Azzad participates in AAOIFI-World Bank conference on Islamic finance
Manama, Kingdom of Bahrain, November 25, 2014 — Representatives from Azzad Asset Management joined leading scholars and senior representatives from central banks, financial institutions, and regulators from over 35 countries this month in the Kingdom of Bahrain for an annual conference on Islamic finance organized 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 conference focused on integrating Islamic finance into global reporting standards and its compatibility with the legal systems of non-Muslim majority countries, including those in the West.
“As an AAOIFI member, I am pleased to attend this important gathering of practitioners and thought leaders,” said Azzad President and CEO Bashar Qasem, CSAA, who attended the conference. “And as the president of a company dedicated to the strict adherence of AAOIFI standards in the way we do business, we are supportive of their efforts to harmonize Islamic finance standards across borders and to promote greater transparency. Both are of critical importance to our industry.” 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. The investment advisory firm regularly educates others about how to invest in accordance with AAOIFI standards.
Video: Ethically Screening Your Portfolio (YouTube)
As Islamic finance has expanded in recent years to represent approximately $2 trillion in assets, 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, as well as other international standard-setting organizations like the International Accounting Standards Board and International Auditing and Assurance Board.
The two-day conference was held November 17-18, 2014 in Manama, Kingdom of Bahrain. Session topics included the standardization of structuring and issuing sukuk (Islamic bonds) in Islamic capital markets, the implication of Basel III banking standards on the Islamic finance industry, and the development of cooperative insurance, or takaful, in light of global 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.
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