Falls Church, Virginia, April 21, 2022 (GLOBE NEWSWIRE) — Azzad Asset Management, a registered and socially responsible investment adviser, announced today that it has calculated that the firm’s Muslim clients must give more than 11 million dollars in zakat -related charity.
Zakah – sometimes spelled zakat— is an obligation that practicing Muslims pay on assets held for a full lunar year, including investments. Azzad calculates and reports to customers each Ramadan the amounts that should be donated to charity. Although there is no prescribed time limit for giving zakah, many Muslims, including Azzad customers, choose to pay zakah during the holy month of Ramadan, which began this year on April 2. This year’s zakah total has reached an all-time high.
The third pillar of Islam, zakah is assessed on accumulated wealth in order to help those in need. Zakat is not an income tax; rather, it applies to wealth and savings to encourage the free movement of capital and avoid a concentration of resources among a few.
Azzad follows the best practices and guidelines issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). AAOIFI is a consortium of Muslim scholars who come together to issue guidelines on halal investing and other financial matters. AAOIFI Standard Number 35, which outlines specific guidelines on zakah, is considered the authority for Islamic financial services businesses.
About Azzad Asset Management
Since 1997, Azzad Asset Management has provided investment services designed to help clients achieve optimal performance without compromising their values. The company is based in Falls Church, Virginia.
Joshua Brockwell Azzad Asset Management 5715516865 [email protected]