First Halal, US fixed-income mutual fund celebrates 4th anniversary
The Azzad Wise Capital Fund, America's first Halal, socially responsible fixed-income mutual fund, turned four years old this month. Falls Church, Virginia-based Azzad Asset Management launched the interest-free fund in 2010. Over its four-year history, the Azzad Wise Capital Fund has proven to be an diversification and income-generating tool for investors who observe the Islamic law. Although it does not deal with debt instruments created from interest-based lending, the Azzad Wise Capital Fund shares in the gains from its ventures, which include Islamic bank deposits and Sukuk. Bashar Qasem, Azzad President and CEO, started Azzad Asset Management in 1997. In 2000, Qasem and his colleagues oversaw the launch of the Azzad Ethical Fund, and ultimately created the Azzad Wise Capital Fund to diversify client accounts.
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