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SOURCE Azzad Asset Management
Azzad Asset Management offers 1st Islamically compliant waqf model consistent with U.S. law
FALLS CHURCH, Va., Sept. 27, 2013 /PRNewswire/ -- Azzad Asset Management, advisor to the Azzad Funds and sponsor of the Ethical Wrap Program, announced today the launch of a series of estate planning seminars across the United States aimed at helping congregants at mosques and Islamic centers create inheritance plans that comply with both U.S. and Islamic law.
The firm, in addition to providing wealth management services and operating as investment advisor to the Azzad Ethical Fund and Azzad Wise Capital Fund, is an advocate of Islamic financial planning, including estate planning, and regularly educates the American Muslim community on these sometimes complex issues.
In a statement, Azzad said:
The American Muslim community boasts higher than average levels of income and net worth. Most would like to hold fast to the teachings of their faith when it comes to passing that money on to heirs. Unfortunately, the observance of Islamic inheritance law can create challenges, sometimes leaving a surviving spouse or minor children with too little to care for themselves or requiring estates to pay large sums in taxes. We are pleased to announce a solution that respects the tenets of both U.S. and Islamic law-the waqf al-ahli, or family endowment. With a family endowment, the principles of Islamic wealth transfer are respected, keeping in mind the requirements of U.S. tax law. Our educational seminar, "Islamic Inheritance, Financial, and Estate Planning," explains the specifics of the endowment, in addition to common areas of misconception related to inheritance.
The Azzad estate planning seminars began in early September in the Southeastern United States. As part of those sessions, certified financial planners explain the fundamentals of Islamic inheritance law, the importance of wills, and the implications of bequests-in addition to the role each plays in conjunction with a family endowment.
Azzad Asset Management, advisor to the Azzad Funds and sponsor of the Ethical Wrap Program, has been committed since 1997 to providing investment services designed to help clients enjoy optimum performance without compromising their values. The firm, based outside Washington, DC, is a registered investment advisor with the SEC.
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