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 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.
See: Socially Responsible Investment Firm Announces Independent Islamic Audit
As Islamic finance has expanded in recent years to represent approximately $2 trillion in assets globally, AAOIFI has established itself as the leading standard-setting body for the industry. Held in Manama, Bahrain, the conference included sessions covering the standardization of sukuk markets, the development of sovereign and retail sukuk, and the evolution of Islamic private equity and venture capital in different regulatory regimes.
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.
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.