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 of its official guidelines, the organization has created an agreed-upon set of rules for the global Islamic economy.
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 more than $2 trillion in assets globally.
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.
Azzad Asset Management is committed to providing investment services designed to help people enjoy optimum performance without compromising their values. Azzad believes that companies operating in ethical lines of business offer relatively less business risk and are in a better position to thrive in the long-term. The firm’s proprietary screening process allows the manager to prudently manage client assets in a manner consistent with their values.
Azzad is a member of the Forum for Sustainable and Responsible Investment and the Interfaith Center on Corporate Responsibility. The firm is a registered investment advisor in Falls Church, Virginia.