Through the issuance of its official guidelines, the organization has created an agreed-upon set of rules for the global Islamic economy.
Azzad is an outspoken advocate of the Seven Tenets of Halal Investing, which follow AAOIFI guidelines in screening out stocks of companies in lines of business it considers to be unethical. Last August, Azzad announced the successful completion of an independent, external Islamic audit and verification of its application of AAOIFI standards. Azzad is the first investment firm in the United States to obtain such a verification for all its products and services.
Islamic finance has evolved over the past 40 years, beginning as a largely aspirational set of ideas and developing into a fully formed industry focused on ethical markets and social change. The industry represents approximately $2 trillion in assets globally.
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 and the Accounting and Auditing Organization for Islamic Financial Institutions. The firm, based outside Washington, DC, is a registered investment advisor with the U.S. Securities and Exchange Commission.
The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) is an 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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